Finpari Fund Transfers with PayPal

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How to Transfer Paypal Funds to Another Paypal Account or User

Use Paypal, an online payment and money transfer facility, for hassle free and convenient financial transactions via internet.

For online freelancers, bloggers, online shoppers, using Paypal is very common. Paypal is a secured way to send and receive money from one Paypal account to another.

You can also use Paypal to facilitate transactions online like paying for stuff you bought example airline tickets reserved via web booking, clothing from a fashion store on the web, etc.

There are also tons of people now who use Paypal invoicing facility to bill their clients for completed projects via its built-in invoicing system.

Sending Payments Paypal to Paypal

If you have an account with Paypal with some balance in it, and you want to transfer funds to a friend via Paypal, you can certainly do this. Follow our handy guide on how to process fund sending or fund transferring from one Paypal account holder to another PP account holder.

Step 1 : Log-in to your Paypal account, and then click on “Send and Request Payments”, you can find the tab for this at the top of the page. Refer to first picture of this post.

Step 2: Three options are available “Send a Payment”, “Pay for Goods or Services”, or “Request a Payment”. Since we are discussing about sending payments via Paypal, click the first choice.

*Sending payments is free of charges only if you will use your existing Paypal balance to complete the transaction.

*The option “Pay for Goods or Services” entails a minimal service charge.

Step 3: Once you click ‘Send a Payment”, a new page loads “Make a Payment”. On this page you can now enter or key-in the intended recipient’s Paypal email or complete name .

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Or if you frequently send payment or transfer fund to the recipient, his name will appear on the screen along with others you frequently transfer Paypal money to, and you just need to click on the user.

Step 4: When the next page loads, you can then type-in the amount you want to send, select the correct currency. Click the arrow on the currency to see all the other currency you can use in transferring funds.

In our example we are sending 25 USD.

Don’t forget to add a note detailing what the funds is all about, or any message you want to send to recipient along with the Paypal cash transferred to him. This is also for your file so you know exactly why you are transferring funds to another Paypal account holder.

Step 5: A confirmation page loads next encouraging you to CHECK THOROUGHLY the details of the transaction. It shows where the funds will be withdrawn from (your Paypal balance or connected bank account or credit card) and the transaction fee (zero or free in our example because we will transfer our existing PP balance to another Paypal user).

If everything is in order, click on “Send Payments Now”. Or “Cancel” if you need to make a change.

Step 6: After clicking “Send Payments Now”, a payment confirmation page loads summarizing the details of the transaction. The recipient instantly received your payment, your transferred funds.

That’s it! you are done! Funds transferred conveniently and easily with zero fee!

Do you agree that it’s really easy to transfer “cash” from your Paypal account to another Paypal account holder? We hope you do!


Why you shouldn’t use PayPal for international money transfers

Find better ways to send money abroad

Monito score 5.1/10

Monito is like a travel comparison site, but for currency exchange
Cheaper alternatives exist. You can save up to 90% in total transfer fees.

Our review of PayPal for international money transfers

People often ask us if PayPal work internationally and if it is a good service to send money abroad. While PayPal is great to send money to friends living in your country and works internationally, our in-depth review of PayPal shows that it’s generally not a good idea to use PayPal for your international transfers involving a currency exchange.

Of course, PayPal does has some advantages. With over 250 million active account holders globally and over 7.5 billion transactions every year representing a total volume of over $450 billion, it’s the largest online payment company in the world. Chances are, you and your recipient already own a PayPal account, and using PayPal for your international transfers should therefore be easy and convenient.

With PayPal, you can send money from over 200 countries to PayPal accounts in over 75 countries and in 25 currencies. Your recipient can then use their PayPal balance to withdraw funds to their bank account, or to pay for goods and service online.

Zero fees for domestic payments

You might be used to zero fees when you transfer money with PayPal. Indeed, it is free to use PayPal for a domestic payment, i.e. when you and your beneficiary are in the same country, without a currency conversion (unless you pay with a credit card or debit card). This is great if you want to send money to friends or pay for goods and services from a local merchant for example.

High fees and exchange rates markups for foreign transactions

However, PayPal charges fees for international payments. In addition to a high percentage fee and an additional fixed fee if you don’t pay directly from your PayPal balance (e.g. you use your credit card or debit card for example), you also lose a lot of money in the currency conversion. Each time you convert money between balances in different currencies in your own account, PayPal takes a hefty margin on the exchange rate. Indeed, the total cost of a cross-border personal payment with a currency conversion with PayPal is at least 2.5% of the transaction amount, including both payment and currency conversion fees. Depending on the currency, you will often pay much more than this, and in the most extreme cases you could incur a total cost of close to 10%! This margin will be even bigger if the currency conversion happens during the transfer.

