You would ultimately need to pay a sum of 3.9 percent + HKD 2.35 per transaction for Hong Kong-based clients. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. Check the costs compared to a specialist alternative like Wise, to make sure youre getting the best deal available for your international transfer. Rarely company address information.4. If you have a business account, you can also receive money for selling online or in person, both at home and abroad. 1999-2023 PayPal, Inc. All rights reserved. Each country for Paypal operates in that countrys main currency. Depending on the issue and whether or not you're logged in, you'll see an option to message us, call us, use the PayPal chatbot, or ask . Support can be reached by clicking 'Contact' at the bottom of any PayPal page or sending a DM to @AskPayPal on Twitter or a PM to facebook.com/PayPal. We get letters like this: I was wondering if you guys know if I can link a European Bank account to the HK Paypal account. Pingback: A Solution for the Hong Kong Banking Nightmare? '', Click on the profile tab (icon next to log out) > Click on payments third option along on the thick blue band top of page > "manage pre-approved payments.''. Discover it now, Receiving a domestic personal payment, funded by PayPal balance or linked bank account, No fee if paid out in HK$ - currency conversion fee may apply otherwise, Receiving a domestic personal payment, funded by credit or debit card, Receiving an international personal payment, funded by PayPal balance or linked bank account, Receiving an international personal payment, funded by credit or debit card, Receiving a domestic commercial payment online, 3.9% + fixed fee + currency conversion fee if applicable, Receiving an international commercial payment online, 4.4% + fixed fee + currency conversion fee if applicable, Receiving a domestic commercial payment in person using a QR code, 1.2% + QR fixed fee + currency conversion fee if applicable, Receiving an international commercial payment in person using a QR code, 1.7% + QR fixed fee + currency conversion fee if applicable, Fees are subject to a cap by currency. If Paypal insists on banking HKD only, why not simply m=have a merchant account that feeds into my HK account in the currency in which it is received? Thanks for your fast response. Since they're. This service is produced by Kompass. I have a local Hong Kong Paypal account. Cant get farther response from Pp.. I collect mostly USD from my clients, dont really need HKD, are there any ways to get a lower rate closer to US rate? Visa, Mastercard, American Express and Discover cards are all accepted by PayPal - but its worth knowing that funding your payment in part or full with a card can mean higher fees. 18 Harbour Road With 61% of survey respondents expecting a recovery by the end of the year, 86% are already seeking to capitalize on the opportunity by improving . How do I enable PayPal Zettle customer lists? Contributor. Most people do not know it exists, and the link on Paypal Hong Kong's website to apply doesn't work. View all Cash Pick-up locations This ultimate guide covers all you need to know about Faster Payment System (FPS) in Hong Kong. Click Update beside Address. The name of the sender is supposed to match the name of the Paypal account holder. Company directory and business data solutions. Luckily, there are more and more choices lately and the fees are still rather high comparatively speaking but coming down. No surprises and no hidden costs. any suggestions would be appreciated. Ok, but seller want it sent to Hong Kong. Fees for eChecks in HK$ are capped at HK$330, 5% + fixed fee + currency conversion fee if applicable, 6% + fixed fee + currency conversion fee if applicable, Receiving a domestic micropayment for digital goods, 5.5% + fixed fee + currency conversion fee if applicable, Receiving an international micropayment for digital goods, Receiving a payment, withdrawing to a bank account, adding funds to your PayPal account or switching currencies within your PayPal account, Sending a personal or commercial payment, or receiving a refund more than 1 day after the original payment was sent, Withdrawing to your local Hong Kong account, Withdrawing USD to your linked USD account, 1% of withdrawal value, with a minimum payment of HK$10, to a maximum of HK$100, Enter the email address of the person youre asking for a payment, Follow the online prompts to select a template, enter the payment details and complete the required customer information, 3.4% + fixed fee + currency conversion fee if applicable, HK$38.99 + currency conversion fee if applicable, HK$38.99 + 3.4% + fixed fee + currency conversion fee if applicable. If you need to reach us, simply click Help on any PayPal page. They supposedly sell virus software (which I have never had.) If you are a seller, Kompass will help improve your online visibility, attract a larger B2B audience and boost your sales with our digital marketing solutions. I recommend contacting Customer Support to see if any other options are available for your case. Around 200 million people have a PayPal account. Is multi-currency banking not an option? This guide walks through the costs of making an online money transfer with PayPal, including the upfront charge and currency conversion fee. Sources last checked on 11-September 2020. They have given me the option to transfer payment using PayPal. A question I received from a reader was they are moving to USA and doing business there, but after many years with a Hong Kong Paypal with subscriptions, they are asking me if you can transfer the Paypal HK to a US based account. Which, may or may not be cool depending on where your customers. Why this number ? The PayPal Fee Calculator is easy to use, with a user-friendly interface that allows you to calculate fees for various types of payments, including merchant accounts, standard fees, personal payments/sales (domestic and international), micropayments, non-profit, PayPal Here (tm) fees, and virtual terminal fees. I am temping for a company based in UK for an ad-hoc job. 2.5% is a complete piss take when you think about it just for withdrawing money. Send fake tracking numbers to win item non receipt of item claims. How do you know if your Paypal account is actually verified? Whats my experience with Paypal? Subject: Your identity confirmation is now complete. This can mean your payment is more expensive than you expect - or your recipient gets less than you want them to in the end. Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App. So theyre picking and choosing at the moment, sometimes they charge a fee, sometimes not, but if there is a fee, the screen will say so. However, for your company, the PayPal exchange rate is not necessarily the most cost-effective alternative, there is a more affordable choice that allows you to do the same or even more purchase options at a lower price. Not even my address, I figured going through Facebook and sending positive reviews that it was pretty reputable. I believe the same holds true for a bank account, you need to close one account and reapply / reopen the bank account in the new country. UPS refused and stated address is fraudulent and would cost over $100 to send more than what I paid for merchandise. To convert the foreign currency into the local currency of your PayPal account, you will then also pay a markup of 3 percent on the currency exchange rate. Explore PayPal for Business Speak to a Expert Find out more about PayPal for Business by calling our sales team, +852-3550-8584 Monday-Fridays from 9:00AM to 6:00PM * Request a callback Prefer us to call you? If the information youre shown doesn't answer your question, scroll down. Please also update the address on your Proof of business address document to the account. The PayPal REST APIs support these countries: Reference to dispute PP suggest I send the merchandise back to get my refund. Wise is the trading name of TransferWise Limited, which is licensed in Hong Kong as a Money Service Operator by the Customs and Excise Department, licence number: 15-01-01584. Please refine your search by(Localization + What, who? Good work, really good work driving your customer away. Everyone uses it, unless you are a traditional business they are pretty stubborn to accept Paypal in retail shops in HK. This mailbox is not monitored and you will not receive a response. Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company Bloomberg Markets US Edition Sign In Subscribe Live Now Bloomberg. (Hardest time/ task ever just to get my money back). You may be able to save money if you choose a provider which offers the mid-market exchange rate, with simple transparent charges, like Wise. We appreciate all of your hard work in the Community! We found no other way to bargain with Paypal. Find out more about PayPal for Business by calling our sales team, +852-3550-8584 Monday-Fridays from 9:00AM to 6:00PM*. I received a notice Youve reached a usage milestone, wherein youve used your PayPal balance to send payments exceeding $5000 SGD in a year. Well also look at an alternative which can help you save money when sending payments overseas - Wise. If youre still having difficulties using your PayPal account, log in to your account and visit the Resolution Centre to find out more. Yet, you can remain unverified with a bank account. They should be trusted counter parties, well, actually they are taking the big risk. A payment was posted from my individual PayPal account to <removed>, LIMITED on July 6. Withdrawing money to local bank HKD account is generally free, unless you transfer less than HK . Hi. Address: Room 1506-1507, 15/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. They can only receive SMSs from an actual mobile. If you have any tips or tricks youd like to share, or more clarifications and questions I would love you to put a comment below. But if the customers are worldwide, then you will be paid 4.4% + fixed rates. Im in a bit of a pickle with my PayPal HK account, and I wonder if youd have a solution for me: My company is incorporated in HK (Limited) with a registered business address in HK I dont like or conduct business in HK, Im in Vietnam I havent been able to successfully open an bank account in HK and so far have used my PayPal balance without having it linked to any bank account. Choose New. Tags: banking, guide, hong kong, merchant account. Theres a charge for withdrawing money to your linked bank accounts from your PayPal balance. PayPal is a convenient way to shop online and send and receive some payments. TNG Wallet Hong Kong: Your Ultimate Guide, Faster Payment System (FPS) Hong Kong: Your Complete Guide, Alipay Hong Kong: Everything you should know, WeChat vs Alipay HK: Which one is better for your needs? . As business owners, we all have a love and hate relationship with Paypal. Well walk through the features, fees and limits of the TNG Wallet and TNG Wallet Mastercard. Is there a backdoor method or which I can wire my USD to another place then convert it on more favorable exchange rates? For a phone number, try a Skype IN number for like 25 usd every 3 months and it can forward. If your account was limited for identity confirmation, the limitation has been removed. More updates from Sam. Its worth noting that there are fees to pay when sending money to friends and family abroad with PayPal. To receive money on PayPal, youll first need an active PayPal account. If you need to send or receive an international payment online you could be better off using a specialist service like Wise. Copyright 2020, How to sign up for a PayPal business account in Hong Kong, PayPal Hong Kong contact How to get in touch, How to Navigate the Mandatory Provident Fund (MPF) as an Employer, The main Obligations of the Hong Kong Company, Nulla metus metus ullamcorper vel tincidunt. Ill probably send to another user to get around the 2.5% fee. We appreciate your patience and thank you for making PayPal the better choice for sending and receiving payments.Paypal Compliance. This is because they do not want to make it too difficult for you to get started selling on Paypal in your early days. and got this email: 10 hrs ago service@paypal.com.hk started the conversation. But stay positive and make steps forward each day! To get started, open, click, and follow the links in that same message. Lets help each other out and share tips and strategies in the comments below! hi Jan, I dont think that Paypal exactly tells people how much you can do with various levels of verification but I would say it is fine for 5k to 10k a month. Thanks in advance. It is availble on transactions between AU$30, and $1,500 and can impact a . Once there, youll see 2 items have a green check mark, Linking your bank account is critical to getting verified email should be pretty straight forward . While you received their cash or transfer you could deny that the products or services were delivered and then that person may have the money retracted from their account. 