Paypal - transfer of funds - Please help.

masonic

elvina16 said:

grumbler said:

elvina16 said:

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

Can't you have a Paypal in the currency 'where you live'?

The same problem arises.  They insist on changing the funds into the local currency even if you dont want them in the local currency and for that they make a big charge.

Then the only solution I can think of is to move to the US.

grumbler

elvina16 said:

grumbler said:

elvina16 said:

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

Can't you have a Paypal in the currency 'where you live'?

The same problem arises.  They insist on changing the funds into the local currency even if you dont want them in the local currency and for that they make a big charge.

Yes, but this will be a single conversion $ >> local currency.

Currently you are "paying two lots of conversion fees", aren't you?

pecunianonolet

Having been in the same position before, it doesn't work.

I looked into opening a currency account in USD, tried Wise, Revolut but no luck. I went to the Paypal chat and the advisor said I should change the default currency in the account from GBP to USD, which I did but no luck either. At least I was able to complain to customer service about being given incorrect advice. 

Paypal ended up letting me convert using their very disadvantageous exchange rates and reimbursed the fees. All I had to do is sending proof, for which I used the Visa exchange calculator to get the most accurate rate, so the spread was larger and sent them a screenshot.

What I haven't tried but read about is that it is allowed to have a private and a business Paypal account and that this may work but no idea if it really does.

I guess the only way would be to know somebody in the US with a US based Paypal account and Wise/Revolut so they would withdraw from Paypal to Revolut and send it via Revolut to you. 

Perhaps a bit extreme, depending on the sums involved, would be to open up a business in the US. The state of Delaware is known for this sort of business. 

https://www.delawareinc.com/before-forming-your-company/delaware-company-formations-for-non-residents/

Olinda99

open a PayPal account in your local currency then there will be only one lot of currency conversion fees which is what you want

sheramber

If you do not live in UK  is there a reason as to why you want a  UK Paypal account.

friolento

elvina16 said:

friolento said:

Have you tried email transfer to Wise?

Hi     Thanks no I havent but I have tried lots of other ways and however I try to move the money they insist on changing it to GBP as its in a Paypal UK account.  

It would be worth a try, wouldn't it?

wmb194

elvina16 said:

I work for a company who will only pay into Paypal and only in USD.  My Paypal account is in the UK.  I want to keep my money in USD and move it either to a virtual bank like Revolut or Wise to avoid the crazy fees and exchange rates that Paypal give.  I have tried moving the money, in USD, to a Revolut card, Revolut bank account, Wise card and Wise bank account but Paypal keeps insisting that the only way that I can transfer my money is to transfer it into a UK account in GBP, they wont let me move it in USD.   I have been told that they can do this by other people outside Paypal but Paypal keep saying no.  I have also been told that by refusing to do this they are in breach of SEPA regulations.  Can anyone please give me advice on how I can get my money in USD?   Thank you.

You need to persuade your employer to transfer the money by ACH to your Wise USD account.

https://forums.moneysavingexpert.com/discussion/6490248/paypal-uk-withdrawing-usd