Transfer back the money without conversion

[infotipp]

Hello,

I have the following issue:
I have 2 currencies in my account - primary is EUR, the other is HUF. There are 2 bank account given in the profile; one HUF based bank account, the other is EUR account. I would like to transfer my money back from the EUR balance to my EUR bank account. How to transfer back the money without HUF/EUR conversion??? When I try to withdraw, the first step is HUF conversion - WHY???

Thanks in advance,
Istvan Tutto

[sharpiemarker]

PayPal do a currency conversion in these situations:

-Send a payment in a non-local currency.
-Accept and automatically convert a payment to your primary currency.
-Withdraw funds in a non-local currency to your local bank account.
-Transfer funds between currency balances.

If your PayPal account is based in Hungary, you can only withdraw to local bank in local currency or US bank in USD currency so if you added a € bank account, it will do a conversion to HUF.  Why?  Banking laws.

[infotipp]

Thanks for the reply. I'm afraid you are not right - there is no such a bank law. If I have several different bank accounts in several banks, I am able to transfer money from one account to an other account without conversion if the base currencies are the same. Paypal is a virtual bank account. We are in the EU with same bank laws! Double converting a huge amount of EUR to HUF and back to EUR is a giant financial loss!!!

[sharpiemarker]

So, were you able to transfer money to bank in the currency the way you want to before and it just recently stopped transferring the way you wanted?

Where is your PayPal account based?  In Hungary?

[sharpiemarker]

In your PayPal user agreement for Hungary (if that is the country where you opened your PayPal account), it says "The bank account into which you request the redemption of E-money must be denominated in the home currency of your Account.  Balances must be redeemed in your home currency – see section 6.4 if your Account holds a balance in multiple currencies."

6.4 Withdrawing Money in Multiple Currencies. If you have multiple currencies in your Balance, you will be able to choose from those when you withdraw funds, but, unless otherwise agreed, the withdrawal will take place in your home currency. Currency Conversion fees stated in Schedule 1 of this Agreement will apply if you withdraw funds from a Balance held in a currency other than your home currency. If you are able to withdraw to your branded MasterCard or Visa card, your withdrawal may be subject to a fee as stated in Schedule 1 of this Agreement and may take place in a different currency to your home currency depending on whether PayPal can support the withdrawal into the card’s base currency.

The above apply to users in European Union countries (except Austria, Belgium, Croatia, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Poland, Portugal and Spain), Liechtenstein and San Marino.

So if you want withdraw your €, PayPal will convert it to HUF even if the destination account holds € and when it reaches the bank account, the € bank account will convert the HUF to €.  Is your € bank accounts located locally?

So, again, I think it is some kind of banking law or agreement in play once the money goes from e-money to cash in physical bank.

Even though Hungary is in the EU, it still has local currency (HUF).

If you look up Hungary on this page:

https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-country-functionality-outside

You can withdraw to local bank or US soil bank account.  Now if you has a USD balance, you can withdraw USD, conversion free!

If you need more clarification on the user terms regarding withdraw in your country, call PayPal customer service in your region.  This is a US PayPal forum.