Worth paying directly from PayPal balance?

Discussion in 'Cashflow forum' started by JoeBetter, Dec 11, 2017.

  1. JoeBetter

    JoeBetter UKBF Newcomer Free Member

    Posts: 5 Likes: 0
    I get paid by my clients in USD into PayPal which I then withdraw into my UK bank account, with PayPal charging me a fee to convert the USD into GBP.

    Sometimes I pay sub-contractors in USD. To do so, I use PayPal with PayPal taking the money out of my UK bank account in GBP then converting before sending it to the contractor.

    Do you think it would be better value (less fees) to keep some money in my PayPal account and pay the contractors from that, without doing all the back and forth between the UK bank account?

    Or would this cause problems in some way I've not thought of?

    Any thoughts?

    Thanks.
     
    Posted: Dec 11, 2017 By: JoeBetter Member since: Dec 11, 2017
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    Posts: 12,651 Likes: 2,723
    As long as you record all the paypal transactions in your accounts I can't see any problem. I presume it is a business paypal account.
     
    Posted: Dec 11, 2017 By: Scalloway Member since: Jun 6, 2010
    #2
  3. JoeBetter

    JoeBetter UKBF Newcomer Free Member

    Posts: 5 Likes: 0
    Thanks. Yes, it is a business PayPal account.

    I use FreeAgent and that shows all the PayPal transactions in the banking section, via the feeds.
     
    Posted: Dec 13, 2017 By: JoeBetter Member since: Dec 11, 2017
    #3