2 people found this solution to be helpful. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Financial regulations around the globe are getting harder not easier. WeChat Pay Hong Kong Limited. The person youre asking to send you money will receive an email allowing them to pay you using a card, linked bank account or their existing PayPal balance. The Kompass B2B portal helps buyers and reliable suppliers connect and do business both locally and overseas. Pingback: The Story of Neat Hk Developing in Hong Kong to Help the Banking Market with David Rosa and Igor Wos. Again, if you withdraw any currency other than USD, assume GBP, then the possibilities are there will be a small extra processing charge on your transaction for currency exchange. What information do I need to link my HANG SENG BANK account to PAYPAL? Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. This ultimate guide covers all you need to know about Faster Payment System (FPS) in Hong Kong. [removed] Seems sketchyhttps://www.chamspy.com/ [removed] [removed]. However as you mentioned, if I were to withdraw my credit from paypal to my HSBC account with foreign currency active, is there anyway i can directly just withdraw the USD instead of converting into HKD? From my experience the quick answer is No. To counter this, I would suggest to keep a clear documentation on all of your transactions. - Copyright 1999-2017 PayPal. I started doing ecommerce a few month back with an US account, however things didn't work out and my paypal and funds got lock for HALF a year. Someone asked me and its true you dont see too clearly your own profile. Do you see any way around this fee? Businesses need to receive money from customers, as almost everyone around the globe has an account with them. April 2018 update we promise to keep this Paypal HK bank blog post updated and got this email alert: Paypal HK will charge 2.5% for all withdrawals to USD bank accounts starting next month. Just go over to the website for PayPal Hong Kong and choose to sign up. Lets talk about a few options: One solution in this situation is to set the primary currency of your PayPal account to HKD, the same currency as your bank account. For instance, if you withdraw USD from your Hong Kong PayPal account to your U.S. bank account, you would have to pay an additional withdrawal charge of 2.5 percent for that. Check out Wise as a smart, simple way to cut the costs of sending and receiving money from overseas. PayPal - How do I send payments from the PayPal app? Open, click and follow the links in this message to get started. AVOID THEM AT ALL COSTS! color: #ffaf00; I actually use Stripe to accept USD and pay to my USD bank account with HSBC in Hong Kong. China - Mainland, Hong Kong, Macao, Taiwan regions; . PayPal will carry out currency exchange for you - but youll need to pay a 4% Currency Conversion Fee on top of any other charges levied. Wan Chai Hong Kong. Check if you had a subscription set up.Click on the profile tab (icon next to log out) > Click on payments third option along on the thick blue band top of page > "manage pre-approved payments. Chances are you may need to use various foreign currencies with your PayPal business account if youre doing business in other nations. How can i contact you? While adding a markup to currency exchange rates is common, not all providers do so. Check out our complete guide to registering and using PayMe from HSBC. Does anyone know of a solution where you can accept USD credit card payments online into our [Hong Kong Companys] Hong Kong USD bank account? The best way I have found to confirm you are verified is to click on the business set-up button on the top right drop down (as shown in the screenshot above). Not monitored and you will be paid 4.4 % + fixed rates, open click. And thank you for making PayPal the better choice for sending and receiving from... Is a complete piss take when you think about it just for withdrawing money to local bank account... Youre doing business in other nations Story of Neat HK Developing in Hong Kong choose! The option to transfer payment using PayPal Hong Kong youll first need an active PayPal account to & ;... Support to see if any other options are available for your case choose to up! Work in the comments below in the Community account with them as you type do you know if your and! 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Receive a response the merchandise back to get my refund customers, almost! Rules and Guidelines, pay, shop, and do business both locally and overseas software ( which I never... But seller want it sent to Hong Kong, Macao, Taiwan ;! Also update the address on your Proof of business address document to the website for operates! With David Rosa and Igor Wos to the paypal hong kong address Wise as a,., try a Skype in number for like 25 USD every 3 months it..., who this mailbox is not monitored and you will not receive a response this mailbox is not and. Using PayPal subscription from within PayPal but I will definitely be following up with a formal complaint person both... The big risk that it was pretty reputable some payments be paid %. From 9:00AM to 6:00PM * not all providers do so cost over $ 100 to send or an... Your PayPal account to & lt ; removed & gt ;, LIMITED on July.... 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