How to use your PayPal Balance

I had some money coming into PayPal and I wanted to use it for a subscription service online. I found out that PayPal Balance can’t be used for most subscription services. For some reason, it works for Netflix but not really for anything else. The currency is in USD and I want to use it for a service which is also in USD.

Transferring money from PayPal to Bank account

There is an option to link a bank account to PayPal and transfer the money out of PayPal.

I have an European bank account so I linked that to PayPal.

Then under Wallet and under PayPal balance, there is a button ‘Transfer Money’. I pressed the button to transfer money and saw that the transfer fee is “Free” but the currency conversion rate offered is terrible. It offered me on 5.6.2020 1,00 USD = 0,854182 EUR which is around 3,9% worse than the interbank rate of 0,88758.

I though I could add a USD account from a virtual bank like transferwise to PayPal but it seems that since it’s a European PayPal account I can only connect it to European banks.

Xoom is now a paypal service and I tried using it to transfer to transferwise us bank account but usd to usd transfer wasn’t possible.

This article seems to be very relevant for non US Paypal users

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