PayPal Money Transfer: Review & Comprehensive Guide | CompareRemit
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PayPal Money Transfer: Review & Comprehensive Guide

Updated on August 24, 2023 12:34 am
PayPal Money Transfer

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.

What is PayPal Money Transfer?

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 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: 

  • United States
  • United Kingdom
  • Canada
  • Australia
  • European Union countries (including France, Germany, Italy, Spain, etc.)
  • India
  • China
  • Japan
  • South Korea
  • Brazil
  • Mexico
  • South Africa
  • Saudi Arabia
  • United Arab Emirates
  • Singapore
  • Malaysia
  • Philippines
  • Thailand
  • Indonesia
  • Turkey
  • Russia
  • And many more...

How Much Does PayPal Money Transfer Charge? 

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 SpeedFee
Standard transfer to bank account Free
Instant transfer to bank account 1% fee on the amount you’re transferring
Instant transfer to debit card1% 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. 

How Much Money Can I Send Using PayPal Money Transfer? 

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. 

How Long Does PayPal Take to Send Money? 

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.

Is PayPal Safe? 

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.

How to Send Money With PayPal? 

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

  1. Create your account login. Visit the PayPal website or download the PayPal mobile app from your app store. Click on "Sign Up". Choose the account type you need: Personal (for individuals) or Business (for businesses and freelancers). Enter your email address and create a strong password.
  2. Fill in your personal information, including your legal name, date of birth, and contact details.
  3. PayPal allows you to link your bank account, credit card, or debit card to your PayPal account. Follow the prompts to add your preferred funding source. You'll need to provide account information and verify your ownership.
  4. After setting up your account, you'll receive an email from PayPal. Click the confirmation link in the email to verify your email address. PayPal might ask you to verify your identity for security reasons. This could involve providing additional personal information or confirming your bank account.

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

  1. Click on the "Send & Request" tab
  2. Enter the recipient's email address associated with their PayPal account. If they don't have a PayPal account, they will receive instructions to create one to claim the funds.
  3. Enter Transfer Details. Enter the amount you want to send and choose the currency in which you want to send it. Select the funding source you want to use for the transfer (bank account, credit card, etc.). Here is where PayPal will display the estimated conversion rate and any applicable fees.
  4. Review the transfer details, including the amount, currency, and fees. Confirm the transfer by clicking the "Send Now" or "Confirm" button.
  5. If you're sending money in a different currency, PayPal will convert the funds using its exchange rate. Be sure to review the rate and compare it to other sources if needed.
  6. You can track the status of your international transfer in your PayPal account. You'll also receive notifications when the funds are sent and received.

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.

How to Contact PayPal? 

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:

  • Log in to your PayPal account.
  • Click on "Help & Contact" or "Contact Us."
  • Choose the topic related to your inquiry.
  • On the next page, you might see options to send an email or message to PayPal's customer support. Follow the prompts to provide details about your issue.

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

Pros of PayPal Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the PayPal money transfer service are:

  • Swift money delivery options. If you choose the Instant transfer speed, your money can be received by your selected recipient within minutes. 
  • Cancellations. If a payment you sent is pending or unclaimed, you can cancel your PayPal transfer. 
  • Global Accessibility. PayPal is available in over 200 countries and supports multiple currencies, making it a widely accessible platform for international money transfers.
  • User-Friendly Interface. PayPal's intuitive interface makes it easy to initiate transfers, track transactions, and manage your account, even for users who might not be tech-savvy.
  • Security Measures. PayPal employs robust security features, including encryption, two-factor authentication, and fraud detection systems, ensuring the safety of your financial information.
  • Cash Pick Ups. PayPal allows your recipient to receive their money through cash pickups, which is an option that many of PayPal’s competitors don’t provide. 
  • Unique, Mobile Reload service. PayPal allows you to Add minutes and data to prepaid mobile phones overseas.

Cons of PayPal Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the PayPal service are:

  • No money transfer calculation tool. Some of PayPal’s competitors provide a simple money transfer calculation tool that will allow a user to get a gist of what their transfer will look like before they even have to create an account. Unfortunately, PayPal does not have that. 
  • Confusing disparity of transfer fees. Paypal has a variety of fees that may or may not be applicable to your transfer. These costs can add up, particularly for larger transfers.There are limited ways to figure out how much your fee will be unless you begin the transfer process. 
  • Service Restrictions. While available in many countries, PayPal might have limitations or restrictions in certain regions, affecting the availability of specific services.

PayPal Money Transfer Service: Best Feature

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.

PayPal Money Transfer Service Alternatives

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: 

PayPal Reviews

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. 

Do We Recommend PayPal?

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.

