Avoid PayPal Money Transfer Currency Conversion Fees

By using this website, you consent to the use of cookies in accordance with the CurrencyFair Cookie Policy. Many people use PayPal to send and receive money and to pay for purchases online. Some people still believe that Paypal is free for currency exchange.

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Our friends at Monito have created a the below to explain the process involved when you use PayPal for international money transfers:. When transferring money in a foreign currency, there is always going to be a fee for that service. A traditional bank is typically the most expensive way to send money abroad.

They take the standard exchange rate known as the interbank rate and then add a hefty margin on top.

They then add on an expensive sending fee for the honour of sending your money for you. Instead, it simply rolls the cost into the PayPal exchange rate margin. See how we compare to other online money transfer companies. Our previous article on PayPal and other money transfer companies highlighted a discussion forum devoted to understanding the hidden elements in the PayPal exchange rate:.

However they of course go on to say that these rates are not guaranteed, and if you want the precise rate you need to see what rate they apply in the transaction. I am not aware of any way of obtaining the precise rate programmatically. Register for free, start saving money today!

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Before acting on this general advice you should therefore consider the appropriateness of the advice having regard to your situation.

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Australian Residents - Please consider our Product Disclosure Statement before making any financial decisions. Toast messages for mobile, and cookie-messages for alerting. Avoid PayPal Money Transfer Currency Conversion Fees CurrencyFair October 15, how-to.

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