PayPal, Explain it to Me...

Ok, so I have recently decided to finally brave the financial aspect of being a transplant and have acquired both a US and UK PayPal account.

Now, what do I do with them?  I have my US debit card attached to the US one and my UK debit card attached to the UK one.  Will this be all I need to send money to my US self, or do I need to add the respective bank accounts?

Also, do I top up my UK account first and then pay it into the US one, or will it just draw the money directly from my card/bank?

What should I expect to happen on the US side?  Will it just go automatically into my bank account/onto my card or will I have to tell my US PayPal account to put it there?

I think it might be showing that I'm confused.     Basically, what do you do when you send money to yourself this way?

Thanks in advance! 

LOL you are too funny

I do this already

USPP to UKPP

USPP (US paypal) So you have money in the states you want to the UK.
1. log in
2. sends funds and put your UK email address for your UK log in
done on that side
UKPP (UK paypal)
1. log in
2. see your funds and Withdrawl to you associated bank account

It works both ways ;-)
sending is FAST withdrawling to your account can take up to 7 days but very CHEAP

hope this helps ;-)
If not ask

Thanks so much! That's exactly what I needed to know! 

Hubby and I have been talking about doing this.  He still has his UK Paypal and I have my US account. 

I know Paypal charges transaction fees, but can anyone tell me how doing this would compare to paying wire transfer fees through our banks?  Would Paypal be cheaper?

Hubby and I have been talking about doing this.  He still has his UK Paypal and I have my US account.  

I know Paypal charges transaction fees, but can anyone tell me how doing this would compare to paying wire transfer fees through our banks?  Would Paypal be cheaper?

In my experience, PayPal charges 1% of the amount you send.  Wire transfer fees vary, but I think they tend to be at least that much if not more.  

My last transaction was this:
sent to UK: £188.00    fee: £0.94     total:£188.94 GBP
Still think it is cheap and easy

Looks about 50p on 100 quid as well...

Would paypal work with large amounts?  Im looking to send my USD ($13,650) into GBP, I have a US paypal account linked to the bank where my money is and I have a UK Paypal account linked to the account where I want my GBP...

PayPal is definitely *not* the way to go for large amounts. We researched this quite thoroughly this summer when transferring the money to buy our home, and the banks were still the best rate out of all of the options.

Plus Paypal has been known to freeze transactions and you have to fight to prove their legitimacy and get your money back.

Good things to know. Also, my USPP account offers to convert to a money market, so it earns interest. I basically use that as a savings account and when I need money in the UK I paypal it to BF's UKPP account. I plan on "storing" money there so I can make payments to my US accounts for my student loan payment when needed.