Can PayPal exchange currency? (all you must know)

Can PayPal exchange currency? (all you must know)

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In the times we currently live in, sending money or paying for items to friends and family around the world is a daily occurrence. Unfortunately, when sending money to other countries, you have to worry about currency differences.

If you use or are willing to use PayPal, you may be wondering if PayPal will exchange money for you when sending money to other countries? I did some research and this is what I found! ‌

Will PayPal exchange currencies in 2022?

Fortunately, PayPal will convert currencies in 2022. Additionally, this means that when you pay for foreign goods or services or send money to friends or family in other countries, PayPal will convert your local currency to the recipient’s local currency. Unfortunately, PayPal charges extra for currency conversion.

If you’re interested in learning more about PayPal currency exchange and the fees PayPal charges for currency exchange, keep reading!

Does PayPal automatically convert currencies?

Luckily, when sending money to a recipient in another country in a different currency than you are using, PayPal will automatically convert that currency to your recipient.

Additionally, this means that if you send money from the US to Australia in USD, the recipient in Australia will automatically receive AUD.

How do I manually convert currencies?

PayPal offers the option on its platform to convert some or all of your PayPal balance into another currency without having to transfer funds to another country or pay for items internationally.

So, to convert your PayPal balance to a different currency:

1. First, log in to your PayPal account
2. 2. Enter “Wallet” and click the “three-dot icon” next to the currency you want to exchange
3. Then, click on “Exchange Currency”
4. Finally, follow the directions PayPal gave you to complete the conversion

What is the current currency exchange rate for Paypal?

PayPal charges the same fees for currency conversions whether you are a consumer or a merchant.

Additionally, PayPal’s currency conversion fees are:

• 4% of transactions involving currency exchange if you are:
  • Pay for goods or services
  • Send money to a friend or family member, or
  • Send money using PayPal Payouts, and
• 3% of the total transaction value of all other transactions involving currency exchange

Additionally, you can find PayPal’s Currency Conversion Spreads by clicking on the Consumer or Merchant link and scrolling down to Currency Conversion.

How do I change my primary currency on the PayPal app?

Changing the primary currency of your PayPal balance is the same process as selecting your primary currency.

So, to change your primary currency:

1. First, make sure you are logged into your PayPal account
2. Next, click on “Pay and Get Paid”
3. Then, click on “Money”
4. Finally, click “Set as Primary” under the currency you want to be the new primary currency

Additionally, the primary currency you choose will be the default currency for your PayPal balance.

So this means that when you receive funds, the funds will be in the primary currency of your choice.

Also, when you send money to someone, the money is also sent in the primary currency of your choice.

Additionally, if the currency you select is not your local currency, PayPal may require currency conversion when you send or receive payments, for which you will be charged.

Where are PayPal’s currency calculators and exchange rates?

To find PayPal’s currency calculator and see exchange rates:

1. First, log in to your PayPal account
2. Next, click on “Wallet”
3. Then, click on “Currency Calculator”
4. Finally, choose the currency you want to convert

Also, once you enter the currency and amount you want to convert, the exchange rate will appear automatically.

To learn more, you can also read our post on how to unlock PayPal on PayPal, PayPal Confirmation Receipts, and Visa Gift Cards.

in conclusion

Fortunately, when sending money in a different currency to a recipient in another country, PayPal automatically converts the currency for its users. Unfortunately, PayPal does charge a fee to convert currency, which is 3% or 4% of the total transaction.

Plus, you can exchange money in your PayPal balance to another currency without transferring or paying. However, currency exchange fees also apply here.