Below, you will find a guide on how to send money from PayPal to the TransferWise Borderless Account. You will also learn if it is possible to send money from TransferWise to PayPal.
How to Send Money from PayPal to TransferWise
- Sign up with TransferWise. Use the available coupon to give you £3,000 off your first transaction.
- Once your TransferWise account is created, activate your Borderless Account. (Learn more about Borderless Account features)
- Activate a Borderless currency account. The example that follows uses a USD account (you may also use GBP, EUR, or AUD).
- Make note of your USD Borderless Account details.
You are now ready to start configuring your PayPal account to transfer from PayPal to TransferWise Borderless.
Select Wallet from the Paypal menu area.
Click ‘Link a Card or Bank Account’.
Select option to add a Bank Account.
Select US Bank Account.
Enter ACH Routing Number from Transferwise Borderless into Paypal’s ‘BSB’ Field.
Enter Account Number from Transferwise Borderless into Paypal’s ‘Account’ Field.
You may need to check your notes from the TransferWise preparation steps above. Find where you took down you personal USD banking details from within TransferWise USD Borderless Account.
Paypal Account is now ready to withdraw funds to Borderless!
To transfer, click ‘Withdraw Money’ from your home page in Paypal.
Enter amount to withdraw from your USD PayPal balance to your USD TransferWise Borderless multi-currency account.
A warning screen always appears stating Paypal will review the transfer for fraud.
You’re all done. Funds will typically clear in your TransferWise USD Borderless Account within one to two business days.
Send Money from TransferWise to PayPal
Sorry to disappoint you. It is currently not possible to transfer money from TransferWise to PayPal. Currently the TransferWise Borderless Accounts do not provide a direct debit feature which is part of the process for funds to be pulled from your bank account to PayPal. However, it is possible to activate or confirm your linked Borderless accounts within PayPal.
The image above shows the two PayPal linked bank account deposits to activate an AUD TransferWise Borderless Account in an AUD PayPal Account.
Once direct debit is available as a feature with Borderless Accounts, confirm your linked bank account in PayPal. Then, you should be able to ‘pull’ funds from your Borderless Account into you PayPal account of the same currency.
TransferWise Borderless Account Alternative
Are you in the UK or Europe?
WorldFirst have a competitor service similar to the TransferWise Borderless Account called the WorldFirst World Account. There is no concrete information about transferring from PayPal to the World Account yet as it is only available in UK, Europe and Australia.
WorldFirst gives you the real exchange rate when transferring with a transparent fee structure on top. If you transfer less that £500k / AUD$750k a year, then your fee is a super low 0.5% on top of the real exchange rate.
The community would love to hear about it if this is possible. Fancy becoming a tester?
Sign up for the WorldFirst Multi Currency Account and share your experience in the comments below.
- Read the full iCompareFX review of TransferWise to learn about other great features available.
- Activate and redeem your TransferWise Coupon before signing up.
- Can the TransferWise Borderless Account help your business?