USD Thai Paypal Account Sending money to GBP...

[Dagnabbit]

Hi All

 

I have a USD denominated Thai Paypal account. Well - it's a Singapore account really, I think they all are! I need to remit funds to the UK on a monthly basis - about $20-30k each month.

 

Paypal exchange rates have just gotten too pricey. Has anyone had any luck using a 3rd party service transferring USD to GBP? I can see there are plenty out there but the moment I put many of them don't let you select Thailand as a country and others do but the moment you select it, they go selectively deaf.

 

Any thoughts on how to get this done?

 

Cheers

 

Pete

 

 

[does]

Have you tried a bank?

[Dagnabbit]

27 minutes ago, does said:

Have you tried a bank?

 

The money is in Paypal - I am trying to get it out of there. If the money was in a bank, I'd use a bank!

[Get Real]

If the money is in Paypal, then you must either take it out to a bank account, or you must transfer to another Paypal account with GBP as wallet. No more choices as I know it.

[CH1961]

Just transfer it to my PayPal account in Switzerland and I will transfer it to any bank account in any currency.

Deduct 5 percent as commission.

[does]

4 hours ago, Dagnabbit said:

 

The money is in Paypal - I am trying to get it out of there. If the money was in a bank, I'd use a bank!

 

4 hours ago, Dagnabbit said:

 

The money is in Paypal - I am trying to get it out of there. If the money was in a bank, I'd use a bank!

You have a PP account without a link to a bank account?

[Dagnabbit]

1 hour ago, does said:

 

You have a PP account without a link to a bank account?

 

No - I have a US dollar PP account linked to a Thai bank account.

 

I want to move funds to UK, US, Middle East. My current options are 

 

- To transfer it to THB first, get hit with a massive spread on the exchange. Then exchange it back to destination currency

- Send the money via Paypal and just get hit with a massive spread on the exchange rate.

 

To put this in perspective, the current transaction I want to make. Just to send 13.8k GBP from my USD Paypal account to a Partners GBP Paypal account will cost me approx $1k more than if I sent it via an exchange service. Part of that is in crazy exchange rates and par is a $238 fee.

 

The ideal situation would be me having a USD bank account - moving USD there and then transferring it using a currency service. Trouble is I don't and my Paypal account is in Thailand. I did see a service by "CurrencyFair" that claimed to be able to take USD from Paypal and then transfer it - but after opening an account with them they told me they didn't support Paypal any more....

[Dagnabbit]

2 hours ago, CH1961 said:

Just transfer it to my PayPal account in Switzerland and I will transfer it to any bank account in any currency.

Deduct 5 percent as commission.

 

5% makes you too expensive ;-) 

[janclaes47]

You can transfer the USD to any Paypal account in the world and keep it in USD.

[sandyf]

17 hours ago, Dagnabbit said:

 

No - I have a US dollar PP account linked to a Thai bank account.

 

I want to move funds to UK, US, Middle East. My current options are 

 

- To transfer it to THB first, get hit with a massive spread on the exchange. Then exchange it back to destination currency

- Send the money via Paypal and just get hit with a massive spread on the exchange rate.

 

To put this in perspective, the current transaction I want to make. Just to send 13.8k GBP from my USD Paypal account to a Partners GBP Paypal account will cost me approx $1k more than if I sent it via an exchange service. Part of that is in crazy exchange rates and par is a $238 fee.

 

The ideal situation would be me having a USD bank account - moving USD there and then transferring it using a currency service. Trouble is I don't and my Paypal account is in Thailand. I did see a service by "CurrencyFair" that claimed to be able to take USD from Paypal and then transfer it - but after opening an account with them they told me they didn't support Paypal any more....

Some of the Thai banks operate foreign currency accounts, may be worthwhile looking into a USD account with a Thai bank.

Apart from the exchange rate issue, if you convert to THB you may have a problem making international remittances from a Thai bank.

[Dagnabbit]

1 hour ago, sandyf said:

Some of the Thai banks operate foreign currency accounts, may be worthwhile looking into a USD account with a Thai bank.

Apart from the exchange rate issue, if you convert to THB you may have a problem making international remittances from a Thai bank.

 

Trouble is - when Paypal send money to a country, they insist on converting to local currency.

 

So even if you sent USD from Thai Paypal to a USD Thai bank account. Paypal will convert it to THB.

[Dagnabbit]

18 hours ago, janclaes47 said:

You can transfer the USD to any Paypal account in the world and keep it in USD.

 

And how exactly would that save me money converting it to GBP? 

[janclaes47]

3 hours ago, Dagnabbit said:

 

And how exactly would that save me money converting it to GBP? 

 

Because then the receiver can transfer USD to his bank account and let his bank do the exchange, at far better rate than Paypal.

[janclaes47]

3 hours ago, Dagnabbit said:

So even if you sent USD from Thai Paypal to a USD Thai bank account. Paypal will convert it to THB.

 

No they will not.

 

My PP account is in Euro, but I can receive any currency in the account.

 

I can keep it in the account and use whenever i need to make a payment in that currency, or transfer to my bank account and et my bank do the exchange.

Edited October 4, 2017 by janclaes47

[sandyf]

18 hours ago, Dagnabbit said:

 

Trouble is - when Paypal send money to a country, they insist on converting to local currency.

 

So even if you sent USD from Thai Paypal to a USD Thai bank account. Paypal will convert it to THB.

I don't think that is true. My Paypal is GBP and I paid someone in China in USD, the only conversion was USD to GBP to come out of my bank. There was no Yuan conversion involved.