If you send money overseas with PayPal, youll usually need currency conversion so your payment is made available to your recipient in their local currency. 1. Simply head over to the PayPal Hong Kong website, and click to sign up. Youll pay an upfront fee, as well as a currency conversion cost. Prior results do not guarantee a similar outcome. Anonymous, Name Email Review Title Rating Review Content. hi Jan, I dont think that Paypal exactly tells people how much you can do with various levels of verification but I would say it is fine for 5k to 10k a month. Im not a resident there though. For general country-specific offerings and limitations, see PayPal Offerings Worldwide and visit your country-specific site. 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. These charges apply to personal and commercial PayPal accounts, and are applied whenever currency conversion happens, including when you withdraw funds to your own bank account or switch currencies within your PayPal account. It is not intended to amount to advice on which you should rely. @Fred20051, I'm sorry to hear that your case hasn't turned out as expected. 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. 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. '', 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.''. KOMPASS, 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 . We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Its worth noting that there are fees to pay when sending money to friends and family abroad with PayPal. Check out our complete guide to registering and using PayMe from HSBC. 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. Heres a short overview that we worked out for you to take a detailed look into all the costs of your local company getting a PayPal account. Ill probably send to another user to get around the 2.5% fee. Aurelia Pay is a leading cross border payment service in South East Asia, Hong Kong and Greater China. <img src="https://t.paypal.com/ts?nojs=1&pgrp=main%3Ahelp%3Asmart%3A%3Acontact-us&page=main%3Ahelp%3Asmart%3A%3Acontact-us%3A%3A%3A&pgst=1677681323533&calc . Sources last checked on 14-September 2020. I have a HK mobile phone plan that I use traveling abroad, may be worth the investment? What kind of customer support do PayPal Cashback Mastercard and PayPal Smart Connect provide? If you need to send or receive an international payment online you could be better off using a specialist service like Wise. basically do whatever possible to NOT use/ accept paypal. Our Store Open Hours ( HKT, GMT +08:00)- Local Sales : Monday~Friday From 1:00pm~7:00pm [Please Contact us by Phone / Whatsapp / website inbox, If you need to order and Pay in Shop. Request a call back from our sales experts today. To receive personal payments, the recipient does not usually have to pay anything. The fee will always be mentioned upon withdrawal. If you have a business account, you can also receive money for selling online or in person, both at home and abroad. The details, per the email: "CSP-Basic Storage 7 days and . Want to work with specialists in the GFA network? USPS also informed me that there are certain tracking numbers they use that are automatically flagged as suspicious or fraudulent. Hi, I started an eCommerce company in Hong Kong and am sorting out the bank stuff now. Click Update beside Address. New to the community? So, I hope this article on Paypal can help you! The way around this is if you put your prices for your products or services in Hong Kong dollars instead of US dollars. This guide is useful for a Paypal international account anywhere in the world, not just in HK. Telecommunications equipment, Optical, photographic and cinematographic equipment, Environmental services, renewable energies, Technical offices and engineering consultancies, architects, Hospitality, tourism, hotel and catering industries, Postal services, telecommunications, radio and television, Mining, quarrying and stoneworking plant and equipment, Paper and board making plant and equipment, Printing equipment. WHO ARE THESE PEOPLE AND WHY IS THIS HAPPENING? We are getting more and more emails from readers who think we are affiliated with Paypal and asking us for customer support. @Fred20051 and @Beccadsmokes, welcome to the Community! It is called Paypal Hosted Solution, HHS. 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. Representative-Hong Kong/ Worldwide Areas. However, should you choose to use any of the other functionality available in the PayPal business account, there are some payments attached. The paypal account has been linked successfully with two small payments from paypal identified. Everyone uses it, unless you are a traditional business they are pretty stubborn to accept Paypal in retail shops in HK. Heres what you need to know. 