PayPal, a global leader in online payments, has been at the forefront of providing individuals and businesses with a reliable platform for transferring funds across borders and within their own countries. As a global leader in the modern financial landscape, PayPal's money transfer services have become synonymous with convenience, security, and speed.
In this comprehensive review, we will delve into the intricacies of the PayPal Money Transfer service. From its user-friendly interface to its global reach, competitive exchange rates, and security features, we uncover how PayPal continues to redefine the landscape of digital financial transactions.
Whether you're a seasoned PayPal user looking to maximize your experience or someone new to the platform seeking guidance on how to make the most of it, this article is your go-to resource for understanding and harnessing the power of PayPal's money transfer services.
In this review of PayPal money transfer, we take a deeper dive into the PayPal online money transfer service and determine if it is your best option for sending money.
PayPal's money transfer service allows individuals and businesses to send and receive funds electronically, both domestically and internationally. With over two decades of experience, PayPal has built a reputation for its user-friendly interface, robust security measures, and widespread acceptance.
PayPal offers online remittance services for its preexisting account holders. This, of course, means that in order to use this service, both you and your recipient must be PayPal users. Do not worry, creating a PayPal account is completely free and you have the ability to link your bank account, debit card, or credit card to your PayPal for seamless transactions. The complete breakdown of how to create an account and initiate your money transfer (international or domestic) will be detailed further down in the article. Once you have secured your PayPal login, you can begin the money transfer process through PayPal.com or the PayPal App.
If you are a pre-existing PayPal user, it is important to note that PayPal does not allow you to fund your money transfer with your PayPal balance.
PayPal’s international money transfer service is powered by Xoom money transfer. This means that your international money transfer will not appear in your PayPal account’s transactions once it is done but it will appear in your PayPal-linked bank account as a Xoom transaction. It can be a little confusing at first, but do not worry, you will be able to track your transfer and have eyes on it at all times and you will get the hang of it in no time.
PayPal allows both personal and business accounts to initiate money transfers, making this a very flexible money transfer service.
Furthermore, PayPal offers both international and domestic money transfers. As expected, international money transfers will have higher fees and processing times as domestic transfers.
Countries supported by PayPal International Money Transfer include:
The cost of PayPal fees can vary based on several factors, including the type of transfer, the destination country, the funding source you use, and whether currency conversion is involved. It's important to note that fee structures may change over time, so it's best to refer to the official PayPal website or your PayPal account for the most up-to-date fee information.
Here is a breakdown of the different types of PayPal transfer fee you could face:
Sending Domestic Personal Transactions
Fixed Fee Breakdown for Personal Transactions (Based on Currency Received)
Sending International Personal Transactions
*The domestic transaction fee (based on the payment method) plus the additional percentage-based international fee listed below (based on payment method) applies
Converting Payments into Another Currency
*For any of the types of transactions listed below that involve a currency conversion from PayPal, the transactions exchange rate will also include a corresponding currency conversion spread
Different Sending Speeds
Paypal offers two different speeds when transferring money directly to a bank account or debit card. You can pick from Standard or PayPal Instant Transfer.
Transfer Speed | Fee |
Standard transfer to bank account | Free |
Instant transfer to bank account | 1% fee on the amount you’re transferring |
Instant transfer to debit card | 1% fee on the amount you’re transferring |
To receive money from PayPal does not incur a fee.
For a more accurate PayPal fees calculator, you will have to initiate the transfer process. Only then will you get the most accurate exchange rate and transfer fee amount.
If you have a verified account with them, there is no PayPal transfer limit on the amount of money you can transfer. There is, however, a limit on how much you can transfer in a single transaction. Typically, you can send up to 60,000.00 USD in a single transaction, but that limit might go down to as low as 10,000.00 USD based on the currency you are transferring to.
If you do not have a verified PayPal account, there will be a limit on how much money you can send with PayPal.
Whether you have a verified account or not, if there is a limit placed on how much money you can transfer, you will see so when you initiate the transfer process.
As briefly mentioned earlier, when transferring funds from PayPal to your bank account, the waiting time can vary based on your chosen transfer method. PayPal offers two options: standard and instant transfers.
Opting for the standard transfer typically takes 1-3 business days, and occasionally up to 3-5 business days, depending on your bank's processing times.
On the other hand, if you're seeking quicker access to your funds, you can choose the instant transfer option, which involves a fee. With instant transfers, the funds are usually available in your bank account within just 30 minutes, ensuring a speedier financial transition for a nominal cost.
