The main reason you would choose it over its competitors is that it makes sending money around the globe accessible without the need for the recipient to either have a bank account or be prepared to pick up cash. Why choose PayPal over other money transfer services in Australia? The app can be downloaded from most mobile stores, such as Google Play and Apple. PayPal offers its users a mobile app providing the means for money transfers and paying for goods quickly and easily. And, unlike many competing money transfer services, it doesn't offer a cash pickup. But it can be expensive to send money overseas, especially if you pay with your credit card. Its fee-free transfers within Australia make it ideal for anyone wanting to send funds across the city, country, or just across a restaurant table. Transferring money online using PayPal is relatively straightforward and suitable for many users. The company uses a high level of data encryption, plus fraud monitoring, and your bank account information isn't shared with the recipient. They also have over 20 million merchant accounts, and when it comes to paying for goods online, it is easily one of the most used and trusted ways to send payments. PayPal has over 300 million customers in a wide range of time zones, suggesting it is a reasonably secure site. Are money transfers through PayPal safe and secure? In that case, they will be charged an exchange margin of 4% above the base rate. However, suppose you decide to send Australian dollars and have the conversion into local currency done when it arrives in your recipient's account. PayPal will add a 3% margin to the base exchange rate if you send a payment in a currency other than Australian dollars. Overseas recipients will also have to pay a small fee to their PayPal account in the currency they receive. If they don't already have an account, PayPal will send them an email (using the address you supplied) explaining how to open an account so they can receive their money. The recipient needs to have a PayPal account to receive funds. Once again, there's the same additional percentage charge plus a small fixed fee for funding the transfer with a credit card. For transfers funded from your bank account or PayPal account, you'll be charged a percentage of the transferred amount (5% at the time of writing, with a $0.99 minimum and a $5.99 maximum). Sending funds overseas is more expensive. Business accounts, however, may have to pay additional charges.īut if you need to fund the transfer using a credit card, you'll be charged a fee calculated as a percentage of the amount sent (2.6% at the time of writing) plus a fixed price (currently $0.30). If you use PayPal for personal use, you can send money from your bank account or PayPal balance to friends and family in Australia without any added fees where there is no currency conversion. How much does it cost to transfer money using PayPal? Transfers within Australia You'll get to review your transaction and any fees attached before confirming the transfer. There's an option to add an accompanying message. You'll be asked to enter a name (from your PayPal address book) or email or mobile number for your recipient, plus an amount you want to send and your payment method. To make a money transfer, log in to your account online or via the app, and click 'Send'. The next step is to either add money upfront to your PayPal account to fund the transfer or link a bank account or credit card from which funds can be withdrawn when you're ready to make the transfer. You'll be prompted to choose a personal or a business account, provide your name, email address, street address and phone number, and create a password. There's no charge to open an account, and you can sign up online at PayPal's website or download the app. It is most commonly used in countries such as:įirst, you'll need to open a PayPal account if you don't already have one. PayPal is currently supported in over 200 countries. It is available around the globe in countries such as the US, UK, Australia and Germany to pay for goods, receive payments and transfer money online. However, in 2015 it became a separately listed company and is now a worldwide recognised way to send money. It was founded in 1998 and added to the eBay brand in 2002. If you have ever used an e-commerce site, then you are probably already familiar with PayPal. PayPal is an online money platform that allows users to link their credit cards or bank accounts to make payments or receive money online.
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