But as you grow they will need to background check everything. 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. Why this number ? I have a bank account with HSBC Hong Kong but all my statements are electronic. I collect mostly USD from my clients, dont really need HKD, are there any ways to get a lower rate closer to US rate? If you send someone Paypal money and they transfer via a bank account or cash they risk having you recalling the money. 88 percent of customers would complete the initiated checkouts for PayPal. But I have talked to Paypal about this many times they dont seem to want to budge. I was reading about one online SMS solution yesterday before posting here, but it said it cant do bank authorisation SMS receival because they are generated through an online system. This service is produced by Kompass. For Hong Kong-based customers, you will eventually need to pay an amount of 3.9% + $2.35 HKD per transaction. 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. Fraudulent Payment to AJCLOUD HONGKONG CO, LIMITED. Find out how to register, send and and receive money via FPS. 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. No surprises and no hidden costs. The REST APIs support many countries for PayPal account payments if you have a business account. Just go over to the website for PayPal Hong Kong and choose to sign up. Please do not reply to this email. Pingback: Neat HK: A Solution for the Hong Kong Banking Nightmare? you can buy my complete Hong Kong Supercharged Guide Book. Prior results do not guarantee a similar outcome. Well look at this in more detail later. Want to work with specialists in the GFA network? I believe this is only for payments coming from YOU not for payments from 3rd parties. Consumer Advisory PayPal Hong Kong Limited is a licensed issuer of a stored value facility regulated by the Hong Kong Monetary Authority under License Number: SVF0008. I need help with money transfer from my paypal or verification if possible. Depending on the issue and whether or not you're logged in, you'll see an option to message us, call us, use the PayPal chatbot, or ask . PayPal automatically puts in the HK country code before a mobile number. If you withdraw less than HKD1,000, it is all right, too. 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. As business owners, we all have a love and hate relationship with Paypal. Support can be reached by clicking 'Contact' at the bottom of any PayPal page or sending a DM to @AskPayPal on Twitter or a PM to facebook.com/PayPal. Seller advertised that they are located in Canada on Facebook. PayPal Pay in 4 is provided to Australian residents and is subject to eligibility criteria and credit application. 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? POA (Proof of Address) is not required for getting this level of verification in 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. Making an online money transfer with PayPal Hong Kong is easy enough, but it can be relatively expensive once you take into account all of the fees. To counter this, I would suggest to keep a clear documentation on all of your transactions. how can I get around this. Learn more here. Youll pay an upfront fee, as well as a currency conversion cost. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. Learn more about PayPal business fees and exchange rates, here. Rarely company address information.4. Just to withdraw that money? Representative-Hong Kong/ Worldwide Areas. Each country for Paypal operates in that countrys main currency. Hello Mark! If it's this Android app, that points directly to some dark interface design they're . Say that your payment is based on USD, so that would be a USD 0.30 fee. If the information you're shown doesn't answer your question, scroll down. To get started, open, click, and follow the links in that same message. What payment methods can I use with PayPal? But, youre not alone. SVF0008. Kindly checkout this link for our contact information: https://www.globalfromasia.com/contact/. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. I personally dont withdraw much of the funds from Paypal to avoid the currency conversion. One of Hong Kong's last remaining pro-democracy parties said Wednesday that online-payments giant PayPal had terminated its account citing unspecified "excessive risks.". PayPal is a nightmare, my best advise is to stay away from it. Discussing with a Paypal Hong Kong representative (tried to get her on the podcast many times, but their PR is a bit strict) and she said that Paypal will ask for more verification of the business as the sales grow. 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. 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. Over 80% of surveyed SMBs embrace digital to grow cross-border selling. GCash offers a range of services including mobile wallets, mobile payments and branchless banking. Click on the link and follow the onscreen instructions to make your payment using your PayPal balance, linked bank account, or card. The goal is to show how strong the Company and/or Group is financially. The PayPal REST APIs support these countries: Youll pay several fees when you receive an overseas business payment from PayPal. Jul-08-2020 04:37 AM. 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? So we will most likely need to charge in USD. Send fake tracking numbers to win item non receipt of item claims. This guide is useful for a Paypal international account anywhere in the world, not just in HK. App similar to findmyiphone but for Androids. Strap on your seat belts, this is going to be fun! Youll also be able to pay using a PayPal.me link if your recipient has sent one to you. Get the Free Email Course: Asia Business Unleashed, More on the New Updates on Paypal HK Withdraw to US Banks, Using Paypal Hong Kong as a Merchant Account, Using Paypal As Your Main Bank For Hong Kong, 2017 Update: Paypal Asking a Lot of Users to Verify Their Identity. If you need to reach us, simply click Help on any PayPal page. This is in the form of a markup added to the exchange rate. They dont need Paypal in order to pay you the problem will be when you want to get the cash out of Paypal. 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. Please help us finish this process by completing the following steps. Im still interested in hearing about any solutions people are using. Which, may or may not be cool depending on where your customers. 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. I just want to transfer the location of my accoun. Thanks for completing your identity confirmation. Choose New. To put it in simple terms, there are only two types in which PayPal charges you for receiving currency whether thats by selling to local HK customers or customers worldwide. @Fred20051, I'm sorry to hear that your case hasn't turned out as expected. In as much as we would want to say, yes we found a solution, well, we didnt. Our review is now complete. For the kind of transactions you make, it is necessary to use the right PayPal account otherwise you risk locking or closing your account. Its hardly the mid-market rate that they give. 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? Whats my experience with Paypal? Legal Address. 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. Yet, the Hong Kong business owner was in mind when I wrote this. Just discovered i have been swindled out of $39.99 a month since January 2022 from this company for i have no idea what!! Fraudulent- Hong Kong. Paypal Hong Kong Limited is directly consolidated by Paypal Holdings, Inc. You will notice when you are trying to withdraw USD in your PayPal account to your HK bank account, the transaction page converts the USD in PayPal to Hong Kong dollars. You will connect to your bank account to make and withdraw transfers after you have checked your email. Before you send an international payment with PayPal, make sure you understand the costs involved. More on that, later. The level of verification you get through this process, is it ok to handle roughly 5 to 10k per month on it? just greedy number. So hope you feel I am qualified to share with you today the experiences as a seller using Paypal from a Hong Kong company. I believe the same holds true for a bank account, you need to close one account and reapply / reopen the bank account in the new country. Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App. Of course, based on whatever currency you are relying on the fixed fees are different. In the meantime, you can still open and operate with a Paypal HK account. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. If you have a non-HK bank you can still use Paypal, but you cannot link it to a bank there. I actually use Stripe to accept USD and pay to my USD bank account with HSBC in Hong Kong. *Your call may be answered by a member of the PayPal group on behalf of PayPal Hong Kong Limited. Also through my podcast and this blog, I have connected with even more people having various experiences themselves using Paypal. Login to connect to Kompass solutions or register to discover all our services. 2211 North First Street San Jose US-CA US 95131. . Looking for PayPal Business Solutions? 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. This started happening this year and is probably some kind of updates in regulation and anti-money laundering. 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. 04/11/2016. 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). The fees vary for each payment type, so its good to know the full range of costs involved in advance. This guide walks through how to use GCash from Hong Kong. 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. This ultimate guide covers all you need to know about Faster Payment System (FPS) in Hong Kong. Activity, company ), Click on one of the icons to share the company. 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. The transaction exchange rate is adjusted regularly and includes a Currency Conversion Fee applied and retained by us on a base exchange rate to form the rate applicable to your conversion.. 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? Copy of your Companys Certificate of Incorporation (CI), Proof of address of your Company (e.g. KOMPASS, 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. 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. Please refine your search by(Localization + What, who? Check out our complete guide to registering and using PayMe from HSBC. Since they're. Address: Room 1506-1507, 15/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. How can I get that knowing that I dont have a real office in HK ? Sources last checked on 11-September 2020. 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. Log in to your PayPal account. Choose the issue that most closely matches your reason for contacting us. Pingback: The Story of Neat Hk Developing in Hong Kong to Help the Banking Market with David Rosa and Igor Wos. UPS refused and stated address is fraudulent and would cost over $100 to send more than what I paid for merchandise. Sources last checked on 14-September 2020. My question is, i m planning to open with paypal HK, will they lock my account too if they "think" it is suspicious, and the charging rate is also a lot higher in HK compare to US, it is almost 4%-5%. While you received their cash or transfer you could deny that the products or services were delivered and then that person may have the money retracted from their account. Knowing this, my paypal currency will be in USD. Click here . Hi Mike, this was really helpfull for me to register my paypal account and adding my bank account but, i have a question how much does it cost to top up money from hsbc to 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. Terms and conditions apply.Find Out More. very cool tip thanks for that Cherry! I hope everyone has a wonderful weekend! Dear Michael, thanks for the prompt reply! 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