Does It Cost Money to Upload Money Into Paypal
Review by
Zak Killermann
zak.killermann@finder.comZak Killermann is a publisher at Finder who'southward been specializing in cryptocurrencies and blockchain technology for 4 years — covering everything from ICO booms, crypto winters, memecoins and more. He'due south mined and minted cryptocurrencies, and remembers the days when DOGE was simply for fun. Zak'south focus is in breaking downwards technical concepts into approachable nuggets of data. Before diving into all things crypto, Zak contributed to Finder's money transfers vertical.
Practiced review
PayPal is one of the most well-known means to pay online, especially helpful for users who want an added layer of security when online shopping. Although PayPal is a popular option for buying and selling online domestically, you lot tin also use it to send money both domestically and internationally.
When it comes to sending money to loved ones both nearly and far, PayPal may not be your best bet due to higher fees and weaker exchange rates. Using PayPal to send coin within South Africa is a viable pick as long as you use the Friends and Family choice, but when sending coin abroad exist sure to shop effectually to save some money.
What is PayPal?
PayPal is a digital payment system that tin be used by both individuals and businesses to send and receive payments through the internet without having to share personal data. Although PayPal has long been associated with being the master payment system for eBay, PayPal has since separated itself and expanded to offer global services that include money transfers, international payments and more.
How does PayPal work?
PayPal works similar to a banking company account, in that it allows you lot to send, receive and shop coin digitally. PayPal integrates with many online merchants to make shopping online more than seamless and private, and users tin can come across a full history of transactions in their PayPal account history. Overall, PayPal tin exist used in a lot of the aforementioned places you lot'd shop with a credit or debit card.
Why should I consider PayPal?
- Fast transfers to other PayPal users. Transfers direct from one PayPal account to another are almost always instant.
- Security. PayPal monitors all transactions for fraud, uses industry-standard encryption and has many dispute resolution options. Additionally, AI systems add to PayPal's resiliency against fraudulent transactions.
- Worldwide network. PayPal is bachelor in more than 200 countries effectually the earth, only you'll exist limited to the xx+ currencies that PayPal supports.
- Free domestic transfers. When sending domestically from one PayPal balance to another your transaction volition be free if you transport through the "Friends and Family" selection.
What should I be aware of with PayPal?
- Expensive international transfers. You face a layer of fees that vary by method, amount and state. Many transfers to recipients outside S Africa come with fees based on your transfer amount in addition to a apartment fee in the currency you're transferring to.
- Weak commutation rates. When sending money to foreign currencies yous'll be forced to accept an commutation rate below the mid-market rate.
- Fees when using credit and debit cards. Expect yet more than fees if your plan to fund your transaction with plastic, rather than your PayPal business relationship or a linked bank account.
- Actress steps when receiving money. When someone pays you lot on PayPal you have to manually go into your account and request a banking company payout — further increasing the time it takes for that money to hitting your bank account.
- Does not support Due south African rand. You'll demand to transfer money in an culling currency as PayPal does not currently back up the rand.
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PayPal'southward exchange rates and fees explained
PayPal international transfer fees depend on where you're sending money to, how you're sending information technology and how you plan to fund it. For international deliveries you confront layers of fees that include flat rates and percentages of your transaction amount. PayPal does not take any subconscious fees, but its fee structure is complex to say the least. When using PayPal, pay close attention to fees and exchange rates to avoid feeling like hidden fees snuck up on you.
PayPal fees in ZAR
The following fees employ when sending money to friends and family unit.
| Funding method | Destination country | Fees |
|---|---|---|
| PayPal residuum or linked banking concern account | South Africa | R0 |
| Credit card, debit card or PayPal Credit | S Africa | three.4% of transaction corporeality + a fixed fee |
| PayPal balance or linked bank account | Any other country | five% of the transaction (U.s.$0.99 minimum, United states$4.99 maximum) |
| Credit card, debit menu or PayPal Credit | Any other country | 5% of the transaction (Usa$0.99 minimum, United states of america$four.99 maximum) + iii.4% of the transaction amount paid using a credit bill of fare, debit card or PayPal Credit + a fixed fee based on currency |
Stock-still fee based on currency
| Currency | Fee |
|---|---|
| Australian dollar | 0.thirty AUD |
| Brazilian real | 0.60 BRL |
| Canadian dollar | 0.30 CAD |
| Czech koruna | 10 CZK |
| Danish krone | 2.threescore DKK |
| Euro | 0.35 EUR |
| Hong Kong dollar | 2.35 HKD |
| Hungarian forint | 90 HUF |
| Israeli shekel | 1.20 ILS |
| Japanese yen | forty JPY |
| Malaysian ringgit | 2.00 MYR |
| Mexican peso | 4.00 MXN |
| Currency | Fee |
|---|---|
| New Zealand dollar | 0.45 NZD |
| Norwegian krone | 2.80 NOK |
| Philippine peso | 15 PHP |
| Polish zloty | 1.35 PLN |
| Russian ruble | x RUB |
| Singapore dollar | 0.50 SGD |
| Swedish krona | 3.25 SEK |
| Swiss franc | 0.55 CHF |
| Taiwan new dollar | x TWD |
| Thai baht | 11 THB |
| UK pounds sterling | 0.20 GBP |
| US dollar | 0.xxx USD |
PayPal's exchange rates
When nosotros checked on May 11, 2020, PayPal'due south exchange rate markups were anywhere from 3 – 4% or more than, depending on the currency. For this case, we went with USD every bit the currency since PayPal doesn't back up transferring South African rands. This means you will have to convert your rands to a unlike currency – like USD – first before you lot're able to transfer money.
| 1 USD = | Mid-market charge per unit | PayPal's markup | |
|---|---|---|---|
| AUD | 1.4818 | 1.54 | three.78% |
| CAD | ane.3488 | 1.4 | 3.66% |
| EUR | 0.892 | 0.92 | 3.04% |
| GBP | 0.7781 | 0.81 | 3.94% |
| MXN | 22.8906 | 23.89 | 4.eighteen% |
| PHP | 48.8444 | 50.37 | iii.03% |
How to check PayPal's exchange rates:
- Log in to your PayPal account.
- Click Wallet, which should be near the tiptop of your screen.
- Click Currencies Calculator, which is under your PayPal balance.
- Select the currencies yous want to catechumen to see rates.
Compare PayPal to other money transfer services
Most other services that transport money overseas will be able to offering you a meliorate exchange charge per unit than PayPal. Check out the table below to see what your transfer could wait like with another company.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring coin.
How to use PayPal
One of the most popular uses for PayPal is to send and receive money online. Whether you're sending this money to businesses or friends, the process is like. In general y'all'll accept to create your account, add together money to it and then choose who to transport it money to. Here are the steps:
Making a PayPal business relationship
Creating a PayPal account can be done for free and with picayune verification needed. To begin, follow these steps:
- Visit PayPal's website and click Sign Up for Free.
- Next, you'll be prompted to choose between a Personal Account and a Business Account. Chances are you want a personal business relationship — if you lot're planning to apply the account to store online or transfer money to a family unit member or friend.
- Enter your proper name, email and a password then click Next.
- Yous'll and then be asked for your address and telephone number — these help PayPal ostend yous're a real person.
- Now yous're gear up to add coin to your PayPal business relationship.
Once your account is created you can start receiving money right abroad, only you lot'll have to add a payment method and bank account if you want to withdraw funds.
Calculation money to PayPal
There are a few different types of PayPal accounts for personal use, including PayPal Cash and PayPal Cash Plus in addition to the standard PayPal account. PayPal Greenbacks and PayPal Greenbacks Plus accounts allow you to manage a PayPal balance, but aren't required to employ PayPal.
To add money to a PayPal account from your estimator:
- Visit PayPal'due south website and login.
- Click Wallet at the summit of the screen.
- Click Transfer Coin, and and so select Add coin to your balance.
- Choose your preferred banking company account, enter the corporeality to transfer and click Add.
Transfers into your PayPal balance typically accept three-5 business organisation days and incur no PayPal fees. Notwithstanding, information technology is always worth double checking with your bank beforehand to make sure your banking company won't charge whatsoever fees.
How to send money through PayPal
Coin can be sent both domestically and internationally with PayPal. Dissimilar fees may use depending on who yous are transferring to, the purpose of the transfer and what state they live in. In general, to transport a domestic PayPal transfer:
- Log in to your account and click Send & Request.
- Enter your recipient'south telephone number or email address, the amount you desire to send and a description of the transfer.
- Review the total cost for your transaction, including transfer fees, your payment method and possible fees depending on transfer destination and speed.
- Click Ship Payment Now if you're gear up to transfer your funds.
How to receive money on PayPal
There is only one way to withdraw money from your PayPal account and y'all'll need either a First National Bank (FNB) bank account or an FNB Profile linked to your banking company business relationship if you bank with another banking service to do it. You'll likewise need to link your PayPal business relationship to your FNB account – this also applies if you accept an FNB account simply don't have internet banking.
