You will need to visit the PayPal Hong Kong website and follow the measures outlined to get in contact with PayPal. If you are a purchaser, improve your value chain to find the right B2B suppliers worldwide using the uniquely detailed Kompass Classification. Hi, As I reside in Hong Kong and have currently been doing some business on Ebay, I usually receive my payments through USD. This guide walks through how to use GCash from Hong Kong. Please contact us for details for now. Our review is complete and we have returned your account to regular standing. Click here . They may likely reject the payment. 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. PayPal is a nightmare, my best advise is to stay away from it. To prevent any account limitations, please confirm your identity at dashboard. Hello Mark! this is the last part that is needed. Kindly checkout this link for our contact information: https://www.globalfromasia.com/contact/. USPS also informed me that there are certain tracking numbers they use that are automatically flagged as suspicious or fraudulent. Contributor. We have noticed that your provided proof of business address cannot match your Business registration certificate, and please confirm the reason of this situation by emailing us at compliance-apac-KYC@paypal.com. Youll first be guided through these to try to find the answers to your questions independently. If youre an eligible PayPal business account holder, you might also be able to use a custom made link from PayPal.me to take payments using social media, SMS or email. Of course Paypal wants you to grow and succeed, that means they are making more money too! Converting to HKD would be fine if paypal didnt rig the (bleep) out of the exchange rate. Signing up is pretty straight forward like any other Paypal in the world. You can open your PayPal business account online. General Policy for the Protection of Personal Data. Is there a backdoor method or which I can wire my USD to another place then convert it on more favorable exchange rates? anyone overcome this crazy conversion rates? basically do whatever possible to NOT use/ accept paypal. However, there may be charges which the sender has to cover. I collect mostly USD from my clients, dont really need HKD, are there any ways to get a lower rate closer to US rate? While the technical ability is straight forward, it is complicated on the tax and government regulation side. 88 percent of customers would complete the initiated checkouts for PayPal. By browsing this website, you consent to the use of cookies. The site will look as if its in your country (where they despatch goods from) but they will ask for returns to go back to China (returns depot) at a shipping cost often more than the item is worth.2. 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. Send fake tracking numbers to win item non receipt of item claims. It is in another name! If the information you're shown doesn't answer your question, scroll down. 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. New to the community? Whether you are local or global, we are here to support you. Learn more about PayPal business fees and exchange rates, here. Theres just a transparent charge per transaction, and you can see upfront exactly how much the recipient will get. This service is produced by Kompass. Please also update the address on your Proof of business address document to the account. Global From Asia enjoys creating valuable content to help you grow your cross border business from Asia direct. SVF0008. Unless you like having your money arbitrarily frozen periodically. Paypal, on the other hand, charges by tier rate from 3.9% down to 2.9% + HK$2.35 for local currency transaction in Hong Kong. PayPal - How do I send payments from the PayPal app? In the tables above, youll notice that any PayPal payment which involves currency conversion comes with an extra fee. You can also make a payment if your recipient sends you their personal PayPal.me link. As we know, getting a bank account in Hong Kong has been troublesome. Well look at this in more detail later. Our review is now complete. Check that for the most up to date information on companies. Yet, the Hong Kong business owner was in mind when I wrote this. I have a HK PayPal account, but I cant use a mobile number from a different country on the account. The tough part is the currency conversion on withdrawing your cash. Question from a reader (via email) that is worth sharing with everyone to help those in the future: Things should run smoothly once those steps are setup. *Fees correct at time of writing - 31 August 2020. It is linked to Hang Seng Bank Hong Kong..all in HKD. Find out how to register, send and and receive money via FPS. But if the customers are worldwide, then you will be paid 4.4% + fixed rates. '', 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.''. 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. 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. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Check out AureliaPay now! So in 2017 a ton of our clients and many readers of this blog have gotten tons of emails and account holds on Paypal to re-verify their account. Users in Hong Kong are advised to read the terms and conditions carefully.Paypal Compliance. If you cant find the answers to the questions you have, youll be guided to send a secure message online via the PayPal website. Its true, just like the credit card issue it is a waste of money. The paypal account has been linked successfully with two small payments from paypal identified. Chances are you may need to use various foreign currencies with your PayPal business account if youre doing business in other nations. Id respect it if it was a flat fee of say $20-30 fee like a wire fee, but 2.5% on 10,000 USD? To transfer payments to all of your consumers or clients, you do not even need a PayPal balance. THIS HAS HAPPENED TO ME TOO AND PAYPAL SAID THAT IT WAS A LEGITIMATE CHARGE! Check with your bank and make sure they allow Hong Kong addresses (or foreign addresses in general). 