Paypal Policy Update

[dsukhumvit]

^^ Try these guys, http://www.yowcow.com/

Affiliate ID removed by admin

Edited June 9, 2004 by george

[ProThaiExpat]

I have been contemplating using Paypal to transfer money from U.S. Bank account to a Thai bank account and reading this thread has led me to the conclusion that it cannot be done. Am I right?

As an aside, obviously PayPal makes its money off floats. It has control of your money for a substantial amount of time, especially when they freeze the funds, and earn interest on an overnight deposit, but not as much now since that rate has been kept so low by the Federal Reserve has kept the "overnight" rate so low.

Another example of the float scam is being done to me now. Check from Trustee in Bankruptcy (ie TRUST funds in established bank and under Federal Court control ) put on hold for ten days by attorneys trust fund bank. Once the attorney sends his TRUST FUND check to my bank, my bank puts a ten day hold on the funds as well.

Anyone wonder why banks are making so much money?

[Topprofile]

I have some money on hold in a PayPal account and according to their support they will hold the money for 180days and then they will send me a check if I contact them saying I want(?) the money... It's gonna be 180 days in beginning of July.. Gonna be fun to see if I get the money or not..

Not a lot of interest I'm missing on these money, but if they do this to thousands of people...

[BKKdreaming]

Paypal makes its money by a fee when you take it as payment,

Its 2-3-4% depending on the total transfer , which country it is going/coming from.

Its not free to accept paypal, if you pay with paypal maybe its free / cheap.

[Foggy Bottom]

God know why but I guess they do not want my business and I will not beg them. What are the alternatives? I need a quick one to put on the michelonia.com web site.

FOR UK, try

www.fastpay.com (part of Nat West Bank Group)

www.nochex.com (paypal's biggest competitor in Uk & have ecommerce button service for websites)

www.ppPay.com (small but growing and offer escrow for big-ticket sales)

FOR INTERNATIONAL

www.ikobo.com (seems pretty unused but they issue a Visa Electron to get at your funds)

www.moneybookers.com (have heard US & Canadian users have a tough time getting signed up but plain sailing after that)

[Topprofile]

www.ikobo.com (seems pretty unused but they issue a Visa Electron to get at your funds)

I wonder why nobody uses them...?

No better than Paypal...

[ChiangMaiThai]

I have been contemplating using Paypal to transfer money from U.S. Bank account to a Thai bank account and reading this thread has led me to the conclusion that it cannot be done. Am I right?

Open a US PayPal account tied to a US bank. Apply for the debit card. Fund your Pay Pal account and withdraw here. $400 a day maximum at ATM and $1000 or $2000 max for purchases. May be other fees too. Check the website first...

[frogmo1]

Since my last post on this thread, PayPal has begun accepting Siam Commercial Bank visa cards for funding of (newly opened) Thai PayPal accounts, thus resolving the problem I had. Now I can buy and sell on eBay and other Internet sites without worrying about sending and receiving cash by registered mail or other, often expensive money transfer systems, especially when small amounts are involved. This, in turn, saves me the hassle of buying foreign currencies, preparing transmittal letters and envelopes, and standing in queues at the post office. PayPal has overcome a lot of obstacles to provide a comparatively inexpensive international money transfer system.

[croftrobin]

Frogmo

That's very good news- on one hand,

However I presume that you are a US citizen with a US bank account and so can withdraw to the US account.

If you do not have a US bank account or have access to one - like about 99.9 % of Thais and you would predominately use your Thai Paypal account for selling, then you have absolutely no means at all at present to access the funds building up in your Paypal account!

Unless of course you go on a spending spree!

Until Paypal allow a withdrawal to a local Thai bank then very little Thai originated Paypal trade will occur.

It is in Paypal's own financial interests to speed up this process - of allowing local bank withdrawals - as they will reap about 3 4% of all trade from Sellers!

Until that happens they will lose to companies like 2checkout etc.

[frogmo1]

Croft ...

Thanks for your observations. I do have a U.S. bank account, so I did not realize that PayPal sales proceeds cannot (yet) be withdrawn to a non-U.S. bank account (and PayPal debit cards apparently are not available to non-U.S. members).

Sales proceeds, of course, can be spent with other PayPal merchants. In situations where that doesn't make economic sense, PayPal remains a convenient way to make payments using a local (Thai) Visa or Mastercharge card. I hope readers will encourage PayPal to make their service more useful, as well, to Thai sellers. I do think they pay attention to user criticism, and the 3 to 4% fee they charge would look nice in their (U.S.?) bank account! For example, a couple years ago, I inquired why PayPal was available in Belgium and The Netherlands but not in Luxembourg, which is one of Europe's banking capitals. In a few months, Luxembourg was added to the portfolio.

[Phil Conners]

If you have a US paypal account and charge a US credit card with your ecommerce you pay the lowest rate (30c + 2.9%). You can withdraw your money for free, either by a free wire transfer to your bank in 3-4 days or by your Paypal debit card.

If you're European you pay 3.9% and have to pay a not inconsiderable fee for transferring funds to your bank. Paypal debit card not available for Europeans.

The bottom line is as a seller you're still facing an uphill struggle vs. US competition, but buyers feel little difference. Skewed playing field

[merchant]

spam

Edited July 18, 2004 by huski

[Foggy Bottom]

You can withdraw Paypal funds to Thai banks in Baht using www.ozex.biz/exchange

Oh great - yet another slice of the income taken by a third party

Fees on eBay

Fees on PayPal

Currency exchange rate margin everywhere else

Getting so honest trading isn't profitable

[LivinLOS]

I have been using PayPal for many many years... They seem the defacto auction payment system and as such I cant seem to avoid them, if I could however I would...

I have been locked out (6 times in 5 month) and had many mnay long arguments which simply result in cookie cutter cut and paste emails that have no bearing on my question.. For years I was using my Euro credit card and accessing from Thailand by routing through a non anonymous proxy.. Now however they have 'unblocked' my account but I still dont trust them..

Never keep a balance in your paypal account and always pay for good fully on your credit card.. this way if anyhting does go wrong you can pull the payment via VISA and retain control of your money.

[Darknight]

You can withdraw Paypal funds to Thai banks in Baht using www.ozex.biz/exchange

Oh great - yet another slice of the income taken by a third party

Fees on eBay

Fees on PayPal

Currency exchange rate margin everywhere else

Getting so honest trading isn't profitable

Well, compared to the rent you pay for a shop, this is nothing. If you do international trade, exchange fee cannot be avoided, ozex exchange fees are already minimal compared to others.

Well for a company that provides DNA and cloning ????

and also paypal payment exchange + has no contact on their website of paypal exchange . And coming here as a newbie selling your services

I would say you qualify for The SCAMMER ON THAIVISA YEAR AWARD

[merchant]

spam

Edited July 18, 2004 by huski

[BlissfullyIgnorant]

WARNING

I just checked out the www.ozex.biz as promoted by Merchant.

I would be very wary of *any* business whose official contact phone number is a mobile phone, as is the case with OZEX:

Contact Us

General inquiries [email protected]

Sales [email protected]

phone +61 411688392

No landline phone for a foreign exchange company? be careful.

[aqua4]

Since my last post on this thread, PayPal has begun accepting Siam Commercial Bank visa cards for funding of (newly opened) Thai PayPal accounts, thus resolving the problem I had.

Hi,

Is that a VISA debit card or credit card? I cannot get a local VISA debit card to be accepted.