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PayPal is an online payment platform with over 400 million active users. Here, we explore its transfer limits, fees and delivery time. We also look at how Pesa can help you handle international money transfers in minutes.
Sending money within the United States through PayPal is fee-free for both the sender and recipient, as long as both parties have PayPal accounts. However, the funds must come from PayPal Cash, PayPal Cash Plus, or a bank account linked to the PayPal account.
Fees only apply on PayPal transactions in specific situations: when money is sent from a linked credit or debit card, for international transfers, or when collecting payments as a merchant or vendor. Suppose the funds originate from a credit card, debit card, or PayPal Credit In case of transactions. In that case, the platform applies a fee of 2.9% of the transaction amount plus an additional 30 cents.
PayPal fees for sending money internationally from Canada depend on your funding source (balance/bank vs. credit/debit) and recipient location. Fees range from CAD$2.99 to CAD$4.99, with additional charges of 2.5% to 4.9% for currency conversion and markups. Credit/debit cards incur an extra 2.9% fee + a fixed currency-based fee.
If you choose to transfer money using your linked bank account or PayPal balance, a fee of 5% of the transfer amount will be charged, ranging from $0.99 to a maximum of $4.99. Alternatively, you can transfer money using your linked credit, debit card, or PayPal credit. In this case, the fee will also be 5% of the transfer amount, with the fee ranging from $0.99 to a maximum of $4.99; along with the transaction amount, an additional charge of 2.9% will be applied, as well as a fixed fee based on the which currency is used.
A typical PayPal transfer typically takes around 1-3 days to reach your bank account. But you might have funds in your PayPal balance. In that case, you can opt for instant transfers, allowing you to move your money to your bank or debit card in as little as 30 minutes for an additional fee.
Maybe you've sold something online and received payment via PayPal, or a friend sent you money through PayPal to split a bill. If you need to quickly withdraw the funds to your bank account, an instant transfer might be the most suitable choice.
Send money to family or settle payments faster with Pesa.
Verified accounts don't have an overall limit on how much they can send. Still, individual transactions are typically capped at $60,000, with some limited to $10,000. If your account isn't verified, you can send a one-time payment of up to $4,000. These vary depending on your account type, verification status, and transaction history. The PayPal app will clearly show your limits and notify you if you ever reach them. While this may vary, here's a breakdown of a typical limit
For quicker withdrawals, you can opt for PayPal instant transfer, which incurs a fee of 1.75% of the withdrawal amount plus an additional $0.25 to $25. On the other hand, PayPal standard transfer is free to arrange but typically takes 1 to 3 days to process.
PayPal applies a 4% exchange rate markup when arranging international transfers or converting currencies within your account. This markup acts as a fee, but it might not be obvious.
Send money fast with Pesa - to your loved ones or easily pay for international purchases
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