Its worth noting that there are fees to pay when sending money to friends and family abroad with PayPal. 2 people found this solution to be helpful. So, I contacted them saying that I wasnt quoted a fee for my withdrawal, and that I dont appear to have been charged, and asking would there be a charge later on. With 61% of survey respondents expecting a recovery by the end of the year, 86% are already seeking to capitalize on the opportunity by improving . Its worth noting that there may be fees to pay - either by the sender or the recipient - for PayPal money transfers. To me it says that your PayPal account setup is based on Hong Kong address and that at any point when they notice that you are from Hong Kong, you are greeted with the message. Shop Now Pay with your preferred card Link all your cards and choose which one to use at checkout. Im waiting to hear back from PayPal now because I need the money since Im not getting the product. Users in Hong Kong SAR are advised to read the terms and conditions carefully.When you visit or interact with our sites, services, applications, tools or messaging, we or our authorised service providers may use cookies, web beacons, and other similar technologies for storing information to help provide you with a better, faster and safer experience and for advertising purposes. Its true, just like the credit card issue it is a waste of money. Its painful I know.. If youre still having difficulties using your PayPal account, log in to your account and visit the Resolution Centre to find out more. Further to these requirements, we need to collect additional information from you. To get in touch with PayPal Hong Kong, youll need to head over to the PayPal website and visit the help centre. I have given them everything except one document: a proof of business address in HK in the form of a utility bill. Michael MicheliniLast Updated: July 18, 2020Banking, Blog, Corporate49 Comments. Likewise, the way PayPal charges you is dependent on two variables whether your account is based locally or abroad. So we will most likely need to charge in USD. 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. No surprises and no hidden costs. The fees vary for each payment type, so its good to know the full range of costs involved in advance. * This phone number available for 3 min is not the recipients number but a number from a service which will put you through to that person. we have a blog about alternatives https://www.globalfromasia.com/cross-border-payments/. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. How is your experience using Paypal in the Hong Kong business market? However, should you choose to use any of the other functionality available in the PayPal business account, there are some payments attached. yes youre not alone, tons of people are getting the same thing right now. I recommend contacting Customer Support to see if any other options are available for your case. I have a HANG SENG BANK account. The paypal account has been linked successfully with two small payments from paypal identified. Seller advertised that they are located in Canada on Facebook. Chances are you may need to use various foreign currencies with your PayPal business account if youre doing business in other nations. basically do whatever possible to NOT use/ accept paypal. Free and open company data on Hong Kong company PayPal Hong Kong Limited (company number 1144926) Learn how to leverage transparent company data at scale. Hello Michael, can i connect paypal hong kong account to Hang Seng Bank? It could be that the error is shown only at some times, or that the error is not shown all of the required times. The name of the sender is supposed to match the name of the Paypal account holder. Hi VS, Unfortunately you need a local HK bank in order to verify your Paypal and withdraw your funds. Is multi-currency banking not an option? The "PayPal Merchant Reactive Risk" staff spend more time asking me to take the business elsewhere than helping me to anticipate the review process. Youll be able to receive domestic or international payments from friends and family using a personal account. Depending on the issue, you'll see an option to message us, call us, use the PayPal chatbot, orask the community. Find out how to register, send and and receive money via FPS. 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. For assistance, log in to your PayPal account and click the Help link in the top right corner of any PayPal page. What payment methods can I use with PayPal? Theres also a markup on the exchange rate used. This service is $30 USD per month fixed cost in addition to the processing rates. However as you mentioned, if I were to withdraw my credit from paypal to my HSBC account with foreign currency active, is there anyway i can directly just withdraw the USD instead of converting into HKD? and got this email: 10 hrs ago service@paypal.com.hk started the conversation. Say that your payment is based on USD, so that would be a USD 0.30 fee. Check the costs compared to a specialist alternative like Wise, to make sure youre getting the best deal available for your international transfer. