Has anyone successfully withdrawn to their Monzo card from paypal in USD and let monzo do the conversion to GBP instead
I’ve not withdrawn from PayPal to Monzo in USD (or Euro) but I have sent Euro’s from a Euro bank account to Monzo and Monzo converted it into GBP fine.
I set my card’s currency to USD but withdrawal always fails at the last step so i want to hear from other’s if they have the same issue
Oh well, a simple internet search states that you probably cannot do that.
We only support transfers in local currency. So, if you have a PayPal account in England (GBP), but want to transfer money to your bank account in Germany (EUR), you may be subject to cross border conversion fees.
You best bet is to use TransferWise to withdraw from PayPal in USD to a USD Wise (TransferWise) account, then use their much better rates than PayPal to convert to GBP and withdraw to Monzo.
If someone else would like to correct me, I’m all for it.
Is it just a UK thing or what because i have seen some people do it and one of them is from Romania.
They charge 3% for adding a US bank.
Some countries PayPal simply allows with withdrawal more than one currency.
I found the Hong Kong PayPal withdrawal page first and PayPal Hong Kong allows the withdrawal of USD or HKD to a local account. PayPal Kuwait only allows you to withdraw to a US bank account, not even a local Kuwaiti one. I couldn’t find a specific Romanian one to check.
In the end, PayPal operates differently in different countries and in the UK it is simply greedy as it give a up-marked currency conversion fee. More money goes between the US and UK in PayPal than probably the US and Romania. Also the arrangements PayPal has with local banks may also dictate how withdrawals are done in other countries.
Unless you are happy to wait for someone else who may know a way, I would just use Wise (TransferWise).
After i changed my card’s currency to usd, monzo keeps denying the withdrawal from coming through according to paypal
Can you withdraw it to a Wise account and then pay it to Monzo? Or the likes of Monese with a USD account?
I haven’t tried that but withdrawal to a US Bank account have 3% charge fee which is little difference to PayPal’s conversion fee
Yeah I don’t think it’s a simple process having a look online.
This also refers to Wise (formally TransferWise) USD/borderless account but seems you may have to call PayPal to add a US account to your list - and that’s hit and miss whom you speak with.
Only other option is to spend it in USD again.
yes they charge 3%every withdraw to bank
You have the option to let your card issuer do the conversion when you change your card’s currency to usd but Monzo is refusing the transfer, i have contacted them tho
Wouldn’t you keep Monzo as GBP because we don’t deal in USD, and do the transfer that way?
My thoughts being you’re asking Monzo to convert USD to USD which isn’t possible.
I receive funds in USD on paypal, letting paypal do the conversion with their fee is horrible. I am asking monzo to do the conversion from USD to GBP during withdrawal.
But you’d need to keep Monzo set as GBP surely because that’s where the conversion will come in?
I’ve never used it, solely speculating.
The other solutions mentioned above seem the best way to go around the fee from PayPal.
If you set card’s currency to GBP, paypal would the conversion for you instead
Totally confused why paying usd to usd would require any conversion, that’s the bit I’m lost on.
Just the card is in USD not the bank
@Chindose is trying to withdraw money from their PayPal account in USD. They have USD in their PayPal account, and they’re trying to get it over to a GBP bank account without paying fees.
If you withdraw to the payment card via MasterCard rather than via a bank transfer, you should in theory be able to withdraw at the MasterCard rate and without fees.
The Monzo card should support it, but PayPal are likely blocking it as it’s a UK bank card and they want to charge you a conversion fee.
You’ve already been given the best solution to your problem: Paypal USD Withdrawal - #4 by Chapuys
You get my point. Paypal said withdrawal is been denied by my bank. As for using Wise, with PayPal’s 3% charge and all, there’s little to difference between it and PayPal’s conversion fee