Sending large amounts with PayPal in the UK

Need to put down a deposit on a property, buy a car or pay a big bill? You’ll need to know the cheapest, safest and easiest way to make a large transfer.

One option is the popular digital money service PayPal. But how good is it for large payments?

In this guide, we’ll run through everything you need to know about sending large amounts with PayPal in the UK. This includes how to set up a payment, security considerations, transfer times, limits and more.

Just remember that alternatives are available, like the money services provider Wise. You can securely send large transfers with Wise for low fees and fair exchange rates - making it ideal if you’re making an international transfer.

Table of contents
Can you use PayPal to send large amounts? Is PayPal safe for large payments? How to make a large payment with PayPal? How long do large payments take with PayPal? What's the PayPal maximum transfer limit? Wise – A low-cost alternative to bank transfers

Can you use PayPal to send large amounts?

Yes, PayPal is a suitable service for making a large transfer.

You’ll need to open a PayPal account before sending and crucially, your recipient will need one too. It isn’t possible to send money straight to a bank account with PayPal. So, it could be worth checking that your recipient is ok to receive the money via PayPal.

You’ll also need to check your personal sending limits, available in your PayPal account - just in case it’s not enough for what you need.

PayPal doesn’t charge transfer fees for sending money within the UK in GBP, whether sending to friends and family or paying for goods and services.¹ However, it does have fees for international transfers or those involving currency conversion.

Is PayPal safe for large payments?

PayPal is a respected and trusted name in the world of digital money services. It’s not a registered UK bank, but it is authorised and regulated by the Financial Conduct Authority (FCA) as an electronic money institution.¹

As such, the company is required to use sophisticated security measures to protect your money and transfers.

PayPal also offers Buyer Protection when sending money to pay for eligible goods and services. This means you can raise a dispute if something goes wrong.¹

All of this means you can feel confident that PayPal is a safe choice for a large transfer, even one being sent internationally.

This being said, it’s always wise to take steps to protect yourself when sending a large sum. These include:

• Avoid sending money to people you don’t know - always do extra checks and online research to make sure that payment requests are genuine.
• Never feel pressured into sending a payment - it could be a scam.
• Avoid sharing your online or mobile banking login details with anyone.

How to make a large payment with PayPal?

It’s pretty simple to use PayPal to send money. All you need is an account, a linked bank account or card and you’re ready to go.

However, it isn’t quite like using a bank. With PayPal, you’ll be sending money to someone’s email address - so you won’t be entering bank details. They will need to have a PayPal account (or sign up for one after being notified of the payment) in order to receive the money.

Here’s how to send money through PayPal in just a few simple steps:¹

1. Login to your PayPal account
2. Head to the ‘Send & Request’ section.
3. Type in the recipient’s email address or mobile number – these details need to be those used to register their PayPal account, so it’s worth double-checking with the recipient beforehand.
4. Enter the amount you want to send, the currency and an optional note to tell the recipient what the payment is for
5. Choose your payment type (i.e. paying for goods or a service, or paying a friend)
6. Check the amount and funding source – this will usually be set as your bank account or current PayPal balance, but you can change it if you wish.
7. Send the payment.

You can send money either online at PayPal.com, or using the PayPal mobile app.

How long do large payments take with PayPal?

When you send a payment with PayPal, it should be processed the same day. It could even arrive within seconds.¹

But if you initiate the payment on a day that isn’t a working day (such as a weekend) or after 4pm on a working day, it could take longer. According to PayPal, it’ll leave your account within two business days.²

What's the PayPal maximum transfer limit?

PayPal is a little vague on the subject of maximum transfer limits, and this is likely because it varies between users. When you sign in to your PayPal account, you’ll be able to check your own personal sending limit. If you haven’t yet followed the steps to verify your account, this limit will be much lower.

For verified accounts, PayPal suggests you should be able to send the equivalent of $60,000 USD (approx. £47,500 GBP) in one transaction.³ If you find you can’t send this much or need to send more, it’s best to contact PayPal to ask about increasing your limit.

Wise – A low-cost alternative to bank transfers

Looking for a secure, convenient and low-cost way to send large sums of money internationally? Take a look at the Wise account from the money services provider Wise. It’s not a bank account but offers many similar features.

With Wise, you can send large amount transfers worldwide, to 150+ countries for low, transparent fees. Best of all, you’re guaranteed the mid-market exchange rate with no markup added – only a small, upfront conversion fee. This means that more of your money reaches your recipient, and the transfer costs you less.

Wise uses sophisticated security measures to keep your money safe. This includes 2-factor authentication, a dedicated anti-fraud team and your money safeguarded with leading banks.

And if you need to send large sums overseas as a business, Wise has a dedicated service for that too.

Sign up with Wise today 💰

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Sources used:

1. PayPal - Send money
2. PayPal - User agreement
3. PayPal - What‘s the maximum amount I can send with my PayPal account?

Sources last checked on date: 21-Feb-2024