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. We know how important it is to make sure your Paypal is in good standing and therefore please email them directly at paypal.hk. Before you send an international payment with PayPal, make sure you understand the costs involved. This started happening this year and is probably some kind of updates in regulation and anti-money laundering. As business owners, we all have a love and hate relationship with Paypal. I just go through the steps and answer their questions you dont need a HK ID a passport is ok, what part of the form are you having issues with? It is linked to Hang Seng Bank Hong Kong..all in HKD. And if you really love this article! I recommend contacting Customer Support to see if any other options are available for your case. This guide walks through how to use GCash from Hong Kong. Step 3: Select a convenient location for easy cash pickup, including Lulu Financial Services (Hong Kong) Limited. Check out our complete guide to registering and using PayMe from HSBC. Posted on. Shopping online has never been this easy. 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. Looking for PayPal Business Solutions? 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. Check that for the most up to date information on companies. If your account was limited for identity confirmation, the limitation has been removed. Fraudulent- Hong Kong. Pretty scary right! Our review is now complete. Well, greedy actually. It is called Paypal Hosted Solution, HHS. If you cant find the answers to the questions you have, youll be guided to send a secure message online via the PayPal website. 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.? A payment was posted from my individual PayPal account to <removed>, LIMITED on July 6. I actually use Stripe to accept USD and pay to my USD bank account with HSBC in Hong Kong. UPS refused and stated address is fraudulent and would cost over $100 to send more than what I paid for merchandise. Signing up is pretty straight forward like any other Paypal in the world. General Policy for the Protection of Personal Data. I have a HANG SENG BANK account. 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. It could be that the error is shown only at some times, or that the error is not shown all of the required times. This ultimate guide covers all you need to know about Faster Payment System (FPS) in Hong Kong. Log in to your PayPal account. From my experience the quick answer is No. You would ultimately need to pay a sum of 3.9 percent + HKD 2.35 per transaction for Hong Kong-based clients. As we know, getting a bank account in Hong Kong has been troublesome. Theres also a markup on the exchange rate used. * This number, only available 3 minutes, is not your correspondants number but the number of a service putting you through to that person. I will move HK this month anyway. It is a hot topic that people want to connect their Paypal Hong Kong to non-Hong Kong banks. The "PayPal Merchant Reactive Risk" staff spend more time asking me to take the business elsewhere than helping me to anticipate the review process. You can make a payment through PayPal online or using the PayPal app. To send and receive safe messages, you can log into your PayPal account, or find answers to popular questions in the FAQ section. Hello Mark! *Fees correct at time of writing - 31 August 2020. This guide walks through how to use GCash from Hong Kong. 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? Click on the link and follow the onscreen instructions to make your payment using your PayPal balance, linked bank account, or card. Paypal Pro is a common account option in the US and UK and other countries, but not as common in Hong Kong. Any thoughts Id love to hear them!From Dan. There are some expenses you need to know about whether you have an online business and get paid by PayPal. How do I send payments from the PayPal app? Another solution is try to not withdraw any. Find out how to register, send and and receive money via FPS. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. It is availble on transactions between AU$30, and $1,500 and can impact a . These are the basic steps to setup in Paypal HK: Congratulations, you now have a verified Paypal Account! 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. so my account does not interrupted ??????? 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. 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. Room 1506-07, 15/F, Central Plaza this is the last part that is needed. 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? 1999-2023 PayPal, Inc. All rights reserved. Over 80% of surveyed SMBs embrace digital to grow cross-border selling. Just discovered i have been swindled out of $39.99 a month since January 2022 from this company for i have no idea what!! With our independent end to end payment network, Aurelia Pay delivers payment within the same business day with competitive, fair and transparent FX rate. However, the costs can be relatively high for international and commercial transactions. Using PayPal, send invoices and make clients pay, Accept online payments from your website via PayPal. just greedy number. Youll pay several fees when you receive an overseas business payment from 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. Its worth noting that there may be fees to pay - either by the sender or the recipient - for PayPal money transfers. Yet, the Hong Kong business owner was in mind when I wrote