Cheapest way to transfer funds

I always say it is for a service, and I've never sent a huge amount - maybe that's why.

It's possible it depends on what type of PayPal account you have.  I've sold things on eBay, so my account gives me a little more leeway on sending/accepting amounts.

Okay, I have an answer from Paypal.

Now here is the scenario: 

* I have a Paypal account (obviously  )
* I have a USA bank account
* I have a UK bank account

I can fund my Paypal account with my debit card - or straight from my UK bank.

In order to send money to your USA account - you have to have a US Dollar balance on your Paypal account.  If you look, you are allowed 4 different currency balances (UK, Canada, US, and Yen).

So transfer the ££'s into your $$'s balance within paypal and then transfer that amount to your USA account.

Here is a copy of the email I just got from Paypal:

Thank you for taking the time to contact us with your concerns. I am
happy to assist you further.

To withdraw funds to a US bank account, it will need to be in USD,
please see instructions on how to transfer currencies.

You can transfer funds from one currency balance to another by going
through your 'Profile'. Simply follow the instructions below:

   1.  Click https://www.paypal.com/uk/MULTCBAL or copy and paste the
link into the address bar

   2.  Click 'Transfer'

   3.  Choose the amount of your transfer under 'Transfer Funds'.
Starting with the funds from the balance you are taking the funds from
to the balance you are transferring to

   4.  Click on 'Calculate' to view the exchange rate

   5.  Click 'Transfer'

   6.  Confirm the transfer by clicking 'Transfer'

You will be taken to the 'Manage Currency Balances' page, in which you
can view the currency balance you have just transferred.

To withdraw money from your PayPal Account to your US bank account,
follow these steps:

   1.  Click https://www.paypal.com/WDFUNDS or copy and paste the entire
link into the address bar.

   2.  Click 'Transfer funds to your bank account'

   3.  Select your US bank account from the drop down menu

   4.  Enter amount, and click 'Continue'

Once the transaction is completed, it will take 3-4 working days for the
funds to post to your bank account.

I appreciate the opportunity to assist you. We are committed to making
your experiences at PayPal pleasant and rewarding.

PayPal (Europe) Limited is authorised and regulated by the Financial
Services Authority in the United Kingdom as an electronic money
institution.

Sincerely,
Linda
PayPal Global Services
PayPal, an eBay Company
[/b]

I hope this helps...

Jacky x

(edited to add:  therefore - you do not need to have two email addresses or two physical addresses)

Excellent info, thanks!  I've been wondering how to go about transferring money without the huge fees.

ok guys, help a sister out here.   

i have my UK paypal open and funded with 10 pounds.  As a test i want to send that £ to my US account.

So, when i go to 'send money', i put in my US account address.....and for the currency, do i tranfer it over in pounds or dollars?

This may be dumb, but i want to do it right!!!!!  i worry that if i do it in sterling it will sit in my us account as sterling, which isn't what i want! 

thanks

I have a Paypal account (obviously   )
* I have a USA bank account
* I have a UK bank account

But do you have a  seperate UK paypal account? i don't see a way to add a UK bank account to a US paypal account.

But do you have a  seperate UK paypal account? i don't see a way to add a UK bank account to a US paypal account.

I have only one Paypal account. 

* Log into your account
* Click on Profile
* Under Financial Information click on Bank Accounts
* When the listing comes up click add (you may not have a listing if you haven't added your UK account) so just Add.

For Aimiloo:  You have to transfer money within your Paypal account before transferring it to your USA account.
The instructions for doing this are in my post above in bold.

* Log into your account
* Click on Profile
* Under Financial Information click on Bank Accounts
* When the listing comes up click add (you may not have a listing if you haven't added your UK account) so just Add.

When log in, it says "U.S. Personal account," and when I click on "Add," it says "add US bank account." What kind of account do you have, and when and where did you start it? (I sent a question to paypal but haven't received a response.)

When log in, it says "U.S. Personal account," and when I click on "Add," it says "add US bank account." What kind of account do you have, and when and where did you start it? (I sent a question to paypal but haven't received a response.)

I started my account in the USA about 2-3 years ago. Paypal wasn't in the UK back then.  I didn't have any banking information, I only used my credit card and debit card.  Recently they came over to the UK and automatically switched my account to a UK account.  I only recently have put in my UK banking and USA banking details.

I am surprised you haven't heard back from them yet.  I received the above quoted response within 24 hours.  When did you email them?  If you don't receive a responsed soon, give them a ring.

Thanks everybody for posting this info!  I've been looking for a way to do this for a while now.
Stephan

Email response from Paypal:

Thanks for contacting PayPal. I appreciate the opportunity to assist you
with your questions.

The country listed with your home mailing address must coincide with the
bank account you attempt to add. Since you have registered your PayPal
account as a U.S. account, the only bank account you will be able to add is
a U.S. bank account from a branch located within the United States.[/i]

I take it from this response that the only way to have the option to add a USA account is to open your Paypal account in the UK.  Probably they are a bit more strict with this in the USA due to drug dealers and money launderers opening foreign accounts to transfer their money into.

My advice to you RonH is to open an account with UK Paypal rather than with USA Paypal.

I called paypal, jacky, and got the same info. Thanks.

Note the following quote from paypal re fees:

If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly, based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction.

I assume from this that for every 100 pounds you transfer, they will take 2.50 as a fee.

yeah, and the exchange rate isn't the best.  FYI.

If you add the 2.5% back in, the exchange rate actually seems ok - even with the 2.5% subtracted, it was better today than that offered by the post office here in Leicester. (post office was 1.84) Given the steep rates charged by the banks, this does seem like the cheapest way.

Variation on the theme -- what's the cheapest way to transfer large sums of money from the U.S. to the UK?

"Large" meaning for a house downpayment or a major purchase -- I think that would definitely be more than the Paypal monthly limit.