PayPal Wire Transfer: How to Send a PayPal Wire

Wire transfers can be a convenient payment method for your business. But can you send a wire transfer from PayPal?

This article will show you how to send a wire transfer with PayPal and explain the fees and necessary steps.

PayPal Wire Transfers: An Overview

Wire transfers allow you to electronically transfer funds from one bank to another. A wire transfer can be a great option because it is convenient and secure. You can send domestic or international wire transfers. The fees and requirements to do so vary for each of these options.

If you are already familiar with PayPal, you can consider using your PayPal account to send a wire transfer. A PayPal wire transfer is an easy way to send money to another person or company in multiple countries.

There are many differences when comparing a wire transfer vs PayPal. When you send funds through PayPal, the funds are transferred from your PayPal account balance or linked payment method to another person’s PayPal account. Wire transfers, on the other hand, generally transfer funds directly from your bank to another person’s bank.

Some people may wonder if a PayPal payment is considered a wire transfer. Although wire transfers are typically carried out by banks, they can also be completed by certain apps or online platforms like PayPal. If you link your bank account to PayPal, you can send a wire transfer to another person via PayPal.

How to Send Wire Transfers with PayPal

If you want to complete a wire transfer through PayPal, you need to follow several important steps.

• You will need to link your bank account to PayPal if you want to send a wire transfer from PayPal.
• After this, you can enter the recipient’s email or phone number that is associated with the PayPal account.
• Once you have completed these steps, you can choose the amount and send a wire transfer via PayPal. You also need to enter other information, like the currency, if you are sending an international transfer.
• The recipient will receive an email or mobile notification once the money has been sent.

If you plan to send an international wire transfer with PayPal, you can use a service called Xoom. Xoom is a PayPal service that allows customers to electronically transfer money to other accounts abroad. Xoom offers services in over 130 countries.

It’s important to be aware of the costs of sending PayPal wire transfers, especially for international wire transfers.

PayPal Wire Transfer Fees and Limitations

Once you determine the steps to send a wire transfer with PayPal, it is important to closely examine the fees. PayPal’s fees are relatively attractive, but they can be high for international payments. If you plan to send larger wire transfers, PayPal could also be a less convenient option because of the daily limits.

The PayPal wire transfer fee depends on the location of the sender and receiver and the payment method. A PayPal international wire transfer can be a convenient payment option, but sometimes the fees and conversion spread can be high.

The wire transfer fee can be between 0.3-2%, depending on the country. However, if you use a debit card or credit card, the fee can be much higher. In this case, you will need to pay a fee of around 3.4-3.9%, as well as a small fixed fee.

The biggest thing to remember is that you should not only consider the fees but also the currency exchange rate. While the fee may be low, you will also need to pay a currency conversion spread of around 2.5-3%. If you want to see PayPal’s currency conversion rate, you can click on your wallet and select Currency Calculator.

The PayPal wire transfer limit is relatively high and depends on whether you provide PayPal with your personal and banking information. In general, the limit¹ per transaction is $60,000, but PayPal can limit it to $10,000. The amount may be lower for certain countries and currencies. If you don’t have a verified PayPal account, you can only send $4,000 per transaction.

Send International Payments With Wise Business

If you need to send international payments, Wise Business is an option to consider. While PayPal can be convenient for domestic payments, Wise can save you money on international payments. Wise also has a low, flat fee of 6.11 USD for receiving USD wire payments.

For sending payments, Wise fees get even cheaper when you send amounts above 20,000 GBP (or equivalent). You’ll get a cheaper fee whether you send a one off large transfer or multiple transfers over a month. It's also free to send money between Wise Business accounts.

Simply head to the transfer calculator. You can choose which payment method you prefer (e.g. Wire, bank transfer) and see the exact cost of the transfer, with no hidden fees.

Open a Wise Business account online

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to countries.

Wise allows you to send payments at the mid-market rate, ensuring that you receive a fair rate no matter where you send money.

Sources

1.What‘s the maximum amount I can send with my PayPal account?