Paypal Money Transfer Review

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Paypal Money Transfer Review
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: Not FCA Regulated

PayPal is, of course, one of the most well-used payment processers online. In fact, the vast majority of eCommerce websites use it simply because so many people are familiar with it as a payment platform. As you may well know you can, to some extent at least, make payment transfers through the website. However, the money transfer features on PayPal are not as good as other platforms out there.

You have to realise that PayPal has not been designed as a system for making money transfers. It can be used, of course, but it is nowhere near the best system out there. The fact is; PayPal is a payment processer. If you wish to transfer money to a foreign bank account that you own, you will need two PayPal accounts, which technically goes against the terms of service of the site. This makes the whole transfer process difficult. In addition to this, PayPal will take a rather hefty fee out of the money transfer (3.4% plus an extra 20p), which is not going to be ideal and actually makes the service a lot more expensive than the banks.

In addition to this, the exchange rate offered through PayPal is absolutely abysmal. In fact, the banks tend to have a far better exchange rate than PayPal. However, again, I do want you to remember the point that PayPal has not actually been designed as a means of transferring money across currencies and thus it is unlikely they are going to make much in the way of a change here.

That being said, PayPal does have a few things going for it. Perhaps the biggest benefit of using PayPal is the fact that it is drastically easy to use. Anybody could set up an account and start transferring money to their bank account in a couple of days (you have to verify your bank account before you can transfer money to it!). For the most part, it is also pretty decent for those who wish to transfer money to businesses and the like in another currency. I find that PayPal works best for those lower value transactions. You will probably want to upgrade to something a bit better than PayPal if you are sending hefty amounts of cash on a regular basis. For transactions lower than a hundred pounds or so, the system is fairly decent.

The only other downside to PayPal is the fact that you can’t use it to pay bills. The person who you are paying needs to have a PayPal account. If they do not, you will not be able to transfer money to them. It is fine if you are transferring money to yourself, but for anything else, you are probably going to want to look elsewhere. PayPal really is going to be a system that you only use if you are shopping online and the like. It should never be taken as a serious method for carrying out regular money transfers. You would be losing a lot of money if it was!

Product Features

  • Banks offering International Payments: Banks offering International Payments
  • Buy Holiday Money Online: Buy Holiday Money Online
  • Cash Payments: Cash Payments
  • Make Instant Payments Under £1000: Make Instant Payments Under £1000
  • One off Large Currency Transactions: One off Large Currency Transactions
  • Remittance Providers in the UK: Remittance Providers in the UK
  • Send Regular Transfers Overseas: Send Regular Transfers Overseas
  • Commission Rate: 0%

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