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. I have opened my first one outside of USA in early 2008 and have had accounts with them in Hong Kong, UK, China, and of course USA. I have been very successful for a few years now using my Paypal HK Account with zero interruptions, until now. 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. 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. From my experience the quick answer is No. This service is produced by Kompass. You may contact a Business Consultant in Paypal HK. Were still unable to complete the review process of your account at this time. 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. color: #ffaf00; Just go over to the website for PayPal Hong Kong and choose to sign up. But, like all financial institutions, they need to ensure that they are following KYC (Know Your Customer) procedures. The form requires me to have me to identify my address as well an Id card with signature. 15th Floor Central Plaza 18 Harbour Road Rooms 1506-07 Wan Chai HK. Once there, youll see 2 items have a green check mark, Linking your bank account is critical to getting verified email should be pretty straight forward . Another solution is try to not withdraw any. Permanent ID copy of person(s) signing the Authorized letter AND each authorized signer. I have a bank account with HSBC Hong Kong but all my statements are electronic. Learn more here. Like you mentioned, and like many others, PayPal requires verification documents from me now. QUESTION: Were thinking of transferring/selling our HK company to a US company. Generally, with whatever currency your account holds, theres not a fee charged for sending money from your PayPal account. People need to have some local HK connections nowadays to best do it. 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. 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. Its worth shopping around before you decide the best way to make and receive payments, to see if you can save. If your account was limited for identity confirmation, the limitation has been removed. They dont need Paypal in order to pay you the problem will be when you want to get the cash out of Paypal. Chinese Web Sites or on Social Media ads easy to spot (once you know the below signs) so buyer beware.1. This ultimate guide covers all you need to know about Faster Payment System (FPS) in Hong Kong. How do you know if your Paypal account is actually verified? Kindly checkout this link for our contact information: https://www.globalfromasia.com/contact/. You can open your PayPal business account online. With Wise you can send and receive international payments in dozens of different currencies, using the mid-market exchange rate with no markup, and no complex fee structure to worry about. But is that scheme allow my users to pay via their bank cards (if they dont have paypal accounts)? Learn more and manage your cookies, Fix transaction and account related issues, Join the discussion with PayPal customers, Get help with using any of our PayPal products, Find out how PayPal works for your business. Yet, the Hong Kong business owner was in mind when I wrote this. Company directory and business data solutions. Paypal Rate The Ultimate Paypal Hong Kong Guide (Get Verified, Stay Safe) Friday, October 19, 2018 I started doing ecommerce a few month back with an US account, however things didn't work out and my paypal and funds got lock for HALF a year. You can make a payment through PayPal online or using the PayPal app. To put it simply, there are only two ways on how PayPal charges you for receiving money - either by selling to local HK customers; or overseas customers. Just discovered i have been swindled out of $39.99 a month since January 2022 from this company for i have no idea what!! But later on, if you want Paypal Hosted Solutions (virtual terminal) or your volume is picking up, Paypal may ask for address verification to protect themselves. The League of . anyone overcome this crazy conversion rates? 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? Converting to HKD would be fine if paypal didnt rig the (bleep) out of the exchange rate. Cambodia doesn't operate pay pal. 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. Pingback: Neat HK: A Solution for the Hong Kong Banking Nightmare? If you transfer your current bank account to use your Hong Kong address, you should receive your next bill at your Hong Kong residence. my pleasure! Topup from paypal account should be no problem. Its hardly the mid-market rate that they give. Theres a charge for withdrawing money to your linked bank accounts from your PayPal balance. Is it possible to do that with a Hong Kong PayPal account? (Hardest time/ task ever just to get my money back). Shopping online has never been this easy. The merchant account). Most of us are doing international business and we dont want to scare off our customers when they checkout. Hi. 2.5% is a complete piss take when you think about it just for withdrawing money. Please help us finish this process by completing the following steps. .css-geb0bj-screenReader{position:absolute;clip:rect(1px, 1px, 1px, 1px);padding:0;border:0;width:1px;height:1px;overflow:hidden;}loading, You can message us anytime. But after several attempts of negotiation, we surrender. POA (Proof of Address) is not required for getting this level of verification in Paypal. If you haven't filed a dispute case yet, you can find the instructions to open an Item Not Received dispute on our Help Center here: How do I open a dispute with a seller? If you are a purchaser, improve your value chain to find the right B2B suppliers worldwide using the uniquely detailed Kompass Classification. 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. Prior results do not guarantee a similar outcome. Address: Room 1506-1507, 15/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. Enter your address information and click Save. Click Update beside Address. But, youre not alone. Is it OK if we also use cookies to show you personalized ads? I need to move my account to HK now and I have people waiting to send me money so how do I set up my account as registered in HK not in Cambodia as it says Cambodia in the settings.? The positive news about this is that, instead of your opponent who does not have the same bid, it can be used as a motivator to encourage more consumers to buy from you. You can use PayPal to send and receive international payments from all around the world. And if you really love this article! This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Hey Roger, They always wanted residential address proof in HK but lately have been more strict about it. Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App. However, there are fees for this service youll want to know about. Contributor. The level of verification you get through this process, is it ok to handle roughly 5 to 10k per month on it? 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. Crazy. In the meantime, you can still open and operate with a Paypal HK account. Well walk through the features, fees and limits of the TNG Wallet and TNG Wallet Mastercard. PayPal - How do I send payments from the PayPal app? You can accept credit cards on your own website in your own shopping cart without redirecting to the Paypal website. Here you can work through self help steps including getting FAQs and looking at the community forum to find advice. 3. Withdrawing money to local bank HKD account is generally free, unless you transfer less than HK . It is not intended to amount to advice on which you should rely. Shopping online has never been this easy. Thanks for your fast response. We appreciate your patience and thank you for making PayPal the better choice for sending and receiving payments.Paypal Compliance. To give an example, if you receive an online commercial payment in HKD, there is an extra HK$2.35 to pay. The emails will go something like this: Here at PayPal, were constantly taking steps to ensure that your experience is in line with regulatory requirements. Connect with others in the GFAVIP member community with a wide range of different events we have to offer. It is called Paypal Hosted Solution, HHS. like 3% ish total? - Tommy PayPal Merchant Reactive Risk The Ultimate Paypal Hong Kong Guide (Get Verified, Stay Safe) Tuesday, August 6, 2019 Just after i have successfully requested a deposit from customer, paypal sent me an email telling me they will "reserve" the fund collected pending internal review. If youre already signed up, and youre sent a personal payment via PayPal, the money will be deposited directly into your PayPal account without any action required. Also check out Global From Asia Reviews for more options and alternatives we add as many as we can on a regular basis! Paypal Hong Kong Limited is directly consolidated by Paypal Holdings, Inc. 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. Thanks in advance. Here youll find a range of resources including FAQs and community solutions. No return address on the returns policy. Contact PayPal for answers to all of your online payment questions or to sign up for our services! GCash offers a range of services including mobile wallets, mobile payments and branchless banking. I have a Hong Kong company but currently living in Ukraine. 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. Pingback: The Story of Neat Hk Developing in Hong Kong to Help the Banking Market with David Rosa and Igor Wos. PayPal is the world's leading online payment processor. As always, if you need help or have any questions, email us at compliance-apac-KYC@paypal.com. Heres a run down by PayPal account type. How can i contact you? keep us posted. Click Profile and settings. I collect mostly USD from my clients, dont really need HKD, are there any ways to get a lower rate closer to US rate? Choose the issue that most closely matches your reason for contacting us. Dear Michael, thanks for the prompt reply! The currency conversion rate is extremely bad at ~2.5%. Well look at this in more detail later. Hi, I started an eCommerce company in Hong Kong and am sorting out the bank stuff now. To help you find the best possible way to make your international payment, weve compared PayPals rates and fees with an alternative provider - Wise. Heres how to edit your address: 1. 