Maybe you primarily use Revolut and want to consolidate your money there. If that’s the case, you are in the right place. We have crafted a comprehensive guide to help you transfer PayPal to Revolut balance, including all the steps and fees to expect.
Before you get into transferring British Pounds (GBP) and US Dollars (USD) from PayPal to Revolut, you need to know about the currency conversion. If you have money in your PayPal account in a different currency, be cautious of the conversion fees when transferring it to your main account. However, there is a workaround if you do not want to pay the fees. A smart alternative is opening a Wise multi-currency account. This ac which could save you a good amount of money.
- Transferring money from PayPal to Revolut is possible, and only involves linking the two accounts and a couple of steps for the transfer process.
- Be cautious of currency conversion fees when transferring between accounts with different currencies; using a Wise multi-currency account can help avoid these fees.
- If you encounter issues linking your Revolut account to PayPal, try adding it as a bank account or contact PayPal’s customer service for assistance.
Can You Transfer PayPal to Revolut?
You can transfer funds from your PayPal account over to your Revolut account. However, there is a preliminary step you need to take care of first. You just have to connect your Revolut account with your PayPal account. After successfully linking the two accounts, you will be all set to initiate your first money transfer from PayPal to Revolut.
How to Transfer PayPal to Revolut
Let’s get straight to the point. But before you start, make sure you have all your Revolut account information ready, like your account number and sort code. That said, follow these steps to transfer PayPal to Revolut.
- Sign into your PayPal account to get started.
- Once in, look for the Wallet option. It is usually at the top of the webpage or within the app.
- In the Wallet section, you’ll see options to either Link a bank or Add a bank account – click that.
- A series of prompts will appear on the screen. Follow them to input your Revolut account details.
- Before moving on, review all the information you have entered to make sure it’s correct, then, tap the confirm button.
- PayPal takes security seriously, so you might be asked to go through some extra steps. Usually, PayPal will send a small deposit of 1p to your Revolut account. This deposit will come with a 4-digit code on your bank statement. You will need to enter this 4-digit code back into your PayPal wallet to finalize linking your Revolut account.
- Now that your Revolut account is linked, you can go back to the Wallet section in PayPal. From there, select Transfer money, and then pick your Revolut account from the list of options for withdrawal.
And there you have it – you should now be able to transfer money from PayPal to your Revolut account without any issues.
PayPal to Revolut Instant
- Open the PayPal app and click on the amount showing on the main page. That’s the money you can take out.
- Select Instant (Free) or Standard (Free).
- Hit Transfer money and then choose Transfer to your bank account.
- Type in how much money you want to move, double-check everything, and then click Transfer.
Once you have linked your accounts, transferring money is not instant in some cases. It usually takes around 24 hours if you’re in the UK.
PayPal to Revolut Fee
Fees for Sending Money Domestically
- PayPal balance or a bank account: No fee
- Cards: 2.90% + fixed fee
Fees for Sending Money Internationally
- PayPal balance or a bank account: 5.00% (Minimum fee of 0.99 USD, Maximum fee of 4.99 USD)
- Cards: 5.00% (Minimum fee of 0.99 USD, Maximum fee of 4.99 USD)
Currency Conversion Fees
- Converting payments in another currency: 4.00%
- All other transactions: 3.00%
If you plan to transfer money from your PayPal account to your Revolut account, the fees you will encounter depend on a few factors.
Firstly, if both your PayPal and Revolut accounts are in the same currency and were opened in the same country, like the UK, you won’t have to pay any fees. For instance, if you’re sending money from a PayPal account in GBP to a Revolut account also in GBP, and both accounts were opened in the UK, you’re in the clear—no fees will apply.
However, if you’re dealing with different currencies, PayPal will charge you. The fees can vary based on the type of currency involved. For example, if you are in the United States and want to send money to a Revolut account in the UK, you’ll face a 5.00% fee with a minimum of 0.99 USD and a maximum of 4.99 USD. This applies whether you’re using your PayPal balance or a bank account. If you’re using a card, the same rates apply.
Also, PayPal charges a currency conversion spread, which is 4.00% for converting payments into another currency and 3.00% for all other transactions.
How to Avoid PayPal to Revolut International Conversion Fee
If you have foreign currency sitting in your PayPal account, hold off on transferring it directly to your Revolut account. Why? It will trigger a currency conversion to GBP or USD, and PayPal will charge a fee for that. They will also likely use an exchange rate that’s marked up, making the whole process cost you more.
However, there is a smarter way to go about it—use Wise. Start by setting up a Wise multi-currency account online. This gives you the benefit of having local account details in key currencies like USD, EUR, and AUD. Once you’ve linked this Wise account to your PayPal, you can transfer money between the two without any need for currency conversion, saving you from PayPal’s fees.
When you are all set to convert your money to GBP, Wise will only charge low-cost currency conversion fees and mid-market exchange rates. There is no markup, so it is a more economical choice for you.
For the most current information on Wise’s fees and pricing, please check Wise’s Terms of Use for your specific region. Meanwhile, you can also transfer money from Revolut to Wise.
Can’t Link Revolut to PayPal
Do you have trouble linking your Revolut card to your PayPal account? Others have faced this issue too. But there might be a way to solve it.
1. Add Revolut as a Bank on PayPal
Instead of adding your Revolut card as a card, try adding it as a bank account on PayPal. You will need to use a 6-digit sort code and an 8-digit account number from Revolut. After this, PayPal will send a small transaction to your Revolut account with a 4-digit PIN. Once you see this transaction, enter the 4-digit PIN on PayPal. This should complete the linking process.
2. Take a Break
Do not try to make the transfer for a few days. This will give PayPal’s security system time to reset. After waiting, try to make the transfer one more time. If it still doesn’t work, then you’ll need to take the next step.
3. Contact Customer Service
You can reach out to PayPal’s customer service for help. You have several options for this:
- Go to PayPal’s Contact Us page and scroll down to find the “Message Us” or “Call Us” options.
- You can also contact PayPal through their social media channels like Facebook or Twitter.
Conclusion – Transfer PayPal to Revolut
All in all, once you link the two accounts (PayPal and Revolut), you just go ahead and complete your transfer. The steps are simple to follow, and you can even choose between instant or standard transfer options. However, be aware of the fees involved, especially if you are dealing with multiple currencies.
If both your accounts are in the same currency and country—there won’t be any fees. But if dealing with different currencies, PayPal will charge you, and the fees can add up.
If looking to save on fees, especially for currency conversion, consider using a Wise multi-currency account as an intermediary. This can help you avoid PayPal’s currency conversion fees and offer you a more favorable exchange rate. Make sure to use what works best for you.
Resources
- PayPal Fees. PayPal UK
- How do I receive payments from my PayPal account to my Revolut Business account? Revolut
- How do I link a bank account to my PayPal account? PayPal UK
Read also:Â Monzo Vs Starling Vs Revolut [Which is Better]?
We will send more information to your email. Don't miss out.Â
Leave a comment