Include audit reports of your parent company, associated companies and subsidiaries. Hi, I started an eCommerce company in Hong Kong and am sorting out the bank stuff 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. 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. Which, may or may not be cool depending on where your customers. Find the address you want to update and click Edit. - Copyright 1999-2017 PayPal. Crazy. This is because they do not want to make it too difficult for you to get started selling on Paypal in your early days. Sorry you mentioned this in your article. This means, you could cheat them by disputing the transfer. 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%. 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. It could be that the error is shown only at some times, or that the error is not shown all of the required times. 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. 3. This ultimate guide runs through all you need to get started paying in and out of your Alipay HK wallet. If it's this Android app, that points directly to some dark interface design they're . He hasnt seen the site asking for the fee, and saw that they havent implemented it (yet) lets keep up on the pulse let us know. These are the basic steps to setup in Paypal HK: Congratulations, you now have a verified Paypal Account! You can receive money through PayPal in a variety of different ways. For assistance, log in to your PayPal account and click the Help link in the top right corner of any PayPal page. Check out AureliaPay now! This service is produced by Kompass. Please also update the address on your Proof of business address document to the account. It is jam packed with everything you need to know from setting up your Hong Kong limited company. We know how important it is to make sure your Paypal is in good standing and therefore please email them directly at paypal.hk. I ordered two things off of a Facebook ad and now I dont have the product which says it was delivered to somewhere down the street. Send fake tracking numbers to win item non receipt of item claims. Could you please advice can I accept PayPal/bank card payments from my B2B customers (worldwide) if: my business incorporated in Hong Kong, but business bank account opened in Switzerland bank ? Heres what you need to know. But all funds coming in will be converted to HKD automatically. If the information you're shown doesn't answer your question, scroll down. 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. Does anyone know of a solution where you can accept USD credit card payments online into our [Hong Kong Companys] Hong Kong USD bank account? Theres just a transparent charge per transaction, and you can see upfront exactly how much the recipient will get. Well walk through the features, fees and limits of the TNG Wallet and TNG Wallet Mastercard. Prefer us to call you? That constitutes proof of address and will work for almost every case. But stay positive and make steps forward each day! * This number, only available 3 minutes, is not your correspondants number but the number of a service putting you through to that person. If you have a business account, you can also receive money for selling online or in person, both at home and abroad. 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. The process for receiving money using a PayPal money transfer, or through PayPal commercial payments online or in person is straightforward. 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. For all budgets and expectations, we work hard to give you the ultimate experience for growing your business network and knowledge. Looking for PayPal Business Solutions? (as we were incorporated and pay for a secretary with startitup in hk).Its not like I pay electricity monthly for a virtual office All ideas and suggestions are welcome! 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. No return address on the returns policy. I will move HK this month anyway. 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. If you transfer your current bank account to use your Hong Kong address, you should receive your next bill at your Hong Kong residence. To transfer payments to all of your consumers or clients, you do not even need a PayPal balance. You may contact a Business Consultant in Paypal HK. Cancelled the subscription from within paypal but i will definitely be following up with a formal complaint. You can make a payment through PayPal online or using the PayPal app. 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. 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. How can i contact you? The level of verification you get through this process, is it ok to handle roughly 5 to 10k per month on it? Luckily, there are more and more choices lately and the fees are still rather high comparatively speaking but coming down. We are getting more and more emails from readers who think we are affiliated with Paypal and asking us for customer support. The past year and change has been a lot of challenges for all of us. You may also use the tools of the community accessible online. Thank you so much Michael, that helps. 