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. From Asia corporate services to internet marketing and training, we have you covered. Any thoughts Id love to hear them!From Dan. To receive personal payments, the recipient does not usually have to pay anything. 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. If youre concerned about opening up a business account here in Hong Kong, it could be on the top of your to-do list to get the processing work sorted by getting a PayPal account ready for your customers. Can our Hong Kong Company register a bank account in the United States, is this a feasible option to get around this problem? Just saw it in my account (see attached). KOMPASS, just wanted to say fantastic resource Mike! Your article here seems to say you dont need to be, but that clashes with what I have read other place. 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. PayPal for business The world is your shopping mall From big brands to boutique stores, you can shop securely at over millions of online stores with PayPal. @Fred20051 and @Beccadsmokes, welcome to the Community! If you have a problem with your PayPal account, the first thing to do is head over to the PayPal Contact Us page. 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 ? Users in Hong Kong are advised to read the terms and conditions carefully.Paypal Compliance. Check with your bank and make sure they allow Hong Kong addresses (or foreign addresses in general). Each country for Paypal operates in that countrys main currency. 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. Life time support - waqarshakeel .stars, .rr_star { If you open a Paypal HK account, youll need a HK bank account to link it to! - Copyright 1999-2017 PayPal. I started doing ecommerce a few month back with an US account, however things didn't work out and my paypal and funds got lock for HALF a year. If you dont see what youre looking for, you can then send a secure message online to the PayPal team using the message template on the PayPal website. Almost every business that has any online presence has PayPal. The fee is, as you say, crazy. The "PayPal Merchant Reactive Risk" staff spend more time asking me to take the business elsewhere than helping me to anticipate the review process. Global From Asia enjoys creating valuable content to help you grow your cross border business from Asia direct. 1999-2023 PayPal, Inc. All rights reserved. The goal is to show how strong the Company and/or Group is financially. You probably dont want to pay Paypal approximately 2.5% to convert from USD to HKD, especially if your Hong Kong bank will then convert it back to USD. You can also keep earning rewards from your favourite cards^.Link A Card Now, Shop online with confidence with 24/7 fraud monitoring, PayPal Buyer Protection# on eligible purchases on us. PayPal - How do I send money through PayPal? PayPal Hong Kong Limited is a licensed issuer of a stored value facility regulated by the Hong Kong Monetary Authority under the License Number: SVF0008. I have a HK mobile phone plan that I use traveling abroad, may be worth the investment? Request a call back from our sales experts today. I have filed a case with Paypal and they are reviewing it. We are getting more and more emails from readers who think we are affiliated with Paypal and asking us for customer support. To deal with oversea customers, Paypal charge as high as 4.4% down to 3.4% plus a fixed fee based on the currency received. If you are thinking about pushing more transactions per customer, then you might want to take that into consideration buyers would not pay interest if they pay full price on payments above $99 in 6 months period. UPS refused and stated address is fraudulent and would cost over $100 to send more than what I paid for merchandise. It is money basically inside Paypal only, or to be transferred to other Paypal users. The first option I guess is that I can accept paypal payments made from B2B clients which have their own paypal accounts. They may likely reject the payment. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. It's been one of the most popular online payment services for years, which is why it's such a popular target for phishing scams. Ill probably send to another user to get around the 2.5% fee. This Paypal guide will be regularly updated as I get more feedback and learn more from my own experience as well as clients. While adding a markup to currency exchange rates is common, not all providers do so. Office and shop equipment, General traders, department and retail stores, Precious stoneworking, watchmaking and jewellery, Textile, clothing, leather and shoemaking machinery and equipment, Packaging machinery, equipment and services, Information technology (IT) security consultants. Was Limited for identity confirmation, the recipient - for PayPal money transfers asking us Customer! To advice on which you should rely the uniquely detailed Kompass Classification covers all you need help have. Send payments from friends and family using a personal account best way to make receive... Right B2B suppliers worldwide using the uniquely detailed Kompass Classification allow Hong Kong PayPal account are... 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