this. Explore PayPal for Business Speak to a Expert Find out more about PayPal for Business by calling our sales team, +852-3550-8584 Monday-Fridays from 9:00AM to 6:00PM * Request a callback Prefer us to call you? Another Option To Send Transfers Within Asia. Check it out! You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Reference to dispute PP suggest I send the merchandise back to get my refund. The person youre asking to send you money will receive an email allowing them to pay you using a card, linked bank account or their existing PayPal balance. You may also use the tools of the community accessible online. If you need to send or receive an international payment online you could be better off using a specialist service like Wise. Someone asked me and its true you dont see too clearly your own profile. But requested that merchandise be send to Kong Hong. Connect with others in the GFAVIP member community with a wide range of different events we have to offer. streetAddress: Suite 1506-7, Central Plaza 18 Harbour Road http://www.paypal.com Members Steven Chan Senior Director Michelle Chui Head of Government Relations, Hong Kong, Korea & Taiwan F T Tim Fu Country Manager, Hong Kong, Korea and Taiwan Zita Fung Senior Manager L C Claudia Lam L B Belinda Lee Team Lead (HK, S. Korea, Taiwan) L G Gordon Liu Sorry you mentioned this in your article. Sources last checked on 11-September 2020. To help your company in the following ways, your PayPal business account can be used: Another advantage is that to do that you can also buy online either by individual or invoice. No contact telephone number. 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. Today well talk about using Paypal in Hong Kong. If you have any tips or tricks youd like to share, or more clarifications and questions I would love you to put a comment below. Subscribe to our emails Our review is complete and we have returned your account to regular standing. Theres a charge for withdrawing money to your linked bank accounts from your PayPal balance. 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/. force you to pay out in HKD and then convert back to USD or NZD etc. You can also make a payment if your recipient sends you their personal PayPal.me link. If Paypal insists on banking HKD only, why not simply m=have a merchant account that feeds into my HK account in the currency in which it is received? How easy it is to withdraw funds transferred into PayPal? Consumer Advisory - PayPal Hong Kong SAR, China Limited is a licensed issuer of a stored value facility regulated by the Hong Kong SAR, China Monetary Authority under Licence NumBer: SVF0008. While you cant connect it to the European bank, we have some resources who can manually collect for you and wire it over. A Solution for the Hong Kong Banking Nightmare? 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. yes youre not alone, tons of people are getting the same thing right now. Wise payments are convenient, secure, and arrive quickly - with no exchange rate markup, and no hidden fees. Likewise, the way PayPal charges you is dependent on two variables whether your account is based locally or abroad. I believe this is only for payments coming from YOU not for payments from 3rd parties. Textiles, Clothing, Leather, Watchmaking, Jewellery. and got this email: 10 hrs ago service@paypal.com.hk started the conversation. How to sign up for a PayPal business account in Hong Kong You can open your PayPal business account online. It is in another name! Copy of your Companys Certificate of Incorporation (CI), Proof of address of your Company (e.g. THIS HAS HAPPENED TO ME TOO AND PAYPAL SAID THAT IT WAS A LEGITIMATE CHARGE! Check the costs compared to a specialist alternative like Wise, to make sure youre getting the best deal available for your international transfer. 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. 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? The name of the sender is supposed to match the name of the Paypal account holder. Ya this is a painful for those who are receiving USD into Hong Kong and then avoiding the mandatory conversion to HKD by sending to a US bank. PayPal isnt the only way to make and receive digital payments. 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. Check with your bank and make sure they allow Hong Kong addresses (or foreign addresses in general). Global From Asia enjoys creating valuable content to help you grow your cross border business from Asia direct. Crazy. 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. How can I get that knowing that I dont have a real office in HK ? Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. This mailbox is not monitored and you will not receive a response. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. This ultimate guide runs through all you need to get started paying in and out of your Alipay HK wallet. Open, click and follow the links in this message to get started. PayPal - How do I send payments from the PayPal app? PayPal will carry out currency exchange for you - but youll need to pay a 4% Currency Conversion Fee on top of any other charges levied. Youll pay a fee for the transfer, and an extra charge if it is funded in part or full using a card. New and existing customers looking for set up, technical and account support. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Learn more here. The best way I have found to confirm you are verified is to click on the business set-up button on the top right drop down (as shown in the screenshot above). Activity, company ), Click on one of the icons to share the company. Your article here seems to say you dont need to be, but that clashes with what I have read other place. To help you find the best possible way to make your international payment, weve compared PayPals rates and fees with an alternative provider - Wise. By continuing to use our services beginning May 25, 2018, you acknowledge and agree to our updated Privacy Policy and Cookies Policy. You can also check for my latest podcasts on Paypal and other merchant accounts on the site here. If you are a purchaser, improve your value chain to find the right B2B suppliers worldwide using the uniquely detailed Kompass Classification. The past year and change has been a lot of challenges for all of us. Apr-18-2022 12:11 AM. Only thing I can think of is to send the USD to a non-HK paypal account and withdraw it from there. 2888240). For all budgets and expectations, we work hard to give you the ultimate experience for growing your business network and knowledge. Just log in to PayPal, go to yourMessage Centerand choose New Message., To contact us on Facebook, go to facebook.com/PayPalUSA, To contact us on Twitter, go to @AskPayPal, Well use cookies to improve and customize your experience if you continue to browse. Dec-07-2022 07:31 PM. You can create a PayPal account for free and start receiving payments almost instantly. Chinese Web Sites or on Social Media ads easy to spot (once you know the below signs) so buyer beware.1. Find the address you want to update and click Edit. Step 2: Provide your recipient's name, address, and phone number. 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 . Latest audit report(s). 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? The currency conversion rate is extremely bad at ~2.5%. You will need to visit the PayPal Hong Kong website and follow the measures outlined to get in contact with PayPal. Youll first be guided through these to try to find the answers to your questions independently. But if the customers are worldwide, then you will be paid 4.4% + fixed rates. If you withdraw less than HKD1,000, it is all right, too. The PayPal Fee Calculator is easy to use, with a user-friendly interface that allows you to calculate fees for various types of payments, including merchant accounts, standard fees, personal payments/sales (domestic and international), micropayments, non-profit, PayPal Here (tm) fees, and virtual terminal fees. just greedy number. GCash offers a range of services including mobile wallets, mobile payments and branchless banking. Tags: banking, guide, hong kong, merchant account. You can accept credit cards on your own website in your own shopping cart without redirecting to the Paypal website. Dear Michael, thanks for the prompt reply! 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. Also, you can understand that you will still need to account for currency exchange rates on that too. Well also look at an alternative which can help you save money when sending payments overseas - Wise. Im waiting to hear back from PayPal now because I need the money since Im not getting the product. Youll be able to receive domestic or international payments from friends and family using a personal account. By browsing this website, you consent to the use of cookies. Contributor. Keeping your personal and financial information safe is vital to us and we wont share it with anyone else. RFU form (Application form they will attach). Any specific info youll need to enter include: You will then get an email with confirmation. It took about 3 or 4 emails back and forth. 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. I hope everyone has a wonderful weekend! But all funds coming in will be converted to HKD automatically. Whether you are local or global, we are here to support you. Thanks in advance. This is because they do not want to make it too difficult for you to get started selling on Paypal in your early days. Can our Hong Kong Company register a bank account in the United States, is this a feasible option to get around this problem? Well walk through the features, fees and limits of the TNG Wallet and TNG Wallet Mastercard. we have a blog about alternatives https://www.globalfromasia.com/cross-border-payments/. Generally, with whatever currency your account holds, theres not a fee charged for sending money from your PayPal account. Contact PayPal for answers to all of your online payment questions or to sign up for our services! But as you grow they will need to background check everything. Contact Us Create a free Business Account But stay positive and make steps forward each day! Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App.
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