Alternate options and more information

If you’re now thinking you need to find another solution for your next money transfer, we’ve got you covered. By using our real-time comparison tool, you can compare money transfer providers available for your transfer, in order to save on fees and get much better exchange rates than those offered by PayPal.

Since much cheaper services are almost always available, we recommend you always compare all your options. If you decide to make a money transfer with PayPal nonetheless, read on and learn more in our “PayPal Exchange Rate & Fees” section to find out how to save on costs.

What we like about PayPal

Credibility: PayPal is the largest internet payment company in the world

Widely available and convenient

With over 250 million active account holders globally, many people already have PayPal accounts and are already familiar and comfortable with using PayPal’s services

What we dislike about PayPal

Total cost of a cross-border transfer with a currency exchange is at least 2.5%

In most extreme cases, you could lose close to 10% of the amount you transfer

Lack of transparency about exchange rates

Extremely poor Trustpilot reviews

Better alternatives to PayPal for your next international money transfer

Compare Paypal’s exchange rate and international money transfer transfer fees

Paypal is a very expansive way to send money internationally in comparison to specific online money transfer services due to a big markup on exchange rates. Compare your options below

How to make an international money transfer with PayPal

Log into your PayPal account

Got to and log into your account.

Select the right service

Click on “Send & Request” at the top of the page. Enter the mobile number or email address of the recipient. If your recipient doesn’t have a PayPal account yet, enter their email address and they will be invited to open a PayPal account to receive the funds.

Set up your transfer

Enter the amount you wish to send, which currency to send the money in. Select “Sending to a friend” (if sending within the same country) or “Send to friends abroad” and how you want to pay (PayPal balance, linked bank account, or debit/credit card).

Let PayPal do the rest

Review the details (and check PayPal’s exchange rate if your payment includes a currency conversion). If everything looks good, click “Send Money Now”.

Paypal International Fees & Exchange Rates

Paypal International Fees & Exchange Rates 0.5/10

PayPal is rarely the cheapest option

This indicator is based on the percentage of searches on Monito for which PayPal is the cheapest provider

PayPal is generally not the most competitive option

This indicator is based on the percentage of comparisons on Monito in which PayPal offers a competitive pricing (taking into account the pay-in and pay-out options as well as the amount).

PayPal doesn’t offer special promotions to Monito users

Monito can access real-time pricing information from PayPal

The points above are added to calculate the “Paypal International Fees & Exchange Rates” score of PayPal, who scores 0.5 points on a maximum of 10 points.

PayPal fees

For personal payments to friends or family members, PayPal charges a fee if the payment is international, i.e. if the PayPal accounts of the sender and the recipient are in different countries. Domestic personal payments generally carry no fees, unless you pay with a credit card or debit card.

The fee for international personal payments depends on the payment method, the country of the sender, and the country of the recipient. The fee is calculated as a percentage of the payment amount, plus a fixed fee for payments funded by a debit or credit card.

The personal payments fee is much lower for payments made from your PayPal balance (or linked bank account) than with every other payment method (e.g. debit or credit card). Therefore, if your payment isn’t urgent, it’s much cheaper to add funds to your PayPal account through a bank transfer to pay for your transaction, or to use your linked bank account (this can also give you a much better exchange rate; see more details in the “PayPal exchange rates” section).

PayPal generally does not charge fees for adding or withdrawing funds to or from your PayPal account, so you and your recipient should not have to pay any other fees.

PayPal fees calculator

As you can see, calculating PayPal’s fees for an international personal payment can be quite complex. If you’re looking for a PayPal fees calculator, look no further. You can calculate PayPal’s fees and compare them to all other money transfer services here.

PayPal exchange rate

The exchange rate which PayPal applies to personal payments is calculated based on PayPal’s wholesale exchange rate. PayPal’s exchange rate for personal payments includes a 2.5% to 4.5% margin subtracted from the wholesale rate, depending on the sender’s country and the receiving currency.

PayPal usually applies different exchange rates for the conversion of balances in different currencies (a “balance transfer conversion”) than for the conversion of currency during a personal payment (a “payment transfer conversion”). What is the difference between the two?

