TorFX Money Transfers
Compare TorFX with other international money transfer providers here. TorFX is a business-oriented forex trading and money transfer company located in the world’s financial currency …
Fact checked
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 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.
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:
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.
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.
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:
To start sending money internationally, you’ll next need to verify your phone number and link it to your new PayPal account.
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.
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.
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.
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.
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.
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.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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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)More details |
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Xe |
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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 moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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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.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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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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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
