Fees charged for sending from Paypal to overseas bank acc

[Meddle]

Hi guys,

Wondering if anyone knows anything on this one?

I registered with Paypal, pretty new to it - it seems sender and receiver (wherever they are in the world) both need to have Paypal accounts set up to do a Paypal transfer? Is that correct?

The fees seem relatively low to transfer in this way, but does anyone have any idea how to know what the fees are for larger transfers? The only way I found out how much they charged for a transfer of 100 Baht was, was to set an account up for my girlfriend and transfer to her. I was charged 14 Baht.

But nowhere on their site or Google can I find fee percentages and if country of destination also comes into it. Unless I'm being an ass ..

Dean

[CharlieH]

Sending and receiving money (not for goods) you can select who pays the fees either recipient or sender.

The main issue is going to be when you withdraw, example you send 100 uk pounds,you pay the fees, then she has to convert to baht, really bad exchange rate from paypal when drawing down to a Thai bank account.

Try this....

http://paypalfeecalculator.paymentprocessing.cc

[Meddle]

Thanks Charlie ..

This is turning out to be more complicated than I thought, and the Paypal customer service rep's English is about as good as my local som tum seller!

All I'm trynna find out is what will happen with the money when transferring from Thailand to South Africa (Paypal to Paypal), both fees incurred and exchange rate. This is rocket science querying for them Paypal staff ;-)

[Pattszero]

Not quite related but just to say I have been in conversation this week with this company -

https://transferwise.com/?utm_source=brand&utm_medium=cpc&utm_campaign=google&gclid=CjgKEAjw8MqcBRCsv5Kf8NCUwlgSJADL4ihh38Y32iV-VKUMI2LA0UVTWUIz19DMSS_rM-2rcEKa3PD_BwE

They don't have a Thai baht facility at the moment, its on it way. I'll be involved in the launch in Thailand when it kicks off.

[Meddle]

Looks interesting, thanks :-)

I gave Paypal a hypothetical figure of 100,000B, below was their reply, pretty pricey I'd say, in comparison with other methods of payment, including simply drawing money FROM one's Thai bank account IN one's own country

--------------------------------------------------

I'm sorry, the 11 THB is only for the fixed fee.

If you refer to the table again, you can see it stated 3.4% + Fixed Fee.

Hence for a payment of 100 000 THB, the total fee is 3411 THB.

3.4% out of 100 00 THB is 3400 THB.

3400 THB + 11 THB = 3411 THB.

100 000 THB - 3411 THB= 96 589 THB

[CharlieH]

As a general rule of thumb its gonna be around 6-7 % lost to fees and poor exchange rate.

[somchaismith]

On a hundred bucks I was charged a fee of 3.70USD.

[khungribo]

You dont need to pay the 3.4% + fixed fee, that is for commercial transactions. You are doing a personal transaction

When you send a payment select send money >> family or friends

There is no fee at that point if you pay from paypal balance except a 1% cross-border fee.

If you pay with credit card there is a fee which will be 3.4% + fixed fee (small amount) if you use a foreign card. If you have Thai CC the fee MAY be 2.4% + FF

I dont think you can send Rand so you will probably send USD, and there will be a conversion fee of 4% above wholesale, (and your friends bank will probably slap on a conversion fee when they withdraw to their bank as well if their account is in Rand)

If you have baht in your paypal account just send baht if the receiver can deposit baht in their bank account. That will save you on the first conversion fee

complicated but HTH

[Meddle]

Thks Khungribo, so that 4% conversion fee is the expense then. I'll try find the forum threads that speak about international transfers and do more research on this ..

[Bardeh]

In my experience, the fees from Paypal are negligible if you select the 'I am sending money to friends and family' option, and don't use a credit card. However, their exchange rates are pretty awful. For smaller amounts (around $1000 or so) I still use them because it's very quick and easy and I can withdraw the money directly to my bank account on either end.

However, if you want to send large amounts of money, you'd be better off with a bank wire I'd think.

[h90]

Paypal is expensive and unfriendly because they are a monopole.....