  • In a balance transfer conversion, you first must hold a balance in one currency, which you convert into a balance in another currency.
  • In a payment transfer conversion, you convert your currency into another currency while making a personal payment. The currency you are converting into is entirely sent to your recipient, you will not hold a balance of the new currency after a payment conversion.

If you use any other payment method than your balance in the receiving currency, PayPal will automatically make a payment conversion. Exchange rates for balance conversions are nearly always much better than those for payment conversions. So it’s best to load money on your PayPal account (which also attracts less fees as explained in the “PayPal fees” section) and make a balance conversion and then use that balance to fund your transaction. This will give you the best exchange rate (and the lowest fees).

Ease of Use

Ease of Use 6.5/10

Very few Monito users going to PayPal end up making a transfer with them

PayPal’s homepage is clear and very easy to understand

It’s very easy to open an account with PayPal

Setting up your transfer is quick and easy

It’s easy to sign up and make a transfer both on mobile and desktop

The points above are added to calculate the “Ease of Use” score of PayPal, who scores 6.5 points on a maximum of 10 points.

Credibility & Security

Credibility & Security 8.5/10

PayPal is fully licensed and authorized

PayPal has a good number of positive customer reviews

A very large number of customers already trust PayPal

PayPal employs a very large number of employees

PayPal has already transferred at least 5 billion USD for their customers

PayPal has been mentioned in countless recognized media outlets

PayPal isn’t part of Monito’s network of trusted partners

PayPal is a long-established company

PayPal had insignificant legal issues in the past year ( 0.5)

The points above are added to calculate the “Credibility & Security” score of PayPal, who scores 8.5 points on a maximum of 10 points.

PayPal is one of the largest independent, publicly traded, consumer financial technology companies in the world. Headquartered in San Jose, California, the company was founded in 1988 and now employs more than 18’000 employees globally. PayPal is listed on the Nasdaq Stock Market under the ticker symbol PYPL, and has a current market capitalization of approximately US$96 billion.

PayPal’s brand is recognized worldwide for its convenience, security, and global availability. Globally, they have over 250 million active account holders More than US$450 billion have been transacted using PayPal.

PayPal offers its service worldwide, which requires the company to be registered, authorized and/or licensed in many jurisdictions. In the US, Paypal is licensed as a money transmitter in all 50 states. In the European Union, PayPal is licensed as a bank in Luxembourg. Thanks to EU regulations, PayPal can “passport” this license and operate in other countries throughout the EU. PayPal also holds local entities in Australia, Brazil, Canada, Hong Kong, Mexico and Russia. In every other country, PayPal provides its service through PayPal Pte. Ltd., a Singaporean company.

Clients’ funds are held in pooled accounts which are segregated from PayPal’s own accounts. The funds are never used by PayPal for its own expenses, and are not voluntarily paid to creditors in case of a bankruptcy.

PayPal’s dedicated security team monitors every transaction 24/7 to identify theft, and prevent fraud and email phishing tactics. All transactions and private information are secured with state of the art encryption and security measures.

So, can you trust PayPal with your money? Yes, definitely. PayPal is a leading financial institution with a worldwide recognized brand, duly regulated, with pioneering technology and millions of customers. We have to note that some customers, mostly merchants, have expressed complaints that PayPal was holding their funds for some time for security and compliance reasons, but it doesn’t seem to concern individuals making international money transfers.

Service & Coverage

Service & Coverage 9.5/10

PayPal allows you to send money from a lot of different countries

PayPal allows you to send money to a lot of different countries

PayPal is available in many different languages

It is possible to pay for your transfer by local bank transfer

It is possible to pay for your transfer by credit/debit card

PayPal offers additional pay-in options

It is possible to send the money to your recipient’s bank account

PayPal doesn’t offer a cash pick-up service

The money can be sent to a mobile phone (airtime top-up or mobile wallet)

PayPal has a bill payment service

PayPal offers additional banking features

PayPal doesn’t offer a multi-currency debit card

PayPal doesn’t offer guaranteed exchange rates

It is not possible to set up repeating transfers / standing orders

There is no minimum amount (or very low)

There is no maximum amount (or very high)

The points above are added to calculate the “Service & Coverage” score of PayPal, who scores 9.5 points on a maximum of 10 points.

Customer satisfaction

Customer satisfaction 2.4/10

PayPal has a low percentage of excellent customer reviews

PayPal has a high percentage of negative customer reviews

PayPal has a good number of positive customer reviews

The points above are added to calculate the “Customer satisfaction” score of PayPal, who scores 2.4 points on a maximum of 10 points.

