Issues moving money from PayPal to TransferWise

[Samuele156]

Hello,

I am trying to move Euro from my PayPal account to my TransferWise account, but when I try yo do it, PayPal automatically change the Euro in GBP, forcing me to pay the conversion tax.

Am I doing something wrong?

The TransferWise account is both in Euro and GBP, and it's able to receive Euro from anyone else.

Thanks!

[sharpiemarker · Accepted solution]

@Samuele156

When you withdraw, PayPal ALWAYS convert to your local, home, opening currency which is GBP. Currency bank accounts won't work and will cause double conversion.

Managing Your Money in Multiple Currencies

When you open your account, it is configured for use with the opening currency of your account.

The opening currency of your account is Euro (EUR), except as follows for if you are registered with us as resident in one of these countries:

• Czech Republic: Czech Koruna (CZK)
• Hungary: Hungarian Forint (HUF)
• UK: Pounds Sterling (GBP)

Withdrawing Money

"You may only withdraw PayPal balance in the opening currency of your account, unless we agree otherwise. In order to withdraw PayPal balance held in another currency you will have to convert the currency to the opening currency of your account, or it will be converted for you at the time of your withdrawal. Our transaction exchange rate will be used."

[Samuele156]

Damn, thanks for the quick answer!

I guess I will waste some money with their awful change rate 🙂

[MattFoster]

I have a petition to ask PayPal to drop the new for 2021 3% fee to withdraw from PayPal to Transferwise and other 'virtual' banks

I have a petition here, please sign

http://chng.it/DCDffQDZHk