paypal questions about it?

IS it really cheaper to use for transfer of funds?
I am reading the fees for funds transfer using debit card or credit card it is alittle confusing.

THey charge for the transfer using credit card then charge for currency conversion?

Then they say you can use your bank account directly instead of the credit card? so are the fees lower when you use the direct bank account?

Also how does it work do you put money into paypal say uk account then transfer to other paypal account in usa?

Also is there a limit that you can transfer daily from paypal I thought I read somewhere that paypal caps at around 250 pounds a day?

Anyone with a clue would be greatly appreciated.  I think I am reading way to much into something that is probably pretty simple.

Trying to send some extra money over for my us debt (for consolidation) need to send about 7500 in total but can send alittle here and alittle there if I have to.

 

Paypal is not the answer for your situation from my experience. My older daughter stayed with my mother while I got settled with my husband in the UK. I had a US paypal account with a debit card. I opened a UK account. I would send money between the two to help out. But then I sent over £1,000 to cover costs to their visas. Paypal frooze the transfer. I spent two weeks on the phone trying to get straight answers out of them. I never got anything concrete. Their explanation was the Patriot Act...transferring of funds. That Paypal was never meant as a way of doing those types of international money transfers. They would never explain how much it was ok to transfer per month (Western Union has a limit of £3K in 6 months...I think). They simply said they monitored amounts and frequency...seems you would get caught like I did for an amount that high.

I recently purchsed a Virgin Money pre-paid credit card. They advertise it as appropriate for transferring money to friends and family outside the UK. They don't charge you to put money on it if you use your bank account. They charge 3% of the amount on withdrawal...so £3 per £100...which is much less in the end than Western Union. I pay over £20 to send £250.

But for your situation it might be easier to just do a wire transfer to a US bank account. My former mother-in-law does that to pay my son's uni tuition. I think it costs her about $75 to send around £1,500.

Good luck...and share what you find...several of us are looking for the best way to do the same thing.

Paypal, along with Abbey Bank, screwed my husband over royally recently.

He made a payment on his Abbey business account through Paypal, but accidently miscalculated his expenses so this caused him to be overdrawn by about £5 on his account, which caused Abbey to charge him (much more than £5) for being over his limit.

Instead of contacting him and telling him that they weren't able to get the money from his account - in which case he would have just moved money from another bank account and paid everything right away  -Paypal kept trying to withdraw the same payment over and over. Each time there was no money in the account, as my husband wasn't aware that anything was wrong so he hadn't moved any money in, each time Abbey charged him an overdraft charge.

He found out that there was a problem when Abbey called him to tell him he had incurred £180 in overdraft charges.

You may want to check out XEtrade or MoneyCorp if you're going to be making regular deposits to a US account.  From what I understand MoneyCorp is better for making large transfers (£ thousands) and XETrade is better for small amounts of money (£ hundreds)...  They do charge transfer fees etc, but they're designed for making regular / large transfers.  There's a thread topic all about XETrade - there're quite a few people on the forum that use it.

Good luck!

Thanks all of ya'll for your input think I will try XE

Will let yall know what happens

I use paypal and have never had a problem with them. I opened a Uk paypal account that is linked to my UK bank account and I opened a US paypal account that is linked to my US bank account.  I have never had a problem with them but then again I don't send more than £100 a month over. The fees are extremely low. I am not even sure what they charge because to me it looks as if I am getting most of my money. It's been good to use to send my family money when we all chip in on gifts.  I suppose though, if you are looking at larger amounts, you may need to go with what other's suggest

I've just upgraded to a Premier account because you can only receive 2 credit/debit funded payments from buyers with a personal account so now I can accept as many as required.  Even more importantly, they lift the £250 threshold so theoretically unlimited amounts can be transferred.  It says sending money is free.  I appreciate sending to a different currency would incur exchange rate fees but I wonder what they would charge if, for example, you sent £1000 from your UK account to your US account?  Would they just make their money in the exchange rate or is there some other kind of fee on top?

I got a weird email from Paypal after sending £30 from my UK paypal to my US paypal, accusing me of "cash advance" activity and saying my account would be shut down if I tried to do it again.  The email used my full name and didn't ask me to log in or do anything, so I'm assuming it was legit...I was just surprised because I thought converting currencies through paypal was pretty common. 

I wonder what they mean by cash advance?  Knock on wood, I haven't had that yet.  I usually send about £70 pounds a month and haven't had any problems.  How do you usually mark it when you send it.  Sometimes I mark it as goods or services or just other. I know I have sent my sister money using paypal and it worked just fine as well.

That is weird.  How often do you send money via Paypal (UK to US)?

That is weird.  How often do you send money via Paypal (UK to US)?

that was my first time...and my last, apparently.