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PayPal money transfer internationally

Posted on 2016-11-15
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Last Modified: 2016-11-15
Anyone know if Paypal works internaltionally?

My cousin needs to send me money from Israel to US.   Would it work using Friends & Family option w/o fees?

If it doesn't work this way.  What are the other options to transfer w/o fees.  Around $1000.

Thanks.
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Question by:Tiras25
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by:-MAS
ID: 41888342
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by:Tiras25
ID: 41888362
Looks like 1% fee Friends & Family option if you have a PayPal or a Bank balance.  And 3.9% if using a credit card.  

Any other way to transfer money internationally to US?
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viki2000 earned 250 total points
ID: 41888415
Western Union, Money Gram
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by:Tiras25
ID: 41888423
Thanks Viki.  Looks like WU/MG charge about 4.5 to 5%.  Wonder if there other options?
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by:Bing CISM / CISSP
ID: 41888424
if you could setup a new account in USD in Israel, i guess the transfer should be no charge though there might be a fee for withdrawing the fund back to your US bank account.
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by:Tiras25
ID: 41888429
Thaks Bing.  So I think that would have to be the exact same Bank in both countries.   For example Bank of America in US and Bank of America in Israel.  I don't think there is one though.
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by:Bing CISM / CISSP
Bing CISM / CISSP earned 125 total points
ID: 41888455
i don't think that is necessary.

BTW, banks in different countries are different banks, it doesn't help more if you transfer money between them. e.g. HSBC has branches in most countries and i never had a free international transfer with them.
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by:Tiras25
ID: 41888467
Thanks again Bing.  Looks like PayPal is the lowest fees.

Have you heard about Kiwi bank transfers?
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by:Bing CISM / CISSP
ID: 41888506
sorry no. but i do know Kiwi refers to New Zealand things. :)
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by:dbrunton
ID: 41888538
Kiwibank or Kiwi banks (banks in New Zealand)?

Kiwibank is just another bank in New Zealand.  

You can transfer money to banks in New Zealand or the other way around (transfer money out of New Zealand).  For overseas transactions between different accounts you need to know the account number you are transferring to and the SWIFT code.

Examples of SWIFT codes for New Zealand are here  https://www.theswiftcodes.com/new-zealand/

All banks charge fees for currency transfer.
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by:Tiras25
ID: 41888553
Got it. Thanks.
   So no other ways to lower fees.
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by:Kyle Santos
ID: 41888580
Western Union, Money Gram
Although I have used Western Union in the past, these two companies are heavily used by scammers.  eg Craigslist is rife with scammers who use those companies.
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by:dbrunton
ID: 41888640
There may be up to three fees involved in such transactions.  Two banks so there are two currency charges there.  The currency charges are usually a percentage on the amount concerned.  And there is usually a transaction fee at the originating bank.

See https://www.interest.co.nz/currencies/currency-conversion-fees

So, yes, you are going to get screwed by the banks.
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Author Comment

by:Tiras25
ID: 41888667
Thanks again!  So I guess the PayPal Friends & Family option is the best.  1% fees with Bank or PayPal balance.  3.9% with Credit Card.
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Assisted Solution

by:dbrunton
dbrunton earned 125 total points
ID: 41888699
You'll still get the currency fees (exchange rate).

If the transaction fee is 1% (I haven't checked the Fees section) then that isn't too bad on a thousand dollars.
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