Receiving pounds Sterling in a US Account? How to transfer out to US bank?

[Jspears68]

Hello,

I have a US paypal account. I have a friend who is going to be paying me shortly from the UK and it will be in Pounds Sterling. How does this work? Can I accept pounds sterling?  Once I do, how do I transfer it back out to my US bank account? Is this even allowed? I have read about the fees but I am not sure which would apply.I have also read about gifting the money to another paypal account.

I just want to do whatever I'm supposed to do and the cheapest and easiest way to get it into my US account.

Am I supposed to transfer the pounds sterling amount to my US bank and it will convert to US dollars and also be charged a fee?

Thanks for any advice in advance,

Jay

[sandypurins]

If your PayPal account is not set to have a separate UK Pounds Sterling balance and your PayPal account doesn't block other currency payments, PayPal will convert the UK Pounds Sterling payment to US dollars and charge you a 2.5% currency conversion fee... your payment receiving fee will be 3.9% plus 2.5% plus 30 cents.

If your PayPal account is not set to have a separate UK Pounds Sterling balance and your PayPal account blocks other currency payments, PayPal will convert the UK Pounds Sterling payment to US dollars and charge the sender a 2.5% currency conversion fee... your payment receiving fee will be 3.9% plus 30 cents.

Regarding the 3.9% fee...  the standard PayPal payment receiving fee is 2.9% plus 30 cents, however... there is an additional 1% cross-border fee for payments received from non-US PayPal accounts. 

-Sandy