PayPal no longer allows NTD wire transfers


#81

The April 9 date for linking ESun and Paypal has now been moved up to March 31.


#82

Man, I am seriously wondering if all this Paypal BS is due to Paypal idiocy or Taiwanese corruption and cause for stiffer rules. the amount Paypal has changed rules over the past year and caused HUGE amounts of problems and waste of merchants time, it is dumbfounding. I am so completely angry with them i literally shut down 3 of my businesses and the remaining 2 i use bank transfers/western union instead until i find something better. Thing about paypal is the idea and how it works is excellent but they are so beyond fucked up in their consistency and morality that it makes it almost impossible to run a website using them as the processor when everything gets written in the old fashioned way. I have rewritten about 2000+ pages, by hand,2 times now because of their messed up system and changing their minds on a whim. That means literally hundreds of hours typing retarded and pointless stuff because they cant make up their minds. this e.sun is the straw that broke the camels back. All they get now is hate mail and every customer gets a polite copy and paste message explaining how unprofessional they are and why we will no longer use them.

Asked many times, many places, many people, and have yet to find a decent alternative :thumbsdown:

:fume: :fume: :fume:


#83

After several emails of going nowhere answers, I “kinda-sorta” got a reply that means anything. Although it still doesn’t really say much:

From that I want to ask what the “certain requirements” are. But at this point I’m done emailing them. At least they routed my question to Singapore for an answer and not China like they did my wife’s call.


#84

I hear ya man! A lot of our customers ONLY pay with Paypal. We have to accept it or not take on the case. Our larger customers will of course pay via bank wire (and prefer to), but doesn’t always make financial sense with lower dollar amount payments. That’s where Paypal has always proven useful.

The only way around all the fees (I absolutely LOVE their “exchange rate” fees :fume: ) is to work it into your prices if that’s your thing.

At this point though…what to do?

Man, I am seriously wondering if all this Paypal BS is due to Paypal idiocy or Taiwanese corruption and cause for stiffer rules. the amount Paypal has changed rules over the past year and caused HUGE amounts of problems and waste of merchants time, it is dumbfounding. I am so completely angry with them i literally shut down 3 of my businesses and the remaining 2 i use bank transfers/western union instead until I find something better. Thing about paypal is the idea and how it works is excellent but they are so beyond fucked up in their consistency and morality that it makes it almost impossible to run a website using them as the processor when everything gets written in the old fashioned way. I have rewritten about 2000+ pages, by hand,2 times now because of their messed up system and changing their minds on a whim. That means literally hundreds of hours typing retarded and pointless stuff because they cant make up their minds. this e.sun is the straw that broke the camels back. All they get now is hate mail and every customer gets a polite copy and paste message explaining how unprofessional they are and why we will no longer use them.

Asked many times, many places, many people, and have yet to find a decent alternative :thumbsdown:

:fume: :fume: :fume:[/quote]


#85

Looks like I will have to check out these accounts. The amounts of money I receive aren’t large, but without Paypal I will find it difficult to do these kinds of business dealings.


#86

I’d suggest not taking a principled view on this F**k up by Paypal. Don’t want to cut off your nose to spite your face! However, I would suggest that you open an account, try it out with E-Sun, and see if there are actually any advantages to doing this.

If you are only buying things with Paypal, then you really have no need to do this (unless the Partnership means your credit cards have to be ESun cards… now that would be ridiculous). I will try to add my card after April, just to see.

The real beef is that fees keep going up. The typical fees are now approaching !0% by my reckoning, and my in some cases exceed 10%. Please can someone else verify this.

If you have a sale @ $100, then you have to pay 4.4%+30cents. So that is 4.7%. Now if you convert that to NTD, you will pay 2.5% exchange rate. So that’s another $2.50 gone or you pay a $5.00 fee for withdrawal to US account.

USD>NTD: $4.70*+$2.50+$1.15* for that $100 purchase or 8.35%.
USD>USD: $4.70+$5.00* for that $100 or 9.7%.

If you charge the price in a non-US currency, then there will be an addition 2.5% extra (usually covered by the purchaser).

Obviously you can minimize or eliminate some of the costs so the final rate may be different… but you can see why Paypal is a cashcow. Just not sure why we need to be the ‘feed’!

Is my math correct?

Kenneth


#87

[quote=“ilikecoffee”]I’d suggest not taking a principled view on this F**k up by Paypal. Don’t want to cut off your nose to spite your face! However, I would suggest that you open an account, try it out with E-Sun, and see if there are actually any advantages to doing this.

If you are only buying things with Paypal, then you really have no need to do this (unless the Partnership means your credit cards have to be ESun cards… now that would be ridiculous). I will try to add my card after April, just to see.

The real beef is that fees keep going up. The typical fees are now approaching !0% by my reckoning, and my in some cases exceed 10%. Please can someone else verify this.

If you have a sale @ $100, then you have to pay 4.4%+30cents. So that is 4.7%. Now if you convert that to NTD, you will pay 2.5% exchange rate. So that’s another $2.50 gone or you pay a $5.00 fee for withdrawal to US account.

USD>NTD: $4.70*+$2.50+$1.15* for that $100 purchase or 8.35%.
USD>USD: $4.70+$5.00* for that $100 or 9.7%.

If you charge the price in a non-US currency, then there will be an addition 2.5% extra (usually covered by the purchaser).

Obviously you can minimize or eliminate some of the costs so the final rate may be different… but you can see why Paypal is a cashcow. Just not sure why we need to be the ‘feed’!

Is my math correct?

Kenneth[/quote]

Payment systems always want to take a cut, and at this stage of the revolution, the cut is obviously very high and beset with limitations.

Where is the competition? Surely the Swiss or savvy will come into the fray.

A global payment solution: 0.05% would make you filthy rich. Yet we put up with these filthy bastards.

We definitely need new coinage and bankage.


#88

For everybody who says Bitcoin is a stupid idea read this thread already!

Blood hell, lets get a team and be the next bazillionaires. Where is the competition indeed?

Even Elