Transfer USD to U.K. Sterling using IBAN Number

[ianlever]

Hi. A friend wants to transfer me some monies in US dollars but I wish to receive them into my U.K. bank account in U.K. Sterling. I have provided him with all my IBAN details but he tells me PayPal doesn’t accept IBAN transfers. Is that correct?

[mhelmntrs]

As of my last knowledge update in January 2022, PayPal primarily operates using email addresses for payments and not directly with IBAN details. However, your friend can send the money in US dollars to your PayPal account, and you can then initiate a currency conversion within PayPal to convert the funds to UK Sterling. To receive the money in your UK bank account in GBP, you would link your UK bank account to your PayPal account. Once the funds are in your PayPal account, you can transfer them to your linked bank account and PayPal will handle the currency conversion. Please note that services and features may change, so it's advisable to check the current PayPal policies or contact their customer support for the most up-to-date information on transferring funds between different currencies and bank accounts.

[ianlever]

Thank you. The problem is it cost a fortune to convert and transfer via Paypal so I was trying to find a cheaper way.

[mhelmntrs]

If you're looking for a more cost-effective way to convert and transfer funds, consider exploring alternative financial services, currency exchange platforms, or international wire transfers that may offer more competitive rates compared to PayPal. It's advisable to research and compare different options to find the solution that best meets your needs and provides the most favorable currency conversion rates and transfer fees.😊

[ianlever]

Thanks. That’s what I’m trying to do but the buyer is insisting he wants to pay via PayPal so I was hoping to find a way for him to pay his PayPal funds direct to my bank. I will keep looking.