What does GBP mean on PayPal
GBP on PayPal means Great British Pound, the currency of the United Kingdom, also known as pound sterling and shown with the £ symbol.
Seeing GBP in a PayPal account tells you that an amount is displayed, charged or paid in British currency. PayPal uses the code in its own pages, for example when a sender sets the currency to Great British Pound (GBP) for a transfer to the UK.
- Currency code: GBP is the standard three-letter international code for UK money, in the same way USD stands for the US dollar and EUR for the euro.
- Separate balance: A PayPal wallet can show a GBP balance next to balances in other currencies, and a UK forum notes that PayPal lists each currency total along with an overall account total in GBP.
- Default currency for UK accounts: The PayPal user agreement for the UK states that an account's opening currency is pounds sterling (GBP).
- Conversion costs: If money arrives in GBP and your account uses another currency, PayPal charges a fee to convert it, and Wise notes that PayPal adds a markup to the exchange rate it applies.
- Fee tables: PayPal's consumer fee page lists GBP amounts, such as a 1.00 GBP figure in its card link and confirmation table, where the US dollar equivalent is 1.95 USD.
When comparing how Payoneer, Wise, and PayPal handle a payment in pounds, the exchange rate markup applied at conversion is one of the details worth checking. It also helps to know which currency your own account is set to and whether you are sending or receiving GBP, since conversion only applies when the currencies differ.