A Complete Guide To PayPal Account And Exchange Rate To USD Currency

PayPal is an online money transfer solution that was established in the late 1900s. PayPal has a complete online transaction setup. PayPal is considered one of the most prominent firms in the money transfer service industry. The overall revenue of PayPal exceeds $8.0 billion


PayPal deals in over 26 currencies worldwide and allows the users to send and deposit

money online in a fraction of minutes. Through PayPal, users can shop online, make donations, and exchange cash with anybody. The only requirement to use PayPal transactions is both parties should have the PayPal account. This article will help you understand the procedure of how to make an account on PayPal and about the exchange rates of PayPal to USD currency.


Create an Account


To use PayPal services, both parties must have an active PayPal financial transaction account. Creating an account on PayPal is very simple and free of cost process. You don’t need to possess a primary bank account to avail of the service. 


Go to the site and click on the Sign-up button. Enter the required information there and be specific while putting the data. Please don’t provide any false information as it is going to affect your transactions in the future. PayPal offers three basic types of accounts,

  1. Premier Account
  2. Personal Account
  3. Business Account

Choose any of these accounts based on your needs and set up the account.




There is no hard and fast process for confirmation of your PayPal account. It does not ask for any kind of Bank and Credit card information, but to reduce the risk of any frauds providing bank is a good practice. It will help you avail a wide range of services without any trouble. 

Once you select an account to proceed with the verification process of PayPal begins, and it asks for your personal information including,

  1. First and Last Name
  2. Email
  3. Contact Number
  4. Address
  5. ID Card information

After the initial inputs, PayPal asks to go through its four policy documents listed below,


  1. User Agreement
  2. Privacy Policy
  3. Acceptable Use Policy
  4. Electronic Communication Delivery Policy


Once you accept the agreement, PayPal sends you an email to verify, and the account verification process ends.


How To Transfer Funds


It’s an easy and straight forward process. All you need is the recipient ID and amount you want to transfer. PayPal offer transactions in 26 different currencies worldwide. The ID of recipient and sender is of significant importance. It can be accounted for if you have any dispute during and after the transaction. PayPal offers three types of payment receiving options,

  1. Buy Now
  2. PayPal API
  3. Offline and Offsite Payments


How To Withdraw Funds


After the transfer of funds to the recipient, the next is to withdraw the funds. It can be done by transferring the money to the user’s bank account, or the user can ask PayPal to send a paper check. 

Users also have an option to shop through PayPal debit cards using these funds. You can find the funds in the “My Account” section on the PayPal dashboard.


Resolving Account Disputes


PayPal provides clear and transparent service, and you can always check your account statement by logging into your account. In case of any misunderstanding, you can always request a solid copy of all transactions with a mere fee of $10

PayPal always put customer care first and take care of all the rights. In case of any transaction dispute, all you need is to submit a complaint through your account through email or phone.

According to the PayPal policy, all complaints are,

  • Taken into account within 5 working days
  • Resolved with 45 days under any circumstances.

In any case, if PayPal is unable to resolve the issue, it will direct you to the courtroom. According to the Australian Jurisdiction located in New South Wales, Australia. The court will look into the matter and decide by keeping in view all the circumstantial evidence to clear your payment.


Online Disputes

PayPal uses a different method to resolve online payment disputes. It’s a 5 step process,

  1. Open A Dispute: Go to the PayPal dashboard, and under customer support, select the option to open a dispute related to your payment within 180 days. All your other payments will be put on hold until the matter is resolved.
  2. Escalate The Dispute: If you hadn’t received your order and dispute is ongoing. PayPal asks you to wait for 7 days, and then claim to escalate the dispute.
  3. Submit Documentation: You will have to provide the physical evidence of your purchase at this point. Submit a copy of the order’s receipt to PayPal and wait for action.
  4. Provide Necessary Details: PayPal than asks for further details including, Which item was purchased, the date on which order is placed, receiver’s address, and shipping company.
  5. Verdict: If you provide all the necessary details and PayPal finds the details accurate. It will direct the seller to send the item again or refund you the purchasing amount.


How To Buy Something Through PayPal


Every seller who accepts PayPal transactions can be on your shopping list. You have the following options to buy something using your PayPal account,

  • Buy online products and select PayPal as a payment option to checkout
  • Send money direct into seller’s account once you’re done with the shopping
  • You can also buy something at a physical store and pay using PayPal

In any case, if the seller is using a third-party service for payment and he is not able to get your payments. Within 30 working days, PayPal will refund the money back to your account.

If the payment to the seller required any kind of currency exchange, the additional charges would be applied based on the currency conversion rates.




Automatic Payments and Refunds


Once you have made a purchase and don’t want any headache of putting the information again in the future. You can agree to save data for that seller on PayPal. Depending on the seller, you can also allow PayPal to make your future payments with just a single click. PayPal allows following kinds of automatic payments,

  1. Billing Agreements
  2. Subscription Charges
  3. Recurring Payments
  4. Referral Transactions
  5. Pre-approved Payments To Any Account

You always have an option to cancel these automatic payments at any time, and if you are having trouble in the process, feel free to contact PayPal customer support.

PayPal’s refund policy is stringent and only applicable to,

  • Online Purchases
  • In-store Purchases
  • Will be refunded only in Australian Dollar


PayPal Currency Exchange Method


PayPal mainly hold currency in Australian Dollars, but PayPal also allows the users to keep the balance in other currencies, but the following conditions may apply,

  • You can convert the currency at any time into another currency, but standard charges may apply, and PayPal can limit your amount of conversion anytime.
  • You can withdraw money directly is Australian or USD straight into your linked bank account. Still, to convert the currency into other currencies, the conversion charges will be applied based on Australian Dollar, and fees may vary based on the country.

There is also a catch here; you will be responsible for any kind of mishap if you decide to keep multiple currencies in your PayPal account. You can’t process the currencies for following purposes,

  1. Trade Investment
  2. Conversion Arbitrage

If you violate the terms in any situation, PayPal holds the right to terminate your account immediately.


Methodology Of Conversion To USD


The currency up and down changes are updated at regular intervals in the database. The transaction rates are also updates at regular intervals based on the base exchange rates. The base exchange depends upon the wholesale currency conversion rates in the market for a specific day before the business day. For general transactions, the exchange rate to USD is above 4%, and applicable on:

  • Payments of goods/services
  • Refunds
  • Sending money in another currency

For all the other transactions, the exchange rate to USD is above 3%.


PayPal exchange rates are always fluctuating, and you have to wait for the right moment to transfer the money into your bank account to save yourself extra charges. For example, if you want to convert the money from USD to Euro, you will have to check the exchange rates first and then wait for the day it goes down, and you are good to go for the transfer. If we talk about historical changes, attached below is a figure to give you some idea.


Reference: PayPal exchange rates 2014-2020-Statista.com- PayPal currency conversion

According to the July 2020 rate, about 1.39180 for the conversion of 1000 USD to 1000 AUD with a transfer fee of 4.99 USD will apply.


The Bottom Line

 If you had a bad experience with PayPal in the past and looking for a new option to try, Australia based BFX Money Transfer can be a perfect solution for you. We deal in multiple countries with over 200 established connections and offer a wide range of currency exchange options.

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BFX Money Transfer can handle large transactions at suitable exchange rates and quick response time. Visit: BFX Money Transfer now and send money worldwide at an excellent rate with a secure and reliable money transfer network. 

Professional advantage

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The Bottom Line

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