PayPal has very poor reviews on Trustpilot, with a rating of 1 star out of 5. Over 65% of the over 5,200 customers reviewing (the US site, which contain the largest number of reviews) who have given their feedback gave them a poor, 1-star review. However, the reviews on Trustpilot often confuse all of PayPal services and divide the reviews by individual countries–so all reviews might not reflect the opinion of people using PayPal’s specific personal payments service. Still, the majority of PayPal’s individual county pages for payment services have one star, and none have a 4 or 5 star rating (again, out of 5). We also see that nobody from PayPal’s customer service team has responded to negative reviews not responded in an effort to help customers solve their issues.

Note: PayPal does not appear to be inviting its users to share their experience with TrustPilot which could explain part of the reason for the high proportion of bad ratings.

  • Extremely poor customer service
  • Blocked and locked accounts and few options to resolve the issues
  • High fees and bad exchange rates

Customer support

Customer support 7.3/10

The FAQ and help center of PayPal are easy to understand

PayPal doesn’t has any live chat

PayPal offers email support (even to noncustomers)

PayPal offers phone support (even to noncustomers)

It’s very easy to get in contact with PayPal

The FAQ and help center are translated in all languages

Monito cannot contact PayPal on behalf of our users

The points above are added to calculate the “Customer support” score of PayPal, who scores 7.3 points on a maximum of 10 points.


Transparency 2.8/10

The exchange rate margin makes up most of the total cost of your transfer

It’s quite straightforward to understand the fees of PayPal

PayPal’s exchange rate margin is not properly disclosed

A real-time quote can’t be obtained without registering

PayPal applies the same fees and exchange rates to all customers

It’s very difficult for Monito to access the pricing information of PayPal

The points above are added to calculate the “Transparency” score of PayPal, who scores 2.8 points on a maximum of 10 points.

Mobile apps

PayPal’s mobile app is available for Apple iOS and Google Android. The PayPal app allows you to view your balance and account activity, add and withdraw money, and send and request money. The app is highly rated across both app stores, with a 4.9/5 rating on the Apple App Store and a 4.4/5 on the Google Play Store.

You can’t convert your balance between different currencies in the PayPal app–if you send money through the app in a currency for which you do not hold a (sufficient) balance, you will be forced to make a payment transfer conversion which is more expensive than a balance transfer conversion (as explained in the “PayPal exchange rates” section). So if you frequently use that PayPal mobile app to send money, it is best to make a balance conversion on the PayPal website before making your transfer from the mobile app.

Additional services

PayPal offers many services in addition to personal payments to friends and family. In fact, PayPal’s main and original territory is e-commerce. PayPal is now a group of several different companies offering various payment-related services.

Commercial payments

PayPal is one of the most widely accepted methods to pay merchants for goods and services online. PayPal can also be used on mobile applications and at offline retail locations (through the “PayPal Here” service, available in the US, UK, Hong Kong, Australia and Japan).

PayPal Preferred Payment Methods for Commercial Purchases

If you are paying for goods and services, you may authorize a seller to use your PayPal account. You may also use PayPal to pay for goods or services online or in-store. As an example, you can designate a preferred payment method for a monthly subscription service or for an online purchase. But even if you set up a preferred payment method, PayPal will first use your PayPal balance to fund the transaction. If there is no money in your PayPal balance, or if the balance does not cover the total amount due, then your preferred payment will be used. After that, there is a sequence to what payment source is used. In other words, if a payment methods are not available in your account (or are only partially sufficient for your transfer amount), PayPal will automatically use the next available method in the list to fund the transaction (or its remainder).

Note: Not all payment methods are available in every country. More importantly, the payment method can also significantly influence the cost of your transaction, as certain payment methods attract additional fees and/or more expensive currency conversions. The cheapest solution is usually to add funds to your PayPal account, convert your balance into the receiving currency, and then use this balance to fund your payment. See the section on “PayPal Exchange Rate & Fees” for more information on this topic.

Sources used by PayPal to fund a commercial transaction are the following, in order:

  1. Your PayPal balance in the receiving currency
  2. Your PayPal balance in another currency
  3. Your preferred payment method (this will only be used first if you have a zero PayPal balance)
  4. (A bank transfer from your linked bank account)*
  5. (A PayPal-branded credit card )*
  6. Your debit card
  7. Your credit card

* Only available in a some countries

PayPal Buyer Protection Program

Another key value proposition is the PayPal Buyer Protection Program, which completely insures consumers against the risk of unauthorized charges to their account, as well as damaged and incorrect orders, or orders which are never delivered. Consumer’s financial information is also never shared with merchants, which protects consumers’ privacy.