2. We are getting more and more emails from readers who think we are affiliated with Paypal and asking us for customer support. Thank you so much Michael, that helps. Check the costs compared to a specialist alternative like Wise, to make sure youre getting the best deal available for your international transfer. Check out Wise as a smart, simple way to cut the costs of sending and receiving money from overseas. Reference to dispute PP suggest I send the merchandise back to get my refund. RD Wallet Technologies Limited. Address: Rm 1506-07 15/F CENTRAL PLZ 18 HARBOUR RD Wan Chai Hong Kong See other locations Phone: Website: www.paypal.com/hk Employees (this site): Modelled Employees (all sites): Modelled Year Started: Incorporated: ESG ranking: ESG industry average: What is D&B's ESG Ranking? force you to pay out in HKD and then convert back to USD or NZD etc. This Paypal guide will be regularly updated as I get more feedback and learn more from my own experience as well as clients. New and existing customers looking for set up, technical and account support. But one thing you can take care of is that when you submit a personal/commercial transfer that also includes currency exchange, a markup of 4 percent would be paid from you for the retail exchange rate. 2 people found this solution to be helpful. Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App. It is something I am asked quite a bit and am happy to be sharing with everyone to get rid of the worry and hesitations of setting up a company in Hong Kong. If you have any problems with your payment, please contact PayPal customer service Open a new window. 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. @Fred20051 and @Beccadsmokes, welcome to the Community! 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. These are the basic steps to setup in Paypal HK: Congratulations, you now have a verified Paypal Account! PayPal is a convenient way to shop online and send and receive some payments. UPS refused and stated address is fraudulent and would cost over $100 to send more than what I paid for merchandise. Contact - Paypal Hong Kong Ltd Room 1506-07, 15/F, Central Plaza 18 Harbour Road Wan Chai Hong Kong Hong Kong Call the company Ask for information Fax +852 3550 8660 https://www.paypal.com/hk Legal information - Paypal Hong Kong Ltd Location - Paypal Hong Kong Ltd Looking for new B2B Leads ? You'll need to enter some basic details, including: Your email address Your business information Your personal information You'll then receive a confirmation email. You may contact a Business Consultant in Paypal HK. If your account was limited for identity confirmation, the limitation has been removed. If you need to send or receive an international payment online you could be better off using a specialist service like Wise. They supposedly sell virus software (which I have never had.) color: #ffaf00; A payment was posted from my individual PayPal account to <removed>, LIMITED on July 6. I am currently having the same problem. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. You would ultimately need to pay a sum of 3.9 percent + HKD 2.35 per transaction for Hong Kong-based clients. Textiles, Clothing, Leather, Watchmaking, Jewellery. * This number, only available 3 minutes, is not your correspondants number but the number of a service putting you through to that person. I hope you can help me, thank you very much in advance, Global From Asia is a Media Brand Owned And Operated By Shadstone SEO Services. This mailbox is not monitored and you will not receive a response. The fee will always be mentioned upon withdrawal. I will move HK this month anyway. If you receive an in person payment using a QR code, in HKD, youll pay an extra HK$0.80. How is your experience using Paypal in the Hong Kong business market? Just go over to the website for PayPal Hong Kong and choose to sign up. Contact PayPal for answers to all of your online payment questions or to sign up for our services! Another Option To Send Transfers Within Asia. Thanks in advance. Hi Enoch, The only way I know is to send as a friend payment to someone else who has a USD denominated account. and got this email: 10 hrs ago service@paypal.com.hk started the conversation. *Your call may be answered by a member of the PayPal group on behalf of PayPal Hong Kong Limited. Wise payments are convenient, secure, and arrive quickly - with no exchange rate markup, and no hidden fees. }, The Ultimate Paypal Hong Kong Guide (Get Verified, Stay Safe) 4.0 rating based on 12,345 ratings Overall rating: 4 out of 5 based on 4 reviews. Now well take a look at the numbers of using a PayPal business account, including the account receivable fees and the transfer fees for PayPal money. The details, per the email: "CSP-Basic Storage 7 days and . Currency: HKD Bank Code: 055 Beneficiary Account Nbr: 757-81718071. now my question is how does paypal identify that the amount is for my account. Knowing this, my paypal currency will be in USD. This includes entering your bank account details and confirming 2 minor test transfers received by PayPal into your account by testing them. Address: Level 29, Three Pacific Place, 1 Queen's Road East, Wanchai, Hong Kong (Note: The licensee is formerly known as Money Data Limited.) Fees for eChecks in HK$ 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. I have been very successful for a few years now using my Paypal HK Account with zero interruptions, until now. Heres what PayPal says about currency conversion: Where a currency conversion is required, it will be completed at the transaction exchange rate we set for the relevant currency exchange. Tap Message Center . Their reply was that if my screen doesnt quote a fee, rest assured this withdrawal will have no fee at any point. The person youre asking to send you money will receive an invoice allowing them to pay you using a card, linked bank account or their existing PayPal balance. You can add USD bank accounts to HK Paypal, and withdraw at Xero fee. It is availble on transactions between AU$30, and $1,500 and can impact a . How do I send payments from the PayPal app? Depending on the issue andwhether or notyou're logged in, you'll see an option to message us, call us, use the PayPal chatbot, or. Its worth noting that there are fees to pay when sending money to friends and family abroad with PayPal. Whats my experience with Paypal? Strap on your seat belts, this is going to be fun! If the information you're shown doesn't answer your question, scroll down. 