PayPal--Fees and charges for Thai accounts

[up-country_sinclair]

I'd appreciate some advice from anyone in Thailand using PayPal to receive regular payments.

 

Payment will be coming from the US and the option has been given of being paid via PayPal or an international wire transfer with a $20 fee.

 

From what I've seen on the PayPal website, they're going to take 4.4% of the transfer plus a fixed fee.  To those with experience, how much is this fixed fee?  I can't seem to find it on their website.  Also, how difficult and costly is it to transfer funds from a PayPal account to a linked Thai bank account?

 

If the international wire transfer option is chosen, Krung Thai is going to take .25% of the transfer, capped at 500 baht.

 

As far as FOREX rates are concerned, I've dealt with PayPal in the past making online purchases, and their rate is always worse than what's listed online.  And in my experience, banks are much closer to online rates.

 

Considering the the above, which do you think would be the best option?

 

Any advice and suggestions from those with experience would be greatly appreciated.

 

????

 

If anything above isn't clear or more info is needed, let me know.

[yeahbutif]

I have UK PayPal linked to my UK bank account. And I Thai PayPal linked to my Thai bank account. So can top up UK PayPal.. Then send to Thai PayPal. Then with draw from Thai PayPal to my Thai bank 

. Fees cost £2,99. Only. But the PayPal rate is lower. So on about £5,000 works out about the same As a straight bank transfer. I find it's good for smaller amounts. Like a £1000.as the fee is always £2.99 

[Pedrogaz]

Forget PayPal, a bunch of crooks as bad as western union.

[zyphodb]

The thing with PayPal is, quite a few of the online teaching companies use them to pay your wages, and most won't pay direct to a Thai bank acc. and if they do, often reduce your hourly rate to one that they think is suitable to Thailand, thieves that they are...

[natway09]

Use your KTB & try & minimize transactions.  (Less for more)

Their exchange rates alone are far better than Pay Pals 

[Rodinos]

I use PayPal for business transactions here in Thailand, the fixed fee is 11bt per transaction plus the 4.4%. You would need to transfer minimum 5000bt from your Pay Pal account, to your Thai bank otherwise you incur a 50bt fee also.

 

You would need to wait about 5 days for funds to hit your Thai Bank account, once you have initiated the transfer from Paypal to your bank. You also have a poor conversion rate, from your currency to THB so I would not recommend PayPal..

 

Western Union is probably the better option now, as their conversion rate has improved greatly, compared to PayPals. They now have an online paying facility in Thailand, where as before you would need to go to an agent. You can send via western union direct to your bank here in Thailand, though I not sure if you can set up regular payments, so you may have to keep initiating the payment manually. When I did a WU transfer from the UK to my Thailand bank, I got the actual amount, without any hidden extras either side..

The WU current rate for your currency is 1.00 USD = 31.6276 Thai Baht (THB) with no fees..

 

 

 

 

[Ro54]

Get a Revolut or Transferwise account..

Better rates for transferring(interbank rates). PayPal is easy to use, but charges way too much, so I avoid using them if I can. 

[timendres]

The choice depends on the size of your payments. It is a simple formula that I am sure you can work out. For larger payments, wire transfers (as well as other mechanisms) are best. For smaller payments, PP will be the winner. Others above have pointed out alternatives, and those are fine if they are convenient for the person paying. However, in some cases, we found that PP was the only widely accepted channel for payment, so we used it.

[Pilot3Boz]

PayPal has a new venture called XOOM, quite easy to use and a flat fee of $4.99USD... The exchange rates are decent also... They have limits on amounts you can send but really a nice service... I have used it a few times already, hassle free and money in Thai account in 2-4 days .... 

[torturedsole]

Just now, Pilot3Boz said:

PayPal has a new venture called XOOM, quite easy to use and a flat fee of $4.99USD... The exchange rates are decent also... They have limits on amounts you can send but really a nice service... I have used it a few times already, hassle free and money in Thai account in 2-4 days .... 

There's many more competitive services and anything associated with PayPal isn't good for your wallet.  

[up-country_sinclair]

Thanks for the replies.  ????

 

[Max69xl]

On 5/28/2020 at 8:35 AM, up-country_sinclair said:

Thanks for the replies.  ????

 

Never use PayPal for money transfers and you can't use a Thai PayPal account connected to a Thai bank account to send money out of Thailand. Use TransferWise when transferring money from abroad. PayPal works fine when buying stuff online when that option is available.

[41632584]

You can use a Thai PayPal account to send money out of Thailand. There is no problem doing that. Just the fees are high.