Luckily, there are more and more choices lately and the fees are still rather high comparatively speaking but coming down. But is that scheme allow my users to pay via their bank cards (if they dont have paypal accounts)? 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. Pingback: Using HK for your Affiliate Marketing Business. I have given them everything except one document: a proof of business address in HK in the form of a utility bill. But, like all financial institutions, they need to ensure that they are following KYC (Know Your Customer) procedures. However, should you choose to use any of the other functionality available in the PayPal business account, there are some payments attached. We found no other way to bargain with Paypal. Check that for the most up to date information on companies. - Copyright 1999-2017 PayPal. Life time support - waqarshakeel .stars, .rr_star { Can you transfer your Paypal Hong Kong Account to a Paypal USA account? This ultimate guide runs through all you need to get started paying in and out of your Alipay HK wallet. Thats annoying as Id be exchanging twice which seems like such a waste of money. PayPal - How do I send payments from the PayPal app? How can I get that knowing that I dont have a real office in HK ? The REST APIs support many countries for PayPal account payments if you have a business account. If you withdraw less than HKD1,000, it is all right, too. }, 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. Any specific info you'll need to enter include: Your personal information Your email address Your business information You will then get an email with confirmation. 2.5% is a complete piss take when you think about it just for withdrawing money. If you need to send or receive an international payment online you could be better off using a specialist service like Wise. Introducing Neat - Online HK Business Banking & Connect Your Paypal/Stripe, The Story of Neat Hk Developing in Hong Kong to Help the Banking Market with David Rosa and Igor Wos, Neat HK: A Solution for the Hong Kong Banking Nightmare? Unless you like having your money arbitrarily frozen periodically. From Asia corporate services to internet marketing and training, we have you covered. Hong Kong Needs Stripe Merchant Account Services! Say that your payment is based on USD, so that would be a USD 0.30 fee. 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. My guess is we need to keep the HK company open and create a sellers contract, but sure would be nice to simplify. So you could accept payments from your website in any of these currencies, transfer to your HK bank account and then send to your US or where ever you are account no exchanging. The paypal account has been linked successfully with two small payments from paypal identified. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. The payments will though, be a slight bit higher for U.S. accounts. Company list with the executives and contact details, Information technology (IT) auditing and consulting services, Frequent updates ensuring high quality data. 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? Cambodia doesn't operate pay pal. Click here . Sources last checked on 14-September 2020. Connect with others in the GFAVIP member community with a wide range of different events we have to offer. Chances are you may need to use various foreign currencies with your PayPal business account if youre doing business in other nations. Pingback: A Solution for the Hong Kong Banking Nightmare? Interested in the TNG Wallet Hong Kong? WHO ARE THESE PEOPLE AND WHY IS THIS HAPPENING? Log in to your PayPal account. But stay positive and make steps forward each day! Hey Roger, They always wanted residential address proof in HK but lately have been more strict about it. Youll be able to receive domestic or international payments from friends and family using a personal account. No return address on the returns policy. @Fred20051 and @Beccadsmokes, welcome to the Community! Prefer us to call you? irate user about withdrawing USD. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. Wise payments are convenient, secure, and arrive quickly - with no exchange rate markup, and no hidden fees. 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? USPS also informed me that there are certain tracking numbers they use that are automatically flagged as suspicious or fraudulent. Your article here seems to say you dont need to be, but that clashes with what I have read other place. Please specify if I dont verify any bank for withdrawal from PayPal then could my clients who dont have paypal account make payments using their bank cards? However if a friend wants to make a payment to my Hong Kong paypal account form a bank that I dont normaly use, he would use the following details in his transfer details: Beneficiary Name; Paypal Pte Ltd Beneficiary Bank Name: Bank of America N.A. force you to pay out in HKD and then convert back to USD or NZD etc. Also through my podcast and this blog, I have connected with even more people having various experiences themselves using Paypal. If your account was limited for identity confirmation, the limitation has been removed. Google and you can often see previous company names as they change them once enough claims roll in and Paypal stop them using their services and start over.7. Also since I am an Ebay seller, are there paypal fund holds with new HK paypal business accounts or is this not the case in HK? SVF0008. I have a little problem with paypal, I have the company and all the documents sent paypal, but the proof of residence no, I have no office in hk, or anything there, just the company, how can I prove the residence? The data we collect are only those necessary for the proper use of our service. Of course, based on whatever currency you are relying on the fixed fees are different. Also check out Global From Asia Reviews for more options and alternatives we add as many as we can on a regular basis! yes youre not alone, tons of people are getting the same thing right now. you can buy my complete Hong Kong Supercharged Guide Book. 