For merchants, the advantage of using PayPal is that it is a payment system used and trusted by millions of consumers worldwide, allowing them to cater to a wider variety of consumers and needs. While accepting payments through PayPal can be costly for merchants, PayPal’s end-to-end solution takes care of everything and provides an instant access to funds. Merchants are also protected against fraudulent or abusive claims.

Xoom, founded in 2001 as one of the first digital remittance providers in the world, was acquired by PayPal in 2020. The service allows migrants in the United States to send money, pay bills and reload prepaid phones. For more information, read our review of Xoom.

The story behind PayPal

PayPal was founded by legendary entrepreneurs Elon Musk, Peter Thiel, Max Levchin, Luke Nosek, and Jack Selby in 1998 in San Jose, California. PayPal was launched as an e-wallet service allowing merchants to process payments, and individuals to send money to one another. Shortly after the company’s IPO on the Nasdaq Stock Market in 2002, PayPal was acquired by eBay, as it was the payment method used by most of eBay users. PayPal grew exponentially inside eBay, generating up to 40% of eBay’s revenue. At that point, it was time to separate the two companies and for PayPal to become independent again. The spin-off of PayPal was completed on July 2020, the same month the company announced it was acquiring the digital money transfer company Xoom.

Bank Wire Transfers or PayPal Money Transfers- Which Fee is Cheaper?

Sometimes Banks are Cheaper than PayPal

Banks charge three ways in a transfer: Outgoing fee, incoming fee, and (when appropriate) currency exchange fee.

I recently conducted a bank to bank transfer for payment. My customer owed me $800 for engineering services performed. Our entire business relationship is conducted by phone and online. In previous work, I invoiced him using Paypal. For this bill, I asked him to send a bank wire. We agreed that he would subtract the bank fee from the invoice total.

His Texas credit union charged $20 for an outgoing wire transfer. My Bank of America account charged $12 to receive it. My statement identifies the $12 expense as a “processing fee”. So, the total bank charges amounted to $32 to send/receive 780 dollars U.S.

PayPal Fee to Send $800 vs. Bank Fees

According to their site, accessed June 8, 2020, Paypal charges 2.9% to the receiver plus a flat base charge of 30 cents per transaction. The sender pays nothing. So, if I had invoiced my customer $800 for engineering services, he would have sent $800. I would have received:

$800 – (800 x .029 + .30) = $776.50

I used a bank transfer and received $800 – $20 – $12 = $ 768.00

So, the difference is $8.50 on an 800 dollar transaction, that is more than a full percent, which is significant for anyone doing business. One percent of the gross is much greater than one percent of the net.

How to Use PayPal for Free

You can send money to friends and family for free using PayPal. You can do this one of two ways:

1. Link a bank account to your PayPal account.

2. Send funds from a PayPal balance.

You can establish a balance selling on eBay, or by receiving funds for work performed or as gifts.

Sending money for goods or services still results in a small fee, as calculated in this article.

Bank of America Domestic & International Fees

Bank of America Domestic wire transfer fees:

The $12 processing fee is what I paid. My client sent payment via his credit union, and the fee for him was $20. So, some banks charge less than BofA charges. It is likely other banks charge even more. Fees also differ between international and domestic transfers.

Bank of America International Wire Transfer Fees

International Banking Fees:

These are Bank of America’s International Wire Transfer Fees (Nov. 17, 2020)

Outgoing in U.S. Dollars: $45

Outgoing in foreign currency (FX): $35

Note that outgoing in FX is going to cost more than just $35. You will have to pay a conversion fee.

My wife travels to Ukraine each year. I deposit money into her Bank of America account (transfers from one BofA customer to another are free.) She can withdraw up to $300 each day. She pays a flat fee of $5.00 for each transaction plus a standard conversion fee of one percent. So, to send my wife $300, the cost is:

$5 flat non-BofA atm fee + .01 x $300 = 5 + 3 = $8.

When is a Bank Transfer Cheaper than PayPal?

In the example above, a domestic transfer of $800, the banks’ fees totaled $32 and PayPal’s fee was $23.50, making PayPal the better choice.

When is the bank cheaper?

