Withdrawing Euros from UK Paypal Account

[BenFridja]

We've recently started selling our products in both pounds and euros.

We have a Euro account with Transferwise, but at the moment Paypal won't let us withdraw to it. We opened a Euro account in Germany and transferred our Euros for free to it and then withdrew to the Transferwise account. Unfortunately, now the German Paypal account has been frozen (with funds in it) as we've passed the 2500 Euro withdrawal threshold.

Does anyone have a solution to withdraw the Euros that doesn't involve using Paypal's poor currency conversion rates?

Thanks in advance.

 

[Seb de Lemos]

Open a Euro bank account? Most high street banks will give you one for a nominal fee.

 

[BenFridja]

Thanks for the reply!

It's not the Euro account that's the issue, it's withdrawing it from Paypal as Euros (and not converting to £ on the way out).

 

[newguy007]

Did you open a business PayPal account? If you verify your details, they will increase the threshold.

 

[BenFridja]

Thanks.

We're a UK business so not sure how to verify a German PayPal account...

 

[newguy007]

The problem is PayPal and transferwise doesn't work together. You cannot withdraw funds from PayPal to transferwise account. You will need to open a Euro bank account in one of the EU countries (excluding UK) and add that account to PayPal. You can then transfer from that account to transferwise. I know its a long process but that's the only option.

 

[BenFridja]

Thanks for helping out.

It's not Transferwise, it's a product by Transferwise. It's called a borderless account, it's where we store Euros just like a regular bank account. It's where we get paid in Euros by our customers.

We've added this to the German PayPal account and withdrawn successfully, but without a German residence, PayPal won't let us continue to transfer from PayPal UK> PayPal DE> Borderless Euro Bank Account.

 

[newguy007]

I see what you are trying to do. The problem is that PayPal has blocked transferwise bank accounts. When I spoke to PayPal a few months ago since I was trying to do something similar with USD, and I was informed Community Federal Savings Bank which transferwise use has been blocked. I was dealing with PayPal UK. Maybe its different with PayPal DE.