Hi!
I'm doing some work which is paying in USD into my Paypal account.
What's the most cost efficient way to use this money? Ideally out into my Aus bank.
Thanks!
(Additionally I'm about to travel to the US, so additionally wouldn't mind some tips on the best way to use it directly from USD in Paypal. I have a NAB travel card)
Only time I've ever been seriously scammed is when I tried to transfer money through the cheapest company I could find instead of just paying pay pals currency conversion fees.
Quote in USD, make payable in AUD so you don't incur the ridiculous conversion fees. Or use transferwise. Or if you use PP, claim a deduction for the (invoice amount in AUD converted at market rate on the day) - (AUD received [after all fees]);
Unfortunately it's an unchangeable automatic process :(
How do I use transferwise? I can't find an option to pay USD into transferwise with paypal. Am I stuck paying Paypal's exorbitant fees?
I'll be moving a fair bit of money so happy to jump through some (safe) hoops in order to get the best exchange rate possible.
Ah ok, I was suggesting use transferwise as a substitute, not in conjunction with PayPal. It's great I save so much money with it. Best of luck anyways
Ok this might be totally mad but if $500 is (substantially) less than the money you're loosing… You could open a Delaware C corp which comes with a bank account through something like this :
https://stripe.com/au/atlas
And shut the company down when you're done. You said you're happy to jump hoops!
This is actually a pretty good line of thinking. $500 is less than the money I'd be losing, however it'll be over the period of a year.
Thanks tablewhale!
For those who come across this thread, transferwise borderless account seems like a viable option!
Hi, Could you find any cheap solution for this? I have linked a USD bank account from Transferwise to my Paypal account. Some time ago I could withdraw USD from Paypal to a Transferwise USD account without any fee. But now they charge 3% fee for that as well. Could anyone find a cheaper option for this? Thanks
Same boat, been happily doing this weekly but recently have found the 3% fee too. Would appreciate any workaround someone might have.
ohh it was a shock to me to see this fee today.. I was doing it for free at the start of the year. :(
@Techefy: My initial thought was thinking about opening a US bank somehow, and hopefully this doesn't have the fee? Then going from there into transferwise, etc
@snoopydoop: As long as your Paypal is Australian seems like fees are applied. https://www.paypal.com/au/webapps/mpp/paypal-fees#transfers-…
@Techefy: Interesting, do you know what the requirements are to create an American Paypal account, or potentially another country without a fee? Sounds like something like that might be our best bet.
Btw, not sure about your situation but this stuff might apply if you do shift over to a US account
https://www.paypal.com/be/smarthelp/article/why-do-i-need-to…
@snoopydoop: AAFAIK there are some countries like Philippine and Malaysia where USD can be directly withdrawn to the card. But I guess you can not verify those accounts due to the inability to provide address proofs. Hence there can be issues when using them. I think it is same for the US bank accounts.
I am looking into another workaround these days, will let you know if I could succeed with it.
Paypal-AU will only pay AUD into local accounts. They do not pay into foreign exchange USD accounts by HSBC or Commbank.
They will however pay USD into a linked US bank account. So while in the US organize a US bank account.