First, if you transfer from one account to another within the same bank, it is typically free. Another of my clients also has a Bank of America account. He sends me payment by wire transfer. It is completely free.

Second, just do the math. Using the fees from above: $20 to send and $12 to receive, the cost is $32 for a bank transfer. What amount (amt), sent by PayPal equates to a fee of $32?

32.00 = .029(amt) + 0.30

Solving for amt, the result is $1,093.10 to produce the same fee.

So, any fee over $1,093.10 can be paid cheaper using a bank transfer when the total fees are $32. For greater fee amounts, just solve the above equation replacing 32.00 with the sum of fees for your sending and receiving banks.

However, note that a check in the mail can be deposited for free. transferring funds from PayPal to your banking account often produces a delay of two or three days. This is about the same time the United States Postal Service requires to deliver a letter.

Cheapest Wire Fee

Cheaper than PayPal and traditional bank wire fees both is a fairly new Internet transfer system: Xoom. Using Xoom and your bank account, you can transfer $800 to Mexico for just $4.99. The same $800 transfer using a credit or debit card will cost $24.99, however.

Like PayPal, (but totally unlike banks), Xoom has a user friendly fee calculation interface.

It is the same fee to send $800 to the United Kingdom: just $4.99

The maximum amount of money Xoom allows is $2999.00 dollars U.S. Fees for using a bank account are always $4.99, regardless of receiving country. However, the fees for using a credit or debit card vary greatly country by country. Use the Xoom fee calculator to check the country to which you want to send funds.


In November, 2020, I relocated to Europe. To resolve my money transfer issues, I did some more research. This is what I found:

The newest way to send money is POPmoney. This is FREE if both the sender and the receiver use banks which offer POPmoney services. Bank of the West, Rabobank NA, many credit unions, and online Ally bank are some of the hundreds of banks offering POPmoney services.

There is a very nominal fee if one or more parties does not have an account in one of the 1,700+ participating banks. For example, it costs 95 cents to send $300. So, my $800 transfer would have cost less than $3.

Best Way to Send Money Overseas

Sending money internationally can be very inexpensive. Xoom is very cheap. There are other ways to send money overseas, however. To find the best way for you, read this article:

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

Questions & Answers

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by writerjj 236

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by Maina Ndungu 15

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by Jimmy the jock 213

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by Beth Eaglescliffe 3

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by Josh Woods 71



Your article implies that PopMoney can be used for overseas transfers, but everything I’m reading now states this cannot be done. Can you provide some further details? If I use a bank in the US that uses PopMoney, can I send money to a Rabobank account in the Netherlands using PopMoney? Thanks!


Having read all this, for international transactions, wire transfer via a bank will yield you a higher exchange rate than paypal. So say if bank gives you USD to INR as 67 then Paypal will give you 64.

Man from Modesto

7 years ago from Kiev, Ukraine (formerly Modesto, California)

I didn’t know, so I checked. Xoom is accredited by the BBB and they have an A+ rating. Here is the page:

Important note from the BBB page: A company named eSwifter, which may be based in India, is posing as Xoom. Anyone who wants to use Xoom should go their via a link on this page, or by directly typing into a web browser’s address line.

G. Diane Nelson Trotter

7 years ago from Fontana

I never head of Xoom. Are they a member of BBB?

Man from Modesto

7 years ago from Kiev, Ukraine (formerly Modesto, California)

Is Paypal safer than a bank transfer? For online transactions, I have had PayPal return my money when an item was not the described item. And, banks are notorious for scheming to collect a “fee”. As lawsuits have shown, the fees are often charged through unfair accounting practices.


7 years ago from NJ

I’d rather be safer then cheaper. I use Paypal

Man from Modesto

7 years ago from Kiev, Ukraine (formerly Modesto, California)

Banks are only required to hold (somewhere) 2% of the total amount of their loans. The rest of the money comes via the U.S. government, who “rent” it from the Federal Reserve (a private organization, not actually federal government related).

So, banks charge interest on 98% of a loan they actually do not have. That 98% is backed by the taxpayer.


7 years ago from Salt Lake City

I think it’s pretty ridiculous that any bank charges an incoming fee for a large wire. They charge when they increase their holdings? Seems pretty dumb to me.

Reginald Chan

8 years ago from Malaysia

Good to know on that. Previously I learned the hard way for this as I used to do bank transfer through PayPal. I was charged about Ringgit Malaysia 50 per 400.00 transfer. Nonetheless, this hub is informative for those in America and using those banks above.

Thanks for sharing.

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