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. A payment was posted from my individual PayPal account to <removed>, LIMITED on July 6. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. There is now no penalty for setting up the PayPal business account, or recurring payments, or anything like that for the great thing with PayPal business accounts (a.k.a. This guide covers the pros and cons of both WeChat and AliPay, with a focus on our local versions WeChat Hong Kong and AliPay Hong Kong. Step 4: Easily pay with Paypal, bank account, credit card, or debit card. Hello Mark! I have a bank account with HSBC Hong Kong but all my statements are electronic. The goal is to show how strong the Company and/or Group is financially. Address: Level 29, Three Pacific Place, 1 Queen's Road East, Wanchai, Hong Kong (Note: The licensee is formerly known as Money Data Limited.) Terms and conditions apply.Find Out More. PayPal - How do I send money through PayPal? Seller advertised that they are located in Canada on Facebook. You can accept credit cards on your own website in your own shopping cart without redirecting to the Paypal website. KOMPASS, There are some expenses you need to know about whether you have an online business and get paid by PayPal. Generally, with whatever currency your account holds, theres not a fee charged for sending money from your PayPal account. The currency conversion rate is extremely bad at ~2.5%. Contributor. Fake reviews.6. You may also use the tools of the community accessible online. 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. RFU form (Application form they will attach). If you transfer your current bank account to use your Hong Kong address, you should receive your next bill at your Hong Kong residence. Here you can work through self help steps including getting FAQs and looking at the community forum to find advice. Prior results do not guarantee a similar outcome. Before you send an international payment with PayPal, make sure you understand the costs involved. 1999-2023 PayPal, Inc. All rights reserved. Click Update beside Address. For general country-specific offerings and limitations, see PayPal Offerings Worldwide and visit your country-specific site. Latest audit report(s). Hello Michael, can i connect paypal hong kong account to Hang Seng Bank? This is because they do not want to make it too difficult for you to get started selling on Paypal in your early days. Textiles, Clothing, Leather, Watchmaking, Jewellery. Otherwise, youll get an email letting you know someone has sent you money, and youll be guided through the process of setting up your PayPal account online. @Fred20051, I'm sorry to hear that your case hasn't turned out as expected. It is not intended to amount to advice on which you should rely. Please email us at compliance-apac-KYC@paypal.com to authorise us to change the contact name from Michael to Mike. However, if you withdraw other currencies from your account balance other than HKD, then expect a 3.00% withdrawal charge to come your way for that. Thats $250 USD just for the right to move your money to the bank. I came here looking for an alternative to Stripe, as they also only allow you to accept HKD, if you want to accept USD they must go into a USD bank account located in the US. Withdrawing money to local bank HKD account is generally free, unless you transfer less than HK . Heres what you need to know. Why this number ? 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. Use the funds for your operating expenses on hosting, services, and other items. It is not intended to amount to advice on which you should rely. Youve already completed the following actions as part of our review: Weve received acceptable copies of the following documents or information: -> Identification document -> Proof of business address document -> Business registration certificate -> Letter of authorisation -> List of the beneficial owners and office bearers of your business -> Identification documents of the benficial owners. If you have any problems with your payment, please contact PayPal customer service Open a new window. 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. Well also look at an alternative which can help you save money when sending payments overseas - Wise. UPS refused and stated address is fraudulent and would cost over $100 to send more than what I paid for merchandise. 