HOW TO TRANSFER US$ FROM PAYPAL TO AN AUSTRALIAN BANK

How to transfer USD$ (American dollars) from Paypal to an Australian bank with minimal fees. 

Written you by Mau, a Senior eCommerce Marketing Specialist at eDigital.

HOW TO TRANSFER US$ FROM PAYPAL TO AN AUSTRALIAN BANK

Are you wondering how to get your USD$ (American dollars) in Paypal to your bank in Australia?
 
Even if your bank in Australia is a global bank (example: citi, HSBC or other) and accepts USD$ deposits, Paypal bases what funds can be withdrawn on where the PayPal account is located.
 
Since you are based in Australia, the bank will provide you with a BSB and Account number.
 
If the bank account was based in the US it would have a Routing and Account number instead.
 
For example, If HSBC provides you with a valid Routing and Account number, yes you can add it to your PayPal account and withdraw USD to it and the fee is 3% to do so.
 
Paypal exchange rates are updated twice daily.
 
Paypal uses the most recent wholesale rate for conversion, these sometimes differ from the market rate so that is what we use to move the funds from one currency to another, and in performing that task Paypal do pass a fee along since there is work that we perform in the process; this is an industry-standard.
 
So if you have a BSB and an account number, Paypal can withdraw only AUD and if converted we use the wholesale rates.
 
If you have a Routing number and account number you may withdraw in USD but there is a 3% fee for using a foreign bank.

CONCLUSION

The only way to transfer your USD$ on Paypal to your Australian Bank is by getting Paypal to convert your USD$ (American dollars) to AUD$ (Australian dollars) using the most recent “wholesale” rate for conversion, which is obviously a lower rate than the market rate you will see on xe.com, ofx.com, wise.com or other exchange rate website. 

I know what you are saying: 

“It is not fair. Payal has already taken a cut on every single USD$ received on my Paypal account”

I know it sucks big time but there is no other way at the moment. 

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HOW TO TRANSFER US$ FROM PAYPAL TO AN AUSTRALIAN BANK

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