Paypal Fees

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Forums › Finance and wealth management › Paypal Fees

MartynC

11 posts

Geek

#237538 6-Jun-2018 14:53

Hi All

I couldn't find the answer when I searched, apologises if it is already answered.

The grandparents want to sent the kids some NZD for their birthday, only small amount e.g. $50. What's the best way to get it so it's not eaten up in fees? In particular if they send it to my Paypal account from overseas what fees will Paypal charge me when I receive it??

Thanks in advance.

Linux

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#2030924 6-Jun-2018 14:54

Where are the grand parents?

John

MartynC

11 posts

Geek

#2030937 6-Jun-2018 15:09

currently enjoying their retirement holiday in Chiang Mai, Thailand.

Tried to get them to send $$ from NZD bank account but that is all set aside for bills etc, all spending money was put onto C/C to spend etc

Edit: last line

Dolts

214 posts

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#2030942 6-Jun-2018 15:15

I sent someone $60NZD and I was charged a $2.50 fee and the person that received it was charged nothing as far as I can recall.

tchart

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#2030972 6-Jun-2018 16:47

PayPal is really cheap compared to other payment methods - just try cashing a foreign check.

AFAIK PayPal don't charge you if you transfer over $100 into an NZ bank account. If less than $100 its only a dollar or two.

freitasm

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#2030975 6-Jun-2018 17:00

Where are the grandparents located?

Paypal won't charge them any fee if using Paypal balance or a bank account (US). A fee is charged for credit card payments. You won't have to pay anything to receive the money unless it's a commercial transaction.

@tchart the minimum is NZ$ 149 for fee-free transfer of PayPal funds to a linked bank account. Below this it's NZ$ 1 for any amount.

wellygary

8320 posts

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#2030980 6-Jun-2018 17:12

If sounds like they still have NZD accounts ?

If they have a NZ credit card, why don't you just get them to buy something you need from a NZ store worth around what they are going to give the kids , or pay a portion of a bill to that value for you via their CC,

Then use your money for the kids,

MartynC

11 posts

Geek

#2030994 6-Jun-2018 18:10

G/P based in NZ, on holiday in South East Asia, Singapore, Thailand, South VietNam (ie Saigon) etc. They really wanted the G/Kids to see money arriving from them, from across the seas as they had said. But thinking about it now, I will make my life easier and cheaper for everyone by just withdrawing $$ from an ATM, them deposit over the counter into their accounts with "Grandparents" as the reference to show.

Thanks for your help everyone

Lenovo

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wellygary

8320 posts

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#2031000 6-Jun-2018 18:25

MartynC: They really wanted the G/Kids to see money arriving from them, from across the seas as they had said.

If they want to give them something later, get them to keep some local currency from each of the countries and give it to the kids when they get back,

Thailand is OK 100 thai Bhat = $6 NZD,

but Vietnam is perfect for money to give to kids, 10,000 dong is NZ 60 cents,

Dratsab

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#2031045 6-Jun-2018 20:04

wellygary: Thailand is OK 100 thai Bhat = $6 NZD

Only if you get the crappiest rate under the sun, through somewhere like travelex. At todays (not so good) open market exchange rate, NZ$6 is about 126 baht which is enough for a good meal for two. Worst I've experienced was at around 18.7 baht to the dollar 2 years ago. I'm hoping it'll pick back up to around 23-24 (even higher would be better!) by the end of August when I'm back over there :-)

wekano7

10 posts

Wannabe Geek

#2042741 23-Jun-2018 08:59

Yes much cheaper to just deposit the money directly if the grandparents don't have a PayPal account already with money in it (do they?); otherwise fees eat into it and it's totally not worth the good feelings to lose around 4% on the $50 amount. I assume they're NZ based despite being on holiday in Siam.

Per this page on Paypal fees, if you want to send money to friends/family, you have two options:

Option 1 - Use Your PayPal Balance - Free
If you have a PayPal balance in excess of the amount of dollars you want to send, making personal payments to friends and family is free for you and the recipient (i.e. your friend/family member) in New Zealand when you use your PayPal balance. If you need to partially fund (i.e. top up) the balance via credit or debit card, then fees will be charged.

Option 2 - Use a Credit or Debit Card - 3.4% + $0.45 NZD per transaction
If you are sending or receiving a personal payments using a credit or debit card, PayPal charges 3.4% + $0.45 NZD per transaction.

In all honesty, you've made the right decision to avoid Paypal in this situation.

Goosey

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#2042801 23-Jun-2018 12:55

Hmm

How old are your kids.

Wouldnt it be eaiser to slid $50 into their cards and the GPs IOU the cash when they get back?

I understand the promise of sending money from abroad, but.......

MartynC

11 posts

Geek

#2056752 15-Jul-2018 23:54

Aloha

Sorry for the late reply, new job & all

In the end I deposited money directly into the accounts, & the G/P will bring back local currency etc for the kids.
Told them to save their money in fees for gifts instead