Transferring International Funds via PayPal

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One of the ways in which international money transfers can be done is by using online platforms where senders and receivers both hold accounts on the said site. One of the most popular sites which provides this type of service is PayPal. PayPal is a well-established and reputable site, so it is trustworthy and has competitively cheap fees and a good exchange rate for foreign currency transfers. It’s user-friendly too so that sending money by way of international money transfer with PayPal is relatively straightforward.

1. Both sender and receiver must have PayPal accounts

As PayPal requires a bank card to register an account and can be linked directly to the bank account holder’s identification can be verified and security enhanced.

Setting up an account with PayPal is a simple process requiring an email address, bank card, and some personal details. Once you know that both parties have an account the transfer can be done through PayPal. You can find out more about how to set up a PayPal account here.

2. Log into your PayPal account

When you register with PayPal, an email address is needed to set up an account. This email address is then used as your PayPal username to log into your PayPal account. A prompt will appear asking for the account holder’s PayPal username (email address) and the password created at the time of registration. You can then change your passwords regularly for maximum security. Having entered both your PayPal username and password, simply click log in.

3. Navigate to the proper page

The first page opened when you log into a PayPal account is the overview screen where the current balance can be seen in addition to other account information. For international money transfers, click on either “send and receive” tab at the top of the screen or the “pay or send money” tab below. Both these tabs will redirect you to the same new page asking if the transfer is to a family member or friend, or if it is to be sent to a merchant (business/sales transaction).

4. To Whom and What Amount

Enter the PayPal user information of the person the money is to be transferred to, which is the email address registered with their PayPal account. Add the amount to be sent and the international money transfer is ready to go. Note that where fees apply, it is possible on PayPal to charge any fees to either the sender or receiver, which can be viewed prior to sending and accepting. With international money transfers, there is a currency exchange rate, but the rates are reasonable through PayPal as they do have a slightly lower exchange rate.

Transferring money across borders has never been easier, and sites such as PayPal have made it even more convenient, fast, and secure. With only an email address and some bank account details, it is a simple process requiring nothing more than a few clicks to send money anywhere in the world any time of the day.