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Sending Money To Nepal: eSewa International Money Transfer Service

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Here are the top 5 money transfer service providers from the U.S. to Nepal.XoomPayPal-owned Xoom, a leading digital money transfer provider is one of the fastest, secure and convenient ways to send money from the U.S. to Nepal. The Xoom mobile app or website allows users in the U.S. to send money in an instant to friends and family in Nepal using their U.S. bank account, debit card, or credit card. Xoom has partnered with major banks in Nepal - Everest Bank Ltd., Nabil Bank, Himalayan Bank, Nepal SBI Bank, and others offering instant bank deposits. The money can be transferred to a bank account or picked up from an agent location (from over 4000 cash pickup locations) in Nepal. The maximum transfer amount is $9,000 per transfer when using Xoom transfer. The transfer fee varies depending on the method. Bank transfers are usually free of cost. Fees for payments by card are percentage-based.Do keep in mind that a margin is added to the exchange rate when converting U.S. dollars (USD) into Nepalese rupees (NPR).Wise (formerly known as TransferWise)Wise (Ex-TransferWise) is a London-based financial technology company regulated by (Financial Conduct Authority) FCA in the UK. For online money transfers from the U.S. to Nepal, Wise is a secure, fast, and low-cost option. There are no hidden charges, no marked-up exchange rate. Wise gives you the interbank exchange rate for your transfers. You can pay by direct debit, bank transfer, debit card, or credit card. Bank debit or ACH is the cheapest followed by bank transfer. While payment via credit cards has more fees. Depending on the transfers, the money can be reached in one day or even within seconds. There are limits to how much you can send to Nepal. For larger transfers, Wise might ask you to provide your ID card. 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Everything You Need to Know About Paycard

How do you pay your employees? As an employer, paying your employees is an important part of your business. Direct deposit to your employee's bank account or issuing paper checks are two of the most common ways of compensating them. Gone are the days when employees used to get paid in cash.But what happens when some employees have no bank accounts? This is where paycards come in. Paycards for employees are an alternative option when the employees do not own a bank account, and the employers do not want to pay in hard cash.It is estimated that about 5.4% of U.S. households (approximately 7.1 million) were "unbanked" in 2019, according to the U.S. Federal Deposit Insurance Corporation (FDCI). An unbanked household means no one in the household had a checking or savings account at a bank or a credit union.For small businesses with employees with no bank accounts, paycards can be a convenient option as a payment option.Direct deposit and paycards both offer the benefit of a paperless payroll distribution process and allow the employer to electronically transfer funds conveniently. While direct deposit is the norm for many businesses, paycards are gaining popularity each year.There are pros and cons of using paycards, and in this blog, we will discuss if paycards are right for your business and employees.What is a Paycard?Paycard is a lot like a prepaid debit card as it is made of plastic and can be pre-loaded. In the case of a paycard, the money loaded comes from the employer in the form of an employee's pay. 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You may have to pay a fee for the replacement card.Pros and Cons of PaycardsProsA win-win situation for unbanked employees and their employers.Green alternative to paper checks.Immediate payment to employees.No hassle of cashing a paycheck.No monthly or maintenance fees.Added security when assessing their funds (paycards require a PIN).Employees can report to the issuer if funds are used unauthorized.Paycards can be reloaded during each payday, saving money on issuing paper checks.Added efficiency for the employer as the employer would not have to physically present or mail paychecks to unbanked employees.ConsEmployees may incur fees for several reasons. 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Access mobile appNo credit checkCan be used at ATMs, merchants worldwide, wherever Debit Mastercard or Visa debit cards are acceptedPay bills and make purchasesBook airline and hotel reservations onlineEarn interest on savings accountGet cash back rewardsFDIC insuredMoney protected with Zero Fraud LiabilityKittrell PaycardNo fees to use (there are fees for certain situations)Fee-free ATM network with MoneyPassWebsite and Kittreall AppGet real-time alerts and push notificationsCash back at point-of-sale terminals2-way texting to manage your card and accountCompatible with Apple Wallet, Google Pay, Samsung PayEasy portability (Get direct deposit of stimulus checks, tax refund, benefits)Freeze or unfreeze card on-demandSkylight PaycardZero sign up feeNo credit checkNo minimum balance Personalized your card with a family photo or unique imageManage money anywhere on Mobile AppDirect deposit your government benefits, tax refundsUse anywhere where Visa Debit & Debit Mastercard are acceptedFDIC insuredZero liability protectionPay bills onlineEarn interest on savings accountEarn cash back with Payback RewardsSend money to or receive money from friends and family with Netspend cardsSet text alerts about transactionsRefer a friend and boost your card balanceSkylight overdraft limit is $100 & 3 times/ monthConclusionOverall, paycards can be convenient and cost-effective for employees and employees when compared to paychecks or for those employees with no bank account. 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