PayPal Money Transfers

Find out more about PayPal money transfers and compare your options with Savvy.

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, updated on August 18th, 2023       

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PayPal is the world’s largest and best-known payment processor, used by millions of shoppers and eBay users to pay for purchases each year, but did you know that it also provides international money transfers?

Find out if PayPal is the best international money transfer company for your transfer needs here with Savvy. Compare fees and exchange rates from a range of providers right here and start your transfer today.

*All product information is correct as of August, 2022.

PayPal money transfer review

About PayPal

PayPal Holdings Inc. started life in 1998 as a company called Confinity, which specialised in mobile security software. It merged with Elon Musk’s x.com in 2000 and changed its name to PayPal. It became a wholly owned subsidiary of eBay in 2002 when it was valued at US $1.5 billion. However, PayPal became an independent company again in 2015 when eBay spun it off as a publicly-traded company. It has since partnered with Xoom and Instagram, with the company now valued at over US $110 billion in August 2022.

Products and services offered by PayPal

PayPal is best-known for offering payment options for millions of online stores worldwide. However, as well as using PayPal to pay for your online shopping, you can also use it to pay your bills using a QR code. It also offers a credit card and BNPL (buy now, pay later) option called PayPal Pay in 4.

Online money transfers

Did you know that you can also use PayPal to send money overseas to another PayPal user? PayPal’s international money transfer system allows you to send money to a recipient, and all you need is their name and mobile phone number or email address.

Instant payments using QR code

You’re also able to make an instant money transfer to another person using a PayPal-generated QR code, which you can send and receive in an SMS or email, or scan from their phone if you’re with them and want to pay them instantly.

Transfer limits

PayPal has a range of transfer limits:

  • Minimum withdrawal amount per transaction: $2
  • Maximum withdrawal per transaction: $3,500
  • Maximum withdrawal per day, week and month: $14,000
  • Maximum withdrawal total from a bank: $50,000

These transfer limits placed on your account can be increased or removed by completing more verification steps and providing proof of your identity. Changes to transfer limits can be completed by going to PayPal’s Resolution Centre, where you’ll be given step-by-step instructions on how to change or remove your account limits.

Transfer fees

There’s a range of fees that apply to PayPal transfers. These will depend on whether you’re wanting to pay someone in Australia or overseas and which method you want to use to send the funds to them.

  • To send money to someone’s bank account in Australia via a standard transfer is free.
  • If you wish to make a payment to a card (either a debit or credit card), you’ll be charged a standard 2.6% of the transfer amount plus a fixed fee of $0.30.
  • To send money to someone internationally, either from your own PayPal account or an Australian bank account, you’ll be charged 5% of the transfer amount plus a minimum set fee charge of $0.99 which is capped at a maximum of $5.99.
  • To make an international payment to a credit card, you’ll be charged the 5% fee plus an additional 2.6% and a fixed fee of $0.30.
  • In addition to these fees to make an international transfer, a margin will also be added to the exchange rate. The margin rate is 4% above the mid-market rate to receive money in another currency and 3% above the mid-market rate to send money in another currency.

Transfer speed

Sending a payment to another PayPal account is almost instant. Your recipient will be able to see the funds in their PayPal account as soon as you have initiated the transfer or payment. However, getting the funds out of a PayPal account can take three to five business days, as you’ll have to send the money from your PayPal account to your bank account using the SWIFT payment system.

However, if you have PayID set up on your Australian bank account and linked to your phone number, receiving a payment from PayPal may be completed the same day.

How to send money through PayPal

To send money through PayPal, you’ll first have to open an account. This can be done either through the PayPal website or using the mobile app. These are the steps involved in opening a PayPal account:

  • first, choose which account type you wish to open: a personal account or a business account
  • enter the requested information including your email address
  • choose a password and follow the prompts to agree to the terms and conditions
  • once you’ve done this, your account can be created


To start sending money internationally, you’ll next need to verify your phone number and link it to your new PayPal account.

  • you'll receive a security code which will be sent to your phone. Enter this code when prompted and wait for a notification that your phone number has been added and validated
  • you can now start the process to send money to another PayPal user
  • search your PayPal address book, select a recipient and add the amount you wish to send
  • send it off and your money will be transferred to your recipient almost immediately

The pros and cons of PayPal international money transfers


Easy payment options

It’s possible to pay for goods and services and instantly send money to almost anywhere in the world using PayPal, as it’s the world’s most recognised and trusted payment system.

Instant transfers available

Using a QR code containing details of the transfer (which you can send to your recipient), it’s possible to arrange a cash pickup through the PayPal app in minutes.

Advanced safety encryption

PayPal has a much higher level of data encryption than used by other transfer companies, so the chance of getting your personal financial information hacked is extremely low. PayPal is one of the most reliable international transfer payment systems in the world.


Restrictive transfer limits

Transfer limits restrict the amount of money that you can transfer in a set period, so if you wish to make a larger transfer, you may have to look elsewhere.

Very expensive international transfer option

The fees charged for international transfers, plus poor exchange rates offered, make PayPal an expensive option for sending money to someone overseas. These charges are much higher than those of most international transfer specialists.

Accounts can be frozen instantly without warning

PayPal uses sophisticated algorithms to detect fraudulent transfers, but when a ‘suspect’ transfer is detected, the account is instantly frozen and it can take days or weeks for it to be released.

Compare international money transfers

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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfers

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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)

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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most money

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Send money to over 200 countries and territories across the world online

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Send money cheaper and easier with Wise with no hidden fees.

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site-logos TorFX
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.

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site-logos Currencyfair
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site-logos $5 Within minutes From $0 20+
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Send money overseas at better exchange rates, with no hidden fees.

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site-logos Remitly
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site-logos $0 0-2 days From $0 21
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countries

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site-logos Revolut
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site-logos $0 Within minutes From $0 27+
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.

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