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. The currency conversion rate is extremely bad at ~2.5%. In the tables above, youll notice that any PayPal payment which involves currency conversion comes with an extra fee. Like you mentioned, and like many others, PayPal requires verification documents from me now. Further to these requirements, we need to collect additional information from you. I would also be very interested in the answer to this question. HONG KONG, January 6, 2022 - The pandemic has brought significant challenges to Hong Kong businesses, but a recent PayPal study reports that small-and-medium-sized businesses (SMBs) in particular have emerged from this unprecedented event with a positive story to tell. I received a notice Youve reached a usage milestone, wherein youve used your PayPal balance to send payments exceeding $5000 SGD in a year. It is in another name! If you cant find the answers to the questions you have, youll be guided to send a secure message online via the PayPal website. 15th Floor Central Plaza 18 Harbour Road Rooms 1506-07 Wan Chai HK. 2. Simply head over to the PayPal Hong Kong website, and click to sign up. Welcome! 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. Financial regulations around the globe are getting harder not easier. basically do whatever possible to NOT use/ accept paypal. Find out more about PayPal for Business by calling our sales team, +852-3550-8584 Monday-Fridays from 9:00AM to 6:00PM*. To prevent any account limitations, please confirm your identity at dashboard. utility bill, bank statement) within 3 months. The name of the sender is supposed to match the name of the Paypal account holder. But, like all financial institutions, they need to ensure that they are following KYC (Know Your Customer) procedures. For a phone number, try a Skype IN number for like 25 usd every 3 months and it can forward. They should be trusted counter parties, well, actually they are taking the big risk. The main issue is proof of address and phone numbers. In the meantime, you can still open and operate with a Paypal HK account. 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? Just discovered i have been swindled out of $39.99 a month since January 2022 from this company for i have no idea what!! Check out Wise as a smart, simple way to cut the costs of sending and receiving money from overseas. How can I get that knowing that I dont have a real office in HK ? As we know, getting a bank account in Hong Kong has been troublesome. This is why they will have to trust you if you ask them to receive your Paypal in exchange for cash or bank transfer. 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. Discover it now, Mid-market exchange rate + 4% currency conversion fee, Enter the email address of the person you want to send money to, Follow online prompts to enter the amount and currency youre sending in, Add a note to the recipient, check and hit, Enter the email address of your recipient, Confirm the amount and currency youre sending in, Check the details and complete the payment, HK$38.99 if payment is funded using your PayPal balance or linked bank account, HK$38.99 + 3.4% + fixed fee based on currency if you pay using a card. 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. If you withdraw less than HKD1,000, it is all right, too. The way around this is if you put your prices for your products or services in Hong Kong dollars instead of US dollars. And, worst case transfer the money to others in exchange for cash. }, 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. Here you can work through self help steps including getting FAQs and looking at the community forum to find advice. PayPal Hong Kong Limited. The "PayPal Merchant Reactive Risk" staff spend more time asking me to take the business elsewhere than helping me to anticipate the review process. Hello Michael, can i connect paypal hong kong account to Hang Seng Bank? Here youll find a range of resources including FAQs and community solutions. Please refine your search by(Localization + What, who? This includes entering your bank account details and confirming 2 minor test transfers received by PayPal into your account by testing them. Great pictures of items at bargain prices that turn out to be tat.5. I have a Hong Kong company but currently living in Ukraine. if you click on contact the most you will get is webmail or an email address.3. So, I hope this article on Paypal can help you! A Solution for the Hong Kong Banking Nightmare? PayPal offers simple convenient services - but the costs of sending and receiving international payments can be high. Life time support - waqarshakeel .stars, .rr_star { Heres how to edit your address: 1. Well, greedy actually. Since they're. Just discovered i have been swindled out of $39.99 a month since January 2022 from this company for i have no idea what!! So we will most likely need to charge in USD. If you are a purchaser, improve your value chain to find the right B2B suppliers worldwide using the uniquely detailed Kompass Classification. Thats $250 USD just for the right to move your money to the bank. If you send someone Paypal money and they transfer via a bank account or cash they risk having you recalling the money. yes youre not alone, tons of people are getting the same thing right now. They have given me the option to transfer payment using PayPal. 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. This guide walks through the costs of making an online money transfer with PayPal, including the upfront charge and currency conversion fee. As well as paying a transaction charge, there is a fixed fee charged for receiving most commercial payments. All rights reserved. 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