Paypal currency conversion

JoyfulPeapod

Hi, not sure if this is the right thread but here goes! I have a GBP paypal account but I earn an amount of money in USD. After a google search I opened a Wise account to try to reduce the money lost to currency conversion. I couldn't find a way to link the Wise US account details to Paypal so I linked the card details instead. I still however can't seem to transfer money from my paypal account to the Wise card - it says "transaction couldn't be completed". Any ideas please? 

BlueonBlue

Paypal isnt what it used to be check the reviews

flaneurs_lobster

Are your USD earnings being paid into your Wise account or your Paypal account?

Where do you want the GBP funds to end up? In PayPal as GBP or another GBP account?

Ayr_Rage

JoyfulPeapod said:

Hi, not sure if this is the right thread but here goes! I have a GBP paypal account but I earn an amount of money in USD. After a google search I opened a Wise account to try to reduce the money lost to currency conversion. I couldn't find a way to link the Wise US account details to Paypal so I linked the card details instead. I still however can't seem to transfer money from my paypal account to the Wise card - it says "transaction couldn't be completed". Any ideas please? 

Did you open the Wise account from the UK website and then arrange a US$ balance provision?

If you opened a US Wise account as a non-US citizen then you'll have no end of problems.

What EXACTLY have you done with Wise.

Woodstok2000

I had a similar issue transferring USD from etrade. These instructions worked, maybe try these if they fit for paypal:

https://alexeskinasy.medium.com/wire-transfer-from-etrade-to-ibkr-wise-or-revolut-c080f5456b8b

JoyfulPeapod

ok so just to clarify, I work for a US internet company that pay USD into my UK Paypal account, I am in the UK.
I opened a UK Wise account and added USD as a currency. 
I tried to add the USD Wise bank account details to Paypal but it won't let me.
I managed to add the Wise Visa debit card to the paypal account, I set it as preferred method and currency USD.
Tried to withdraw to the visa card but it says "transaction couldn't be complete" 

flaneurs_lobster

Does your US company insist on payment to Paypal?

Not something I've done for years but I would have thought that the way to minimise conversion loss would be to have USD paid directly to your Wise USD account and use their more favourable rates to pay out GBP to whatever account you want.

 

JoyfulPeapod

They do indeed only pay out into paypal.

flaneurs_lobster

JoyfulPeapod said:

They do indeed only pay out into paypal.

Then it looks like you are stuffed. Plenty of examples elsewhere and on here a few years ago 

https://forums.moneysavingexpert.com/discussion/6238841/how-best-to-withdraw-us-balance-from-uk-paypal-account-avoiding-fees-already-tried-transferwise/p1

saying can't be done.

Don't believe things have changed, why would they? Paypal are making a good turn on these rates.