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How does PayPal withdrawal work?

by Skribblez
6 replies
Say I'm withdrawing US dollars into my Australian bank account. How do I know how much I will receive?

Will the amount be based on the USD > AUD conversion at the EXACT time of withdrawal (through paypal's website) or will the amount be based on the conversation rate on the ACTUAL day I receive the funds in my account?
#paypal #withdrawal #work
  • Profile picture of the author yesacpow
    That's a good question. I never really stop to think about if the conversion is before or after. But by the time it takes to transfer to your account I don't think there will be a considerable change in the conversion. May be just a few cents.


    Originally Posted by Skribblez View Post

    Say I'm withdrawing US dollars into my Australian bank account. How do I know how much I will receive?

    Will the amount be based on the USD > AUD conversion at the EXACT time of withdrawal (through paypal's website) or will the amount be based on the conversation rate on the ACTUAL day I receive the funds in my account?
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  • Profile picture of the author owenter
    Not an easy answer but the rate will be determined at the time the transaction moves from one banking system to another but you can never be quite sure when that will occur. I'm pretty sure that PayPal have funds in most major currencies, AUD included so the transfer is only an Aussie interbank transfer. The delay and eventual conversion will depend upon how PayPal handle the internal transfer.

    Not sure if this helps.

    In actual fact there shouldn't be a huge difference in exchange rates over just a few days so you need not be too concerned about losing money.

    The bigger question is perhaps: Why, when it is all electronic doesn't it happen almost instantly. I know when I use a bank card abroad it is out of my account within seconds!

    Have a good day
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  • Profile picture of the author Skribblez
    Thanks guys!

    Well I just made a withdrawal a few days ago, so I guess I'll see for myself whether it's before or after.

    The reason I ask is because the AUS / US dollar seem to be going up and down alot these days and I really want to time my withdrawals so that I can get the most out of my US dollars.
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  • Profile picture of the author Quentin
    Here it is straight from Paypal. I actually just checked and the amount Paypal say they sent was the same amount in my bank account. I think because Paypal is also here in Australia it is a lot more efficient than when it was sent from US. I actually have a US account as I signed up back in 2000.

    The most readily available information on currency exchange rates is based on "interbank exchange rates". Interbank exchange rates are established in the course of currency trading among a global network of over 1,000 banks, and are not available through consumer or retail channels. Consumers may use these rates as a reference, but should not expect to use interbank rates in transactions that involve currency conversion. To obtain actual retail rates, contact your local financial institution or currency exchange, or check the rate displayed in your PayPal transaction.

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