Paypal to NZ bank account transfer

[Elaine_NZ]

This is old news, but I realised only last week that I can actually transfer my Paypal balance to my NZ bank account.
Withdrawals of amounts over $149.99 do not incur a Paypal fee. BNZ also hadn't deducted anything from the amount (it was a $NZD withdrawal) and the processing time was only 4 days.

It pays to also point out that people can transfer money from their Paypal account balances to your Paypal account for free through I'm sending money to family or friends (but it has to be from Paypal balance, credit card transfers are charged with a fee, not sure how foreign currencies are handled). I do not recommend using this option when completing trades with people you don't know (to avoid fees obviously) since Paypal won't protect you in this case.

Hope this info helps someone.

[Maglea]

Elaine_NZ,

I thought about this recently as a way to transfer money internationally and quickly and obviously to avoid fees. Am I correct in thinking that if I link my NZ bank account (when I get there and open one) to my paypal, I can transfer money from my NZ bank account to my paypal account and then transfer that money to my sisters paypal account and she can transfer it from her paypal to her Irish bank account and then withdraw it as normal...all costing nothing (or very little).
Anyone know if this works? Seems too good to be true.

[Elaine_NZ]

Maglea, not sure if it's possible to transfer money from a NZ bank account to a Paypal account... There's an Add Funds option but in my account it says "PayPal does not currently offer the ability to add funds from your bank account." It may only apply to BNZ but I doubt it. So it seems at the moment the only way is to pay using with your NZ debit or credit card to, say your sister's, Paypal account. But that would obviously incur currency exchange (NZD to EUR) as well as credit card fees (3%+).

[iluvmykiwi]

I've done some research because we do have some debt we're going to have to continue to pay once we move. You can open a NZ Paypal account and should be able to use that to send money to another PayPal account internationally. For what it's worth, I do know I've sent money from my US PayPal to NZ, and my in-laws have sent us money via PayPal from NZ to the US, so as long as nothing has changed, that should work.

[Norgal]

You can never add money from your bank or credit card to your Paypal account unless you have a negative balance in Paypal you are paying. The only way to add money to Paypal is to purchase a Moneypac card, designed just to add funds tot he paypal. I am NOT sure what the card is called in NZ.

[Sun777]

PayPal is not always the best option for personal funds transfer, however it works well with making one off urgent payments. The currency conversion might not be best in the market. When you make international transfers (even to friends & relatives) they do charge a commission amount which is around 3%-5% (I dont have the exact number right now but there is certainly some percentage).

[godwits]

If one transfer money into New Zealand bank account
Will ird go after and ask where is the money from?

[emaino]

You can never add money from your bank or credit card to your Paypal account unless you have a negative balance in Paypal you are paying. The only way to add money to Paypal is to purchase a Moneypac card, designed just to add funds tot he paypal. I am NOT sure what the card is called in NZ.

That's not true. I'm using my BR Paypal account to transfer money from my bank account in Brazil directly to my NZ Paypal account, transferring to my Westpac account afterwards.

Here in Brazil there are only 3 banks which Paypal can withdraw money directly. I'm assuming there are similar restrictions in other countries.

[boland]

PayPal is a very bad idea for international payments. I've used Transferwise to do this, way cheaper than either PayPal or your bank. Using this invite you don't even pay the 0.5% Transferwise fee: https://transferwise.com/u/23f4e

[chrisw]

A good PayPal outline (NZ specific, and dealing with transfers o/s) is http://www.smallbusinesswebdesigns.c...ount-fees.html