Sending money abroad with Paypal?

PiKe · 17 Oct 2018 at 11:52

Try to and circumvent the insane bank fees, can you send money by paypal and then just have the recipient link their local bank account and withdraw it that way?

Rifte · 17 Oct 2018 at 11:54

PiKe said:
Try to and circumvent the insane bank fees, can you send money by paypal and then just have the recipient link their local bank account and withdraw it that way?

It can be done but the PayPal fees for the currency conversion and their fees etc are also insane.

When I move cash from India to the UK with this method it costs a fortune.

PiKe · 17 Oct 2018 at 11:55

Rifte said:
It can be done but the PayPal fees for the currency conversion and their fees etc are also insane.

When I move cash from India to the UK with this method it costs a fortune.

Can I find out what the fees are in advance?

Edit: think I found them, it states portion funded by credit, debit or prepaid card 3.4% + fixed fee, can I not just add funds to my paypal first to avoid that?

So fees on £100 would be just £3.60

Rifte · 17 Oct 2018 at 12:06

PiKe said:
Can I find out what the fees are in advance?

Edit: think I found them, it states portion funded by credit, debit or prepaid card 3.4% + fixed fee, can I not just add funds to my paypal first to avoid that?

So fees on £100 would be just £3.60

When I transfer rupee to sterling I lose about 7% of the initial value (according to the current currency conversion) in fees etc.

Bank transfers are cheaper for me, the only reason I choose to use paypal sometimes is because its quick, and also Indian banks are paranoid that anyone moving money outside of India is automatically laundering or trying to avoid taxation. The paperwork is nuts.

Mr_Orange · 17 Oct 2018 at 12:19

Some of the guys I work with use Transferwise and say that costs are reasonable.

Rotty · 17 Oct 2018 at 13:26

I've used transferwise with no issues

Or use Paypal with a decent card such as a Clarity

Efour · 17 Oct 2018 at 15:20

Depending on how much it is there's a few options.... PayPal being one of the worst, but most convenient.

-UnderClocker- · 17 Oct 2018 at 17:00

The OP's technique actually worked for me when sending money to the Philippines. To send £50 from my bank via Paypal, I'd pay about £4 in fees. But if I moved money from my bank, into my Paypal (for free) and then sent it, I paid just 40p. Only potential issue is the time it takes to do this. I think it can take up to 48 hours to process (that doesn't mean it will though)

koooowweeee · 17 Oct 2018 at 19:34

-UnderClocker- said:
The OP's technique actually worked for me when sending money to the Philippines. To send £50 from my bank via Paypal, I'd pay about £4 in fees. But if I moved money from my bank, into my Paypal (for free) and then sent it, I paid just 40p. Only potential issue is the time it takes to do this. I think it can take up to 48 hours to process (that doesn't mean it will though)

Things have moved on a bit but I'm sure it was something like 5 days a few years ago.

I can send PayPal funds to my account instantly now. Were as that was 3days