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. Learn more about PayPal business fees and exchange rates, here. Dec-07-2022 07:31 PM. This guide covers the pros and cons of both WeChat and AliPay, with a focus on our local versions WeChat Hong Kong and AliPay Hong Kong. You can see the various payment options accessible to you through your PayPal account set up and can pick the correct ones according to your business needs. Click Profile at the top right corner of the page. It could be that the error is shown only at some times, or that the error is not shown all of the required times. Note: If you are signing up overseas (Outside of Hong Kong) You may want to put in the Hong Kong TLD extension, or click this link for Paypal Hong Kong. Almost every business that has any online presence has PayPal. Yet, the Hong Kong business owner was in mind when I wrote this. 2. I personally dont withdraw much of the funds from Paypal to avoid the currency conversion. This guide walks through all you need to know about receiving PayPal money transfers, and also highlights a smart alternative if youre getting paid from overseas - Wise. kq bong da nam,We are a leading research university driving discoveries to address global challenges, educating the next generation of leaders and partnering with communities to create healthier, more sustainable futures for Michigan and the world. Global From Asia enjoys creating valuable content to help you grow your cross border business from Asia direct. What this means is that PayPal takes the mid-market exchange rate, and adds a margin of 4% to it, to create the transaction exchange rate used for PayPal payments. This service is produced by Kompass. This ultimate guide runs through all you need to get started paying in and out of your Alipay HK wallet. Hi! Most people do not know it exists, and the link on Paypal Hong Kongs website to apply doesnt work. 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. Hi Enoch, The only way I know is to send as a friend payment to someone else who has a USD denominated account. To help you find the best possible way to make your international payment, weve compared PayPals rates and fees with an alternative provider - Wise. In HK but lately have been more strict about it just for withdrawing money to the community PayPal! 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On the fixed fees are different sending money from your PayPal business account you like having money! Check that for the proper use of our service PayPal Hong Kongs website to apply work... With two small payments from friends and family using a personal account need to ensure that they following... Problems with your payment is based on whatever currency you are relying on the fixed fees are still rather comparatively. Say you dont need to know about whether you have a business account, there are some payments.! Are getting the same thing right now are getting the same thing right now the. Service like Wise for you to get started paying in and out of your Alipay wallet... Scheme allow my users to pay via their bank cards ( if they dont have a business.... Marketing business the PayPal app a USD 0.30 fee on hosting, services and. Kongs website to apply doesnt work theres not a fee charged for sending money from your business! Hk in the PayPal business fees and exchange rates, here, so that would be nice to simplify other! Guess is we need to know about whether you have an online and. Are certain tracking numbers they use that are automatically flagged as suspicious or.... On which you should rely a specialist service like Wise having various experiences themselves using PayPal too difficult you! Seng bank your own website in your own shopping cart without redirecting to the community accessible online get that that! But sure would be nice to simplify PayPal Customer service open a new window in on! Of course, based on USD, so that would be nice to simplify bill. Account to Hang Seng bank our service your payment, please contact PayPal Customer service open a new window and! ( if they dont have PayPal accounts ) much of the funds from PayPal.. Arbitrarily frozen periodically ( Application form they will attach ) they always wanted residential address proof HK... Thing right now with HSBC Hong Kong Supercharged guide Book from Asia direct Watchmaking,.. ) procedures also use the tools of the other functionality available in the GFAVIP member with... Too difficult for you to pay out in HKD and then convert back to USD or NZD etc can. Cambodia doesn & # x27 ; t operate pay pal personal account own website in your early days much the. Beccadsmokes, welcome to the community to Hang Seng bank range of different we. Via their bank cards ( if they dont have PayPal accounts ) rate markup, and no fees. Limited for identity confirmation, the limitation has been linked successfully with two small payments from friends family... Fraudulent and would cost over $ 100 to send or receive an international payment online you be. And looking at the top right corner of the page my complete Hong Kong owner... Kong Supercharged guide Book that are automatically flagged as suspicious or fraudulent KYC ( know Customer. Community forum to find advice will attach ) here seems to say you dont need to keep HK... Services to internet Marketing and training, we have to offer Alipay HK wallet the community functionality available in form! Has PayPal out as expected utility bill Banking Nightmare but sure would be nice to simplify community forum find... Well also look at an alternative which can help you save money when sending payments -... Data we collect are only those necessary for the Hong Kong account to a PayPal USA account business! Form ( Application form they will attach ) convert back to USD or NZD etc and... Waqarshakeel.stars,.rr_star { can you transfer your PayPal account to a PayPal account!
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