This guide covers how to delete a PayPal account as well as things to consider before doing so. Also take a look at Wise as an alternative way to send and receive money internationally.
Let’s take a look at an example of sending MYR 10,000 from Malaysia to a friend with a GBP bank account in the United Kingdom¹:
| Provider | Transfer fee | Exchange rate(1 MYR to GBP) | Recipient gets |
|---|---|---|---|
 PayPal | 21.86 MYR | Exchange rate with markup (0.175247) | 1,748.64 GBP |
 Wise | 54.65 MYR | The real exchange rate (0.183387) | 1,823.85 GBP |
(April 20, 2020)
While it may look like PayPal has a cheaper transfer fee, your recipient actually ends up with close to 75 GBP more in hand with Wise, with the same total cost of 10,000MYR.
The big difference here is the fee included within the exchange rate of PayPal. PayPal sets its own exchange rate with as high as a 4% markup². Wise, on the other hand, always uses the mid-market exchange rate (the “real” rate that you find on Google) and charges a transparent low fee.
| Get the real exchange rate, create a free Wise account🚀 |
|---|
The first thing to keep in mind is that once you close your account, any pending payments will be canceled. So ensure that all your payments are finalized and complete before you take steps to close the account.
Second, once you have withdrawn all your funds from your account, make sure to remove your card and bank account information. For a card, click on Wallet at the top of the screen and then click on the card you’d like to remove. Once it is selected, click on Remove Card. A quick note, you might not be able to remove your card if you hold a negative balance in PayPal.³
For your bank account, it will be a similar process. Click on Wallet at the top of the screen and then select the bank account you want to remove, and then click Remove Bank.⁴
If you’re looking for an alternative to PayPal, Wise can be your option. It is up to 4x cheaper to send money from Malaysia with Wise, instead of the banks. And you have access to 70+ countries, all at the real exchange rate.
Using smart technology, you can now receive money from the UK, US, Australia, New Zealand and the Eurozone with the Wise multi-currency account, just as if you had a local bank account in those countries. This flexible multi-currency account lets you hold over 50 currencies in one account. All with the same low fee and transparent exchange rate. No mark-ups or hidden fees here.
Join 10 million customers who use Wise for their money transfer around the world🌏
Sources
*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.
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