Minimise exchange/transaction fees - Paypal

[simon43]

Several of my Chinese employers for whom I teach online pay me each month by sending payment in USD to my Thai baht (THB) Paypal account.  I then withdraw those funds to my Bangkok Bank, so that I can then obtain cash from the ATM using my Bangkok Bank debit card.

 

Seems to me that I must be incurring some hefty exchange rate/transaction fees along the way.

 

Shortly, things will get worse!  I'm moving to live in Lao PDR.  Paypal doesn't support the withdrawal of funds to a Lao bank account.  I will have to withdraw funds using my Thai bank account debit card ==> free for using this 'overseas' ATM card in Laos.

 

Is there a cheaper 'route' to move my hard-earned salary from the Chinese employer to my hot little hands?

 

Provisos are that I doubt whether my employers will stop using Paypal.  Maybe WeChat wallet, but I need to physically travel to China to open a tourist bank account with a local bank there to get hold of an ATM debit card.

 

 

 

 

 

[GeorgeCross]

maybe try payoneer a lot of freelancers use that now instead of paypal

 

maybe your employer would consider an account with them

[yankee99]

PayPal fee receiving thai baht in Thailand is about 4.5% the beneficiary doesn't incur exchange rate fees

[sourceful]

Hi Simon I strongly recommend you look into https://transferwise.com

 

Best exchange rates on the net, tiny transactions fee, you can hold more than 40 currencies, and they even have a debit card (mastercard) which allows you to withdraw funds from anywhere in the world.

[kevin612]

Speaking of PayPal, how do you withdraw money in Thailand?

[cmrichsw]

5 hours ago, kevin612 said:

Speaking of PayPal, how do you withdraw money in Thailand?

You add your Thai bank account to PayPal the transfer to your bank is free take approx. 5 days. 

[PerkinsCuthbert]

PayPal is exceptionally poor value, and in addition arrogant and uncooperative in any dispute.

The only alternative I have found for Chinese remittances is Transferwise, but that depends on the Chinese party signing up to the service locally, with an email and domestic bank account, and the recipient having the same in Thailand. However, their rates are good and the service very efficient.