Twice a day, PayPal receives a wholesale rate quote from their bank. PayPal uses a specific process to set their exchange rate. This means the recipient will receive less than the market exchange rate and the sender will have to factor that into their payment. Unlike the fixed percentage fee for transferring to another PayPal user, Xoom adds a mark up to the current market rate.įor example, if the currency exchange rate from EUR to USD is 0.913, Xoom might offer to process the transfer at a slightly lower rate of 0.902. Because Xoom is owned by PayPal, the two work seamlessly together and the transfer can be funded from a PayPal account or linked bank account.
On the other hand, in order to transfer directly to a recipient’s bank account, you’ll need to send the payment via Xoom. See the table below to better understand how these fees are applied. PayPal also charges a 4.5% fee for conversion service, so it’s important to factor this cost in as well to any currency conversion you do. PayPal’s currency conversion fee to US or Canadian dollars is 3.5%, but is 4% for other currencies. PayPal’s International Currency Conversion FeeĪdditionally, if the sender needs to convert to a different currency before sending, the currency conversion fee is 4.5% or a different percentage amount if disclosed to you during the transaction.
Does paypal charge a fee to send money to friends plus#
If the transfer is funded by a credit card, debit card, or PayPal credit, a funding fee of 2.9% plus a fixed fee (based on the currency used) is also applied. This assumes the transfer is funded by a PayPal balance. When sending money directly to another PayPal account, PayPal charges 5% of the transaction with a minimum fee of $0.99 and a maximum fee of $4.99. PayPal offers two different payment methods for international money transfers and each has its own fee structure. The FinTalk Blog Strategy and trends in payments.Customer Stories See how we transform finance operations.Why Tipalti A modern, holistic, powerful payables solution that scales with your changing business needs.The Tipalti Platform Global, scalable, and fully automated.Expenses Mobile ready integrated expenses and global reimbursements.Global Partner Payments Scalable mass payout solutions for the gig, ad tech, sharing, and marketplace economies.Procurement Complete control and visibility over corporate spend.
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