Your choice between these two options depends on your urgency and willingness to pay a bit more for enhanced convenience.
PayPal money transfer is known for its robust security measures, making it a safe option for sending and receiving funds. With over two decades of experience in the industry, PayPal has consistently demonstrated a strong commitment to protecting user information and financial transactions.
Employing cutting-edge encryption technology, PayPal safeguards your sensitive data, including financial information, ensuring that it remains confidential during every transaction. Moreover, PayPal has implemented multi-layered fraud detection systems that monitor transactions for any suspicious activities, enhancing the overall security of the service. Additionally, features like two-factor authentication add an extra layer of protection by requiring a unique code in addition to your password.
While no system is entirely immune to risks, PayPal's proactive approach to security and its continuous efforts to stay ahead of evolving threats contribute to making PayPal money transfer a reliable and secure option for users worldwide.
Now for the biggest question you must have: how does PayPal work?
Getting started with PayPal Money Transfer is a straightforward process. First you will need to secure a PayPal sign in. It is completely free to start a PayPal account.
Let’s first walk through how to create a PayPal account and get it ready for a money transfer. If you already have created a PayPal account/are a pre-existing account holder, you can skip the “Getting Your Account Started” steps.
Getting Your Account Started
Now you are ready to send money with PayPal. Make sure to login into your account and follow the instructions below.
How to Send Money
If you're receiving an international payment, PayPal will notify you when the funds are available in your account. You can choose to keep the funds in your PayPal balance, transfer them to your linked bank account, or use them for purchases.
PayPal customer service is available in many forms.
PayPal provides help through their Help Centre, the Community Forum (where you can read how other customers dealt with any issues), the PayPal Assistant AI chat bot, the Resolution Centre (where you can resolve transaction or account issues), email, and phone.
The Help Centre can be access by scrolling to the bottom of the home page and clicking “Contact”
The Help Centre is where you can access the Resolution Centre, Community Forum, and the PayPal customer support line.
To Contact PayPal Customer Service via Email or Messaging:
The PayPal Customer Service number is 1 877 569-1116 or 1 402 935-2050 (if calling from outside Canada). PayPal Customer Support lines are available 6:00 AM PT to 6:00 PM PT Monday through Sunday
Based on our research of customer reviews and comparison to other remittance providers, the pros of the PayPal money transfer service are:
Based on our research of customer reviews and comparison to other remittance providers, the cons of the PayPal service are:
A standout feature of PayPal's international money transfer service is its Mobile Reload service.
Setting itself apart from competitors, PayPal's Mobile Reload service allows users to engage in a truly unique capability – the ability to transfer funds directly for mobile reloads. This service facilitates topping up prepaid mobile phones abroad with minutes and data, offering a practical solution for staying connected across borders.
Serving as a great feature, especially for immigrants and NRIs with family back home, this unique feature showcases PayPal's commitment to providing diverse and tailored solutions to its users, simplifying the process of adding essential communication resources to prepaid mobile devices around the world.
If you’re looking for an alternative to PayPal’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use:
Need more assurance about PayPal’s money transfer? Is PayPal's international money transfer legit? Let’s see what users of PayPal have to say. Sourced from multiple platforms, customer reviews of PayPal are:
“What I really like about PayPal is that it is available in almost any country in the world and works with almost any existing credit card. . . If, for some reason, you cannot have the money transferred to your local bank, PayPal will transfer the money to any dollar card you might have within two days. The fact that you can also embed it to your website or smartphone app is also great. . .” - Pedro T. on GetApp
“The interface is super easy to use making my financial transactions efficient. One of the biggest plus' is PayPal's security features. In over 20 years, I have never had an incident with security. They have the best encryption and offer two-factor authentication. I feel confident that my information is safe. Finally, customer service is amazing. I've only had two incidents in 20 years that I felt someone was trying to take advantage of me. PayPal stepped right in and took care of everything.” - Nanci on G2
“I think it is really great and convenient and despite the fees, there are still some features/services that are really good and helpful." - Unknown on Capterra
Negative reviews pertain to issues with the confusing billing system and high fees for certain transfers.
In the realm of online money transfer services, PayPal shines as a dependable option for those seeking efficiency, simplicity, and reliability. While its fee structure might pose challenges for larger transactions, PayPal remains an excellent choice for users aiming for swift and secure transfers.
We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.