With PayPal you can send money to businesses, friends, family and more. However, there are cheaper alternatives when exchanging money. For example, moneycorp charges low fees with competitive exchange rates, especially for transactions over £10,000. Click here to read more about eBay and Amazon online sellers and currency exchange.
When you buy something from abroad on eBay, a shop that accepts PayPal, or you have a friend, family member or know someone else who has a PayPal account, simply add money to your PayPal account and when making the currency payment choose the foreign currency to pay the recipient in. You will then see displayed the cost in your home currency before making the payment. You can also use a credit card to fund the PayPal payment. PayPal foreign currency exchange rates are calculated on the payment screen and you can see the currency conversion rate before clicking to complete your order online with PayPal.
You cannot buy travel money with PayPal. Businesses, private sellers and buyers on eBay can open foreign exchange currency accounts with PayPal to benefit from better exchange rates compared to using a local bank or bureau de change.
When using PayPal to make an international payment to pay someone or a company, the sender decides whether they (the sender) or the recipient pays the fees. The PayPal fees are calculated depending on how the payment is funded. If you are sending money direct from your PayPal account (or using your PayPal linked bank account) the fees range depending on the countries that you are sending money between (for example, PayPal payments between most European countries range from approx. 0.4% to 1.0%). However, if you are sending the payment using PayPal funded by a debit or credit card, the PayPal payment fees are approximately 3.9% per transaction amount. For example if you are sending £100 via PayPal you can expect to pay £3.90 in PayPal fees. If you buy on eBay, you'll often be using PayPal for payments in a foreign currency using the quoted PayPal currency exchange rates. Fees are cheaper with moneycorp.
Open a PayPal account for free online and begin paying online for goods and services. Simply go to the PayPal website, enter your email address (which is used to identify your account), enter your personal details and you will then have the option to fund your PayPal account with either a credit card or debit card, or link with your bank account. With PayPal, foreign purchases are calculated using PayPal exchange rates. Signing up to PayPal takes about 10 minutes and is a common way to pay for goods and services online. PayPal is used by millions of customers and you can also send money to friends and family with a PayPal account.
PayPal now offers cryptocurrency including Bitcoin and Ethereum to PayPal customers with standard PayPal accounts. Stay tuned for more information about PayPal's cryptocurrency buy and sell capabilities.
Credit cards are good to use abroad because you often do not pay fees (check your credit card provider for their fees) and you get the latest exchange rates. You may like to download the moneycorp app before you travel to calculate prices when abroad before paying with your credit card. If you are buying goods from abroad online, you can use a credit card to fund the PayPal transaction.
Simply add foreign currency to your card before you travel and then pay using the prepaid top-up card.
Money transfers are available at all international airports. Bureau de change at airports are the most expensive ways to transfer money.