For small to big businesses, making frequent transactions on an international level is a play of everyday activity. Every business had certain needs and requirements with their payment transfer stuff. However, for international transactions, PayPal and TransferWise are both into play but still many people prefer one over another for their convenience. However, PayPal is a big deal for many sometimes because of its higher exchange rates and huge fees. Some people prefer a virtual banking system such as TransferWise which doesn't charge high fees and is also convenient for them with transfers.
PayPal always tries to take these tricks and techniques down because they trap their users into their systems and of course, that is how they earn the profits. But this a legitimate way. However, be informed, PayPal might try to take your account down within a few days, delay transactions, etc. But you should decide not to face your losses by sticking to the higher fees and conversion rates. Even though, everything is legitimate and rightful.
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People who're looking for how to integrate TransferWise with PayPal account are at the right place. We're going to discuss how to add TransferWise to PayPal and withdraw from PayPal to TransferWise. This article assumes that you are already in possession of a valid PayPal account and would like to integrate with a TransferWise virtual account to send payment back and forward.
Setting up a TransferWise Virtual Bank Account
Once you have setup a TransferWise account, the next step would be to request for a virtual bank account. The verification process might take somewhere from 24 to 72 hours and you would be need to provide valid identity documents such as Passport, Valid drivers license etc.
Tip: Make sure that your TransferWise account name matches with the one on your identity document.
Following is step by step process of setting up virtual bank:
1. First and foremost, you would need to sign up for a Transferwise personal account.
2. Next, we need to activate borderless Bank Account Features, which is also known as TransferWise Virtual Bank Account.
3. You may use any currencies from the available ones. For example, US Dollars (or GBP, EUR etc)
4. Note down all the details of the USD Virtual Bank Account in TransferWise.
5. Once activated, your debit card will also be dispatched on your desired address. This can take from 5 working days to two week.
After configuring TransferWise successfully, let's incorporate this with PayPal.
Integrating TransferWise with PayPal
1. Goto Paypal.com
2. Choose the Wallet option from the PayPal Menu.
3. Click "Link a Card or Bank Account" option, then the input fields accordingly will be enabled.
4. Select the desired Bank Account
5. In 'BSB' field of PayPal, enter the ACH Routing Number that you've got in TransferWise Account.
6. In 'Account' field of PayPal, enter the TransferWise Borderless Account Number.
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Next, PayPal will perform verification of bank account by deducting a certain amount from TransferWise bank account. The transaction will contain verification code that needs to be entered into PayPal verification form. Upon entering the verification code, the account will be linked to
Withdrawing Money from PayPal to TransferWise
In order to withdraw and transfer from Paypal to Transwerwise, first select the account, you wish to withdraw amount to, (blue starling).
Once approved, we would like to withdraw. Review.
And here it's done.
And here we can see in Transferwise that we have received the payment from Paypal successfully
So, finally, it is all done. You are all set to integrate TransferWise with PayPal Account which would be of lot more benefits such as low-rate fees, avoiding high charges and conversion rates and convenience. We will make sure to bring you more legitimate methods that can be used to make things more easier and convenient for yourself.