Account-to-account (A2A) payments: how to move money between your accounts
Read our helpful guide to account-to-account (A2A) payments, including how they work, how long they take and the benefits.
Need to put down a deposit on a property, buy a car or pay a big bill? You’ll need to know the cheapest, safest and easiest way to make a large transfer.
One option is the popular digital money service PayPal. But how good is it for large payments?
In this guide, we’ll run through everything you need to know about sending large amounts with PayPal in the UK. This includes how to set up a payment, security considerations, transfer times, limits and more.
Just remember that alternatives are available, like the money services provider Wise. You can securely send large transfers with Wise for low fees and fair exchange rates - making it ideal if you’re making an international transfer.
Table of contents |
---|
Yes, PayPal is a suitable service for making a large transfer.
You’ll need to open a PayPal account before sending and crucially, your recipient will need one too. It isn’t possible to send money straight to a bank account with PayPal. So, it could be worth checking that your recipient is ok to receive the money via PayPal.
You’ll also need to check your personal sending limits, available in your PayPal account - just in case it’s not enough for what you need.
PayPal doesn’t charge transfer fees for sending money within the UK in GBP, whether sending to friends and family or paying for goods and services.¹ However, it does have fees for international transfers or those involving currency conversion.
PayPal is a respected and trusted name in the world of digital money services. It’s not a registered UK bank, but it is authorised and regulated by the Financial Conduct Authority (FCA) as an electronic money institution.¹
As such, the company is required to use sophisticated security measures to protect your money and transfers.
PayPal also offers Buyer Protection when sending money to pay for eligible goods and services. This means you can raise a dispute if something goes wrong.¹
All of this means you can feel confident that PayPal is a safe choice for a large transfer, even one being sent internationally.
This being said, it’s always wise to take steps to protect yourself when sending a large sum. These include:
It’s pretty simple to use PayPal to send money. All you need is an account, a linked bank account or card and you’re ready to go.
However, it isn’t quite like using a bank. With PayPal, you’ll be sending money to someone’s email address - so you won’t be entering bank details. They will need to have a PayPal account (or sign up for one after being notified of the payment) in order to receive the money.
Here’s how to send money through PayPal in just a few simple steps:¹
You can send money either online at PayPal.com, or using the PayPal mobile app.
When you send a payment with PayPal, it should be processed the same day. It could even arrive within seconds.¹
But if you initiate the payment on a day that isn’t a working day (such as a weekend) or after 4pm on a working day, it could take longer. According to PayPal, it’ll leave your account within two business days.²
PayPal is a little vague on the subject of maximum transfer limits, and this is likely because it varies between users. When you sign in to your PayPal account, you’ll be able to check your own personal sending limit. If you haven’t yet followed the steps to verify your account, this limit will be much lower.
For verified accounts, PayPal suggests you should be able to send the equivalent of $60,000 USD (approx. £47,500 GBP) in one transaction.³ If you find you can’t send this much or need to send more, it’s best to contact PayPal to ask about increasing your limit.
Looking for a secure, convenient and low-cost way to send large sums of money internationally? Take a look at the Wise account from the money services provider Wise. It’s not a bank account but offers many similar features.
With Wise, you can send large amount transfers worldwide, to 160+ countries for low, transparent fees. Best of all, you’re guaranteed the mid-market exchange rate with no markup added – only a small, upfront conversion fee. This means that more of your money reaches your recipient, and the transfer costs you less.
Wise uses sophisticated security measures to keep your money safe. This includes 2-factor authentication, a dedicated anti-fraud team and your money safeguarded with leading banks.
And if you need to send large sums overseas as a business, Wise has a dedicated service for that too.
Sources used:
Sources last checked on date: 21-Feb-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read our helpful guide to account-to-account (A2A) payments, including how they work, how long they take and the benefits.
Want to transfer a balance between credit cards? Read our guide on Aqua balance transfers, including fees and how long it takes.
Read our guide to learn how to withdraw money from a FairFX card and understand the related fees.
How long does an international transfer with Revolut take? Find out average Revolut transfer times for sending money outside the UK here in our handy guide.
Is Revolut safe to use in the UK? Find out in this helpful guide, covering Revolut security measures, regulation and more.
Check out our helpful guide to Starling Bank large payments, including transfer times, limits and how to set up your first payment.