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. Options. Pingback: The Story of Neat Hk Developing in Hong Kong to Help the Banking Market with David Rosa and Igor Wos. Aurelia Pay is a leading cross border payment service in South East Asia, Hong Kong and Greater China. It could be that the error is shown only at some times, or that the error is not shown all of the required times. We appreciate your patience and thank you for making PayPal the better choice for sending and receiving payments.Paypal Compliance. To help you find the best possible way to make your international payment, weve compared PayPals rates and fees with an alternative provider - Wise. This representative will ask for the following documentation: Again, I think once you get started with a Hong Kong company, take a couple months to digest things before applying for merchant accounts. keep us posted. For the kind of transactions you make, it is necessary to use the right PayPal account otherwise you risk locking or closing your account. For all budgets and expectations, we work hard to give you the ultimate experience for growing your business network and knowledge. This is why they will have to trust you if you ask them to receive your Paypal in exchange for cash or bank transfer. like 3% ish total? Sources last checked on 11-September 2020. Chinese Web Sites or on Social Media ads easy to spot (once you know the below signs) so buyer beware.1. URL of the e-commerce website with information on: a) terms of delivery; b) returns & exchange policy; c) privacy protection of customer information; d) customer service. yes youre not alone, tons of people are getting the same thing right now. Step 2: Provide your recipient's name, address, and phone number. I recommend contacting Customer Support to see if any other options are available for your case. No return address on the returns policy. Only by demanding an electronic transfer to it can you directly transfer the money from the bank account to which you connect. If you have a business account, you can also receive money for selling online or in person, both at home and abroad. Latest audit report(s). 6. Ill probably send to another user to get around the 2.5% fee. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. PayPal Inc - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately. By the way thanks for the Blog it makes me feel not alone. 2. Sorry you mentioned this in your article. Taking money out is a rather tricky part. 5. HONG KONG, September 29, 2020 - eCommerce businesses in Hong Kong have been hit hard by a pandemic-induced decline in sales, supply chain and logistics issues, but are now changing gears to recapture growth, according to a new study by PayPal. Want to save with international transfers? There are some expenses you need to know about whether you have an online business and get paid by PayPal. hi Simon, Yes, HK banks have multi-currency which is great the issue is Paypal FORCES you to withdraw to a HK bank in HKD so you need to convert it even if the HK bank is multi-currency. Welcome! 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. Thank you for your understanding and support. So hope you feel I am qualified to share with you today the experiences as a seller using Paypal from a Hong Kong company. Thats $250 USD just for the right to move your money to the bank. And if you really love this article! Which, may or may not be cool depending on where your customers. 1. Thank you so much for all the information on your blog, it is really helpful! But, like all financial institutions, they need to ensure that they are following KYC (Know Your Customer) procedures. Shop Now Pay with your preferred card Link all your cards and choose which one to use at checkout. . 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. If you need to reach us, simply click Help on any PayPal page. just wanted to say fantastic resource Mike! They should be trusted counter parties, well, actually they are taking the big risk. This guide walks through the costs of making an online money transfer with PayPal, including the upfront charge and currency conversion fee. If you send someone Paypal money and they transfer via a bank account or cash they risk having you recalling the money. Life time support, The Ultimate Paypal Hong Kong Guide (Get Verified, Stay Safe), The Ultimate Paypal Hong Kong Guide (Get Verified, Stay Safe), latest podcasts on Paypal and other merchant accounts on the site here, Using HK for your Affiliate Marketing Business, https://www.globalfromasia.com/cross-border-payments/. Should be trusted counter parties, well, actually they are following KYC ( know your customer procedures... Dispute PP suggest I send payments from PayPal identified, youll notice that any payment! 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Please contact PayPal for answers to all of your online payment questions or to sign up this is... Institutions, they need to reach us, simply click Help on any PayPal page fixed rates content Help. Wire my USD to another user to get around the 2.5 %.... Online money transfer with PayPal, including the upfront charge and currency conversion comes with extra. Like having your money arbitrarily frozen periodically the address on your Proof of business address to... Your seat belts, this is going to be fun even need a PayPal balance Neat. Was a LEGITIMATE charge and then convert back to USD or NZD etc costs compared to a alternative! The exchange rate then convert it on more favorable exchange rates PayPal page 2020... Also make a payment if your account was limited for identity confirmation the... To share with you today the experiences as a friend payment to someone else who has a USD account. 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