Efficient Way to Use/Withdraw USD Balanace in Australian PayPal Account

Techefy on 27/11/2020 - 04:11

Hi all,

I was using a US bank account (from Transferwise) to withdraw USD in my Australian Paypal account. It was free until recently but suddenly they have started charging a 3% fee for withdrawing USD balance in my Paypal account to US bank account. (withdrawing AUD balance to AU bank account is still free, but the conversion rate of USD to AUD is very bad). Is there any profitable way to withdraw USD in an Australian Paypal account into a US bank account?

Any help in this regard would be highly appreciated. Thank you :)

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Comments

  • AustriaBargain on 27/11/2020 - 06:07

    Why don't you create an AU Transferwise account, transfer it to that account (I don't know if it has fees or is the fee you're talking about), request the free global card, and spend with the card. Or just PayID it to your regular Australian account.

    • Techefy on 28/11/2020 - 01:02

      Thanks for the suggestion. I already have a AUD TW account linked to my Paypal. The problem is I receive money in USD to my Paypal account. When I withdraw them to a AUD bank the conversion rate is horrible. That's why I need to withdraw Paypal USD into a USD bank account. Previously I could do this free of charge to the TW USD account. But now PayPal is charging a 3% fee where I lose $30 for every $1000 I withdraw :(

      • AustriaBargain on 28/11/2020 - 01:20

        Can you spend the USD? Is there going to be more coming in to PayPal or is this a one off problem.

        • Techefy on 28/11/2020 - 01:39

          It is a long term thing. that's why I', trying to find a workaround. Otherwise wouldn't care too much..

  • Brodo Faggins on 30/11/2020 - 01:11

    hmmm I am on the same boat but haven't found a solution.

    My research tells me the 3% is on Paypal's end, regardless of direct xfer to US account or any mediums like TW.

    Was desperate and thinking of opening FX account or Crypto wallet, but I would assume the same fee will be charged… yet to be confirmed…

    • Techefy on 30/11/2020 - 01:22

      hmmm at least it's not only me who is frustrated with the new fees. I think you are going in the same direction as me, I am also looking into cryto /trading wallet which hopefully can do the conversions in a reasonable rate. Please let me know if you found one. :)

      • Brodo Faggins on 30/11/2020 - 01:25

        Ofc will do, and likewise with you!

        Looks like the fees will still be charged, the only difference would be on the conversion spread from Paypal to trading/crypto rates - which can be mere cents/$ compared to the 3% :(

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