Transfer to your FNB bank account. Log into your FNB bank account. Click PayPal services and click Withdraw from PayPal. Enter in the amount you want to withdraw in US dollars and remember to check that you have enough money to complete the withdrawal. Follow the instructions and so carefully review the commutation rate, the amount in Due south African rand that you lot volition receive and any other fees. You'll automatically be taken to the PayPal login folio where y'all'll demand to log in and review the amount being transferred out. Once confirmed, you'll be taken dorsum to the FNB site to complete your transaction.
PayPal typically charges effectually two% of the amount being withdrawn. By and large, withdrawals to an FNB banking company account are completed inside three to six business days although these accept been known to take as many every bit eight business days for the transaction to go through.
Case study: Katia's experience
Katia Iervasi
Writer
I more often than not use PayPal for online shopping. My account is connected to my Australian bank account and debit bill of fare, so I rely on PayPal when I'm shopping on my favorite Australian sites so I don't have to worry about currency conversion.
Thanks to its ironclad security, I likewise like using PayPal for eBay purchases, or whenever I'm shopping on a site for the beginning time. I know that if I take any bug, PayPal's team will pace in to help me to recover my money — which they've done in the past.
Nevertheless, PayPal'due south fees and charges can seriously stack up, especially if I opt to pay with my card. For that reason, I still turn to trusty Wise whenever I need to send money to and from Australia and my adopted home in the Usa. I like Wise's interface better, too.
Is PayPal prophylactic?
PayPal takes many measures to keep your money and transactions prophylactic and secure, just how you use PayPal still factors into whether or not it is rubber for yous to utilize. PayPal helps continue y'all and your money prophylactic by:
- Protecting your sensitive information. PayPal doesn't share your total financial information with sellers, which may assist protect yous from identity theft.
- Monitoring transactions 24/7. Both humans and algorithms monitor PayPal transactions to spot fraud.
- Encrypting your data. PayPal uses depository financial institution-level encryption, including SSL 3.0 with an encryption key length of 168 $.25.
- Offer fraud prevention. PayPal will never contact you asking for sensitive information by email or phone — always contact PayPal if annihilation about your account history seems suspicious.
- Providing dispute resolution. PayPal volition assistance resolve disputes between buyers and sellers when PayPal is used every bit the payment method.
What PayPal reviews look similar
Reviews authentic as of May 11, 2020.
| Trustpilot score | i out of 5, based on 9,985 customer reviews |
| BBB rating | A, with 10,765 complaints in the terminal three years |
| PCMag.com | 4 out of 5, staff reviewed |
PayPal is a massive global company that has millions of daily users. When investigating the negative reviews on Trustpilot we saw a trend of customers complaints focused on poor customer service and extremely long wait times on both telephone and conversation support. To avoid some of these issues, always be sure to read existing reviews on a buyer before making a buy. Also, thoroughly read PayPal's heir-apparent protection fine print to fully sympathize what is and isn't covered before relying on information technology to guarantee y'all a refund. Many of the scams that people face on PayPal common money transfer scams, so read up on our list of common scams and how to avert them to salvage yourself time and stress.
Is there a PayPal app?
PayPal has an app on both Google Play and the App Store. The app tin be used to:
- Send money to loved ones. Send money to friends and family in Southward Africa using your PayPal residue or banking concern account for free.
- Log in using biometrics. Both face and fingerprint recognition can be used to log in.
- Manage your PayPal Cash Card. Move money betwixt your PayPal Cash Menu and your bank business relationship on the go.
- Send money around the world. Send coin internationally through PayPal.
PayPal app reviews
| Reviews accurate as of May 11, 2020 | |
|---|---|
| Google Play Shop | 4.4 out of 5, based on 1,347,478 customer reviews |
| Apple tree App Store | 4.8 out of v, based on 3,324,851 customer reviews |
Bottom line
PayPal is a strong solution for fee-free directly domestic transfers to other PayPal accounts. But international transfers come up with a complicated fee structure yous're probable meliorate off avoiding with a money transfer specialist offering lower fees and stronger rates — especially on large transfers.
Frequently asked questions
Where can I use PayPal?
PayPal tin can be used in more than 200 countries and thousands of stores around the world. To see if a store y'all want to shop at supports PayPal, visit our PayPal shop list and type the shop you want to shop at into the search box. Our listing is updated oftentimes, and is fashion easier to apply than visiting every store individually online and searching its website to discover out if PayPal is accepted.
How long do PayPal transfers have?
PayPal transfers betwixt PayPal accounts are instant, but transferring to your bank account may accept anywhere from 3-6 business concern days or more.
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Source: https://www.finder.com/za/paypal-international-money-transfers
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