Paypal Question

[Enjibenji]

I've not used Paypal in a while.

I'm wanting to transfer money from a Thai Bank to my Paypal account, and as it's not a huge value, I decided on Paypal.

Am I right in thinking that if a Paypal account is set up with the Thai bank card, funds can be moved from that Thai bank, to the Thai Paypal account, to my own Paypal account instantly?

I just want to make sure since I need those funds today.

Thanks

[CMSteve]

yes a transfer between paypal accounts will settle immediately. But if you have to set up a new paypal account and go through the linking process with a Thai bank account, it can take a few days. Same on the other end, assuming you have a paypal account attached to you home account, you will have to convert the funds to your home currency and then transfer to your bank, also a few days.

[darrendsd]

Paypal terms state that you can only have 1 Paypal account per person so I would be careful if you are planning to transfer money between accounts that bear the same name, something may or may not flag up with Paypal.

If something does and they put a hold on the money it could take months for you to get it back.

[Enjibenji]

Thanks for the replies.

One is my account, one is my girlfriend's. Different names.

I was almost positive it would be instant. I think the only thing that can stop it being instant is some sort of verification hitch.

[darrendsd]

It will be instant as long as both the accounts are set up and verified already.

I'm guessing from your English that you are from the UK? In that case the money will take 2-3 days to reach your bank account in the UK if you are sending it to your UK Bank.

If you are transferring the money to your Thai account it will take around 7 days to reach your Thai Bank account.

[Enjibenji]

It will be instant as long as both the accounts are set up and verified already.

I'm guessing from your English that you are from the UK? In that case the money will take 2-3 days to reach your bank account in the UK if you are sending it to your UK Bank.

If you are transferring the money to your Thai account it will take around 7 days to reach your Thai Bank account.

One account is not verified. It's the one beloinging to the card where the funds will come out of.

Do you think this could be a problem?

edit: Checked the help centre on their website. Unverified accounts can still send/deposit money up to a certain amount. Can send up to £1000 per month.

happy days.

Now, should the funds from my girlfriend's Paypal/card get sent as Thai Baht or as GBP? All i'm doing is, from my account that receives the money, I'm having to pay for something online by Paypal. So, my bank isn't involved at any stage.

Edited March 15, 2012 by Enjibenji

[darrendsd]

I don't think it will matter which currency you send it in, you can exchange any currency you want into sterling in your receiving account anyway

Whichever way you do it they will shaft you on the exchange rate anyway, Paypal always give crap rates.

[Enjibenji]

I don't think it will matter which currency you send it in, you can exchange any currency you want into sterling in your receiving account anyway

Whichever way you do it they will shaft you on the exchange rate anyway, Paypal always give crap rates.

thanks mate

[CharlieH]

Thai bank to paypal = fees

Exchange from baht to pounds =fees & poor exchange

from GF account to your account = Paypal fees / very poor exchange rate

You paypal account to UK account - fees

Hope this is an emergency because you are losing big time with all these fees is just throwing money away.

[falang07]

Beware, Paypal exchange rates are terrible!

[Pib]

Thai bank to paypal = fees

Exchange from baht to pounds =fees & poor exchange

from GF account to your account = Paypal fees / very poor exchange rate

You paypal account to UK account - fees

Hope this is an emergency because you are losing big time with all these fees is just throwing money away.

There we go with details again. Yeap, agree, transfering & exchanging money via PayPal can get expensive sometimes, but free/very cheap in other situations...depends on how and where the money is being moved.

[Enjibenji]

I was actually just about to do it.

It's only about 9000 baht. Nothing huge by any means.

I'll check how much the total fees will be. I can't imagine it being too expensive on the sort of money being transferred.

[Pib]

I was actually just about to do it.

It's only about 9000 baht. Nothing huge by any means.

I'll check how much the total fees will be. I can't imagine it being too expensive on the sort of money being transferred.

Guess in depends on what a person considers expensive. Just for discussion say it's only 500 baht in fees/lower exchange rate/etc.,...but percentage-wise that 5.5% which is healthy. Just the PayPal currency conversion fee from Thai baht to UK pounds is 4%...there are other fees which also apply. Take a look at this PayPal Link regarding their various fees...the currency conversion fee is under the Additional Fees section.