PayPal to UK

[pozmans]

I have a PayPal account with $ on it, I'm trying to find the cheapest way of transferring this into a UK bank account. I'd like to avoid getting taken for ride on the conversion from $ to R (FNB account) then again from R to £.

Tried using my Monzo and Revolut accounts in the UK, but the former doesn't support PayPal and latter can't accept funds from PayPal as a platform.

Any suggestions?

 

[Snyper564]

I have a PayPal account with $ on it, I'm trying to find the cheapest way of transferring this into a UK bank account. I'd like to avoid getting taken for ride on the conversion from $ to R (FNB account) then again from R to £.

Tried using my Monzo and Revolut accounts in the UK, but the former doesn't support PayPal and latter can't accept funds from PayPal as a platform.

Any suggestions?

legally has to come back to SA first

 

[Tomtomtom]

Only formal & strictly legal way to do this is I know of is USD->ZAR then ZAR->GBP.

Would expect it to come to ~6% in commission and forex spread (3% on each transaction). Yes, painful.

Maybe someone with both PayPal & a UK bank account would be willing to help you out but they'd probably still want a cut since they'll most likely need to pay at least one forex charge themselves.

 

[pozmans]

legally has to come back to SA first

I'm not a SA tax resident anymore so as far as I'm aware, it doesn't need to come back to SA. The only thing is that my PayPal account was still opened when I was in SA so I think it's still linked back to FNB one way or another. Would be ideal to get it direct into a UK account.

 

[Snyper564]

I'm not a SA tax resident anymore so as far as I'm aware, it doesn't need to come back to SA. The only thing is that my PayPal account was still opened when I was in SA so I think it's still linked back to FNB one way or another. Would be ideal to get it direct into a UK account.

If im not mistaken this applies to your excon status not tax. Anyway maybe see if you can buy crypto and cash out in UK likely the quickest/cheapest way

 

[gregmcc]

Maybe someone with both PayPal & a UK bank account would be willing to help you out but they'd probably still want a cut since they'll most likely need to pay at least one forex charge themselves.

This is probably the easiest way but a) you would need to trust that person would transfer the money back to you, b) what amounts are we talking - there would be paypal/bank transfer charges. (And if a huge amount might trigger some money laundering algorithm.)

 

[Tomtomtom]

I'm not a SA tax resident anymore so as far as I'm aware, it doesn't need to come back to SA. The only thing is that my PayPal account was still opened when I was in SA so I think it's still linked back to FNB one way or another. Would be ideal to get it direct into a UK account.

Can't you open another PayPal account in the UK then and send it to yourself?

 

[pozmans]

Can't you open another PayPal account in the UK then and send it to yourself?

I can but PayPal charges 4% for a conversion into £ then more fees just to withdraw into a UK bank account. It costs more than just converting it back to Rands then doing a SWIFT transfer to the UK.

 

[pstation]

Open a transferwise or revolut account to get US ach details. withdraw from paypal to there and then exchange to £

 

[RVQ]

How to send money from PayPal to TransferWise