Withdraw money from Paypal


#1

I have been reading various posts re withdrawing money to PAYPAL and read that I could withdraw money into my Revolut if I was a UK resident. (Which is the reason I opened an account with Revolut). However in order to withdraw money from Paypal I need to add a sort code - and there is none written on my Revolut card! Please can someone clarify the situation. Thank you…


#2

It is in the app under More / Profile / Account details / GBP


#3

Thank you! I have now been able to link my account. However when I try to withdraw the USD in my PAYPAL account to Revolut Paypal is automatically converting it to GBP. I would like to keep it in USD.
Does anyone know how I can do this? Thank you…


#4

Hi JDB,
Were you able to resolve this?

I am also trying to withdraw USD from PayPal to my Revolut account. Ideally I would like the USD to go to my Revolut USD account but I had to register my Revolut GBP account as Paypal require account number and sort code.

Is there an option to choose So that Revolut process the actual conversion instead of PayPal ?

Thanks


#5

This is a question for Paypal, but I am afraid they wont offer that option. Also, you’d need to specify Revolut’s USD account, not the GBP one.


#6

Thank you Alessandro. PayPal seem to be very confused and as soon as I mention the Revolut USD account they start talking about routing codes etc.

Another problem is that the Revolut foreign currency IBANs are generic and so applying my unique reference number with the PayPal transaction may be an issue.

I did a test transaction yesterday and sent EUR from PayPal to Revolut GBP account in the hope the conversion would be done by Revolut; it seems to have been done by PayPal as I got a horrible rate of 1.20!


#7

They seem to automatically assume USD account = account in the US and that is not the case here.

There are several issues in this case

  • I am assuming you have a British account, in which case Paypal will probably only allow you to add a British account in GBP.
  • As you pointed out, the USD account is currently a shared one, which is NOT in your name and does require the reference. Funds could probably still manually assigned by Revolut but it would make the entire transaction less smooth.
  • Transferring funds from Paypal would most likely involve a SWIFT transfer, which comes at an additional charge.

The main question you’d need to ask Paypal would be whether you can add a USD account with an British IBAN. Not that I’d believe though this will be possible or Paypal would even understand the request, unless you engage in a ping-pong of twenty tickets :wink:


#8

Hm. Or by Reovlut’s banking partner Lloyds. Activate your personal EUR IBAN, and then transfer to the EUR account. Always transfer in in the same currency. Then exchange later from within the app. Only this way Revolut’s rates will be applied.

If Paypal does not allow you to add the EUR IBAN, I can’t see how one could avoid bad rates for the conversion beforehand. :thinking:

(If currencies don’t match, money will either bounce back or be exchanged “the old way”, depending on the specific situation.)


#9

Correct. I have British account.
Even if PayPal could open USD account with British IBAN, would Revolut even accept USD coming into the my Revolut GBP account?? :smile:


#10

Thank you Frank. I did the Euro transaction as a test; maybe you’re right, it could have been Lloyds.

As I’ll be receiving majority of funds in USD I need to find some way to transfer the funds from PayPal in USD currency to Revolut. Either that or I have to open some USD bank account and transfer there before transferring again to Revolut!! :man_facepalming:t4:


#11

Cant say if they accepted it or not - my guess is yes, but it would be converted to GBP (possibly at an unfavourable rate if it is not done by Revolut).


#12

My assumption from some mistakes reported here is yes. If not stated explicitly in the app (like with the SEPA EUR local account), an account should accept all incoming payments, but they will be converted most likely by Lloyds into GBP at the time they hit Lloyds’s systems at a less favorable rate.

(There are many cases here where users sent EUR to GBP for example. These transfers arrive at the GBP balance, converted and maybe even with fees for the conversion deducted.)


#13

True. Maybe this could be a last resort. I’ll research into the actual rates used. I should hope that Lloyds’ rates are not as bad as PayPal’s!


#14

A last idea: have you tried to cash out to the Revolut card? I believe it is possible to add a card, then talk to Paypal customer support to change the card’s currency to USD, and then withdraw the money this way.

(I haven’t tested this.)


#15

For PayPal UK , one cannot withdraw cash to a card, only to a UK bank account.


#16

PayPal Europe allow one to register a bank account by simply providing an IBAN.
So… one could register the US IBAN account. Now the only problem is the reference ! I feel I am getting closer to a solution :smile:

Update : it does not work since PayPal inform that this bank account (generic IBAN) is already registered with the maximum number of PayPal accounts