PayPal no longer allows NTD wire transfers


#1

Any other paypal account holders receive this email?

I currently have over 6000$ stuck in paypal because my current bank account will not accept USD wires. I have to open a foreign exchange bank account for this, but paypal doesn’t currently allow me to add this bank account to my paypal. My paypal is verified, by the way. It is linked to one of my Taiwan bank accounts as mentioned.

To further explain, I use paypal to process payments from several properties I have rented out in the states.

To add insult to injury, paypal only accepts NTD funds from my taiwan paypal account, but they then buy the currency, change it to US$ and send it to me as US$. I then have to sell the currency a second time to change it back to NT$ in order to use the funds here, in Taiwan. Mind you, I am currently unable to do that yet because paypal currently register an error message if I try to add my new currency exchange bank account to my paypal account.

The end result is I have over 6000US$ stuck in my paypal balance and no way to access it. I also have upcoming payments which I have to intercept otherwise they will find their way to my paypal balance and become “untouchable” like the other funds currently held in that account.

This is ridiculous.

[quote]Dear ****** ********,

We regret to inform you that due to regulatory changes relating to the requirements for Foreign Exchange transactions, merchants in Taiwan will no longer be able to withdraw funds from their PayPal Account to their bank account in NT Dollars. We sincerely regret any inconvenience caused. Please contact your local bank representative and inform them of this arrangement. They will be able to advise you on any action if any required on your end.

If you have requested a withdrawal from October 28th 2013, you will receive US Dollar wire transfers to your bank account. Since the wire transfer is in US Dollars while your original withdrawal instruction was made in NT Dollars, we have made provisions to ensure that you are not affected by the currency conversion and we will cover the transaction fees while we make changes to our system to comply with the new regulations.

You can also contact our customer support team by logging into your PayPal Account and clicking on ‘Contact Us’ at the bottom of the page.

Sincerely,

PayPal[/quote]


#2

Do you have a bank account back home, wherever that might be?


#3

I put through a withdrawal from PayPal ($US balance) to my Taiwan bank account ($NT) this morning and nothing was different to how it always works.


#4

Do you have a personal Paypal account or a business account? Note the the new policy affects “merchants” not private accounts.


#5

[quote=“Chris”]Do you have a bank account back home, wherever that might be?[/quote]Yes, I do, but it’s under a different name. Can’t link it to my “Taiwan” paypal account.


#6

Do you have a personal Paypal account or a business account? Note the the new policy affects “merchants” not private accounts.[/quote]

Ah okay. No, mine’s a Premier account.


#7

I did. And I have not yet recieved the October 28 withdraw that was supposed to arrive on November 8. Has anyone experienced this?


#8

I withdrew 2,500US$ on October 28th. Not here yet. Just heard from a friend of mine that she also received the notification and she’s closing in on 2 months wait for money withdrawn.

cfimages, I think you’re in for some bad news, too. My friend also has a premier account. Not a business account. If you do not have the option to receive notifications on policy updates in your account profile, this is probably why you did not receive any notifications.

While the notification mentions “merchants,” it appears that this is not only affecting business accounts.


#9

According to PayPal my withdrawal is complete, at least as far their end is concerned. They’ve done the conversion and sent it as NT.

Haven’t checked with the bank yet though.

I also read through the policy update and can’t find anything saying that things have changed.


#10

I’m having the same issue as well with my money not showing up in my p.o bank account. The amount is small since I wanted to just try it out and see if it works… so far I am really unimpressed with how Paypal does things >:( If they change the policy they should have at least state it on our Paypal page as soon as we log in. Now our money is just stuck in some cyberspace no longer in our PP account and not in our bank account either!


#11

Shit! That is pretty messed, I’ve been using my US paypal account for over a year it Taiwan (withdrawin with debit card) and was thinking that is time to open another account here before they block me or something for using it out of the US for so long, specially since right now is asking me for a US mobile number.

Heck, I hope they take care of that soon, all my income comes from there.


#12

I asked around on the Paypal forum and another Taiwan PP user is having the same problem. Called customer service and they finally told him it’s some Taiwan banking regulation and they are working to fix that problem…


#13

Got mine somewhat sorted out. Was told today that they successfully cancelled my withdrawals and will return the funds to my paypal balance. I was told it would take up to 48hrs.

I had to open a Taiwan foreign currency exchange bank account and link that to my paypal account. I’m using Bank of Taiwan for this. From there, I can withdraw US funds from my US paypal balance to this bank account. The funds will arrive to me in US$ as opposed to NT$ as it used, to. Then I can transfer the funds to my regular NT$ bank account. My bank essentially buys my US$ and transfers it to NT$.

In the end, this is actually better because my bank gives me a better rate on buying my US$ than PPL.

This is indeed caused by newly created policies imposed by Taiwan banks, or so I was told by paypal business support. I was told that Paypal is trying to iron things out but wire transfers are currently done manually, in batches, by paypal. This obviously slows things down and the wait time on funds transfers to Taiwan banks is between 14 and 20 days.

Better than having my funds somehow lost in cyberspace, if you ask me, and I save on currency conversion. Mind you, the funds are not showing up in my paypal balance just yet. Looks like this is actually a positive change in the end, so long as you don’t mind waiting an extra week or two to see the funds in your bank account, and so long as your paypal balance is in USD$

For people who hold a balance in different currencies, this is real bad news as you will have to sell your currency twice by the time you get NT$.


#14

Sounds like good news for you.

I’ve been too busy this week to visit my bank and find out what’s happening on their end. However to be on the safe side I did open a new bank account in Australia, and when I’m there next month I just have to show my ID to the bank to activate it and then can link that to a new PayPal. It may end up meaning an extra currency conversion somewhere but as clients pay me in a variety of currencies it’ll probably even itself out in then end.


#15

Anybody taking payments directly to their Paypal linked bank account in Taiwan? I assume the default is USD and need to open the USD foreign exchange account? Or do you link to your credit card account such as Visa?

Also how long does it usually take to clear funds?


#16

[quote=“headhonchoII”]Anybody taking payments directly to their Paypal linked bank account in Taiwan? I assume the default is USD and need to open the USD foreign exchange account? Or do you link to your credit card account such as Visa?

Also how long does it usually take to clear funds?[/quote]

I am / was for a couple of agencies I photograph for whose only payment option for non-US customers is Paypal. My account at Taishin Bank (visa debit) is linked to Paypal and it’s always been possible to go to and from the account into Paypal, with the necessary currency exchange happening automatically.


#17

Thanks I have a Taishin debit card might try that one.


#18

So… from now on we Paypal Taiwan users can only transfer USD to our Taiwan USD bank account…? And to use the money we would have to go to our bank and convert the USD into NTD…

Well, I’m still waiting on two withdraws I made last week and earlier this week in NTD… Wonder if that will ever get cleared up or lost forever.


#19

I will take this into account and open a Taiwan bank USD foreign currency account to use to take payments.


#20

wow this is a bit of a joke. they sent the money in dollars, and they made an spelling error so the bank couldn’t accept it. PROS. not that the taiwan paypal service had a lot to live up to anyway, it took the best part of a month for me to withdraw anything.

is there a way i can just change my paypal currency to NTD so it will be accepted by the bank? i have 2 paypals anyway as my first one was connected to my bank back home so this one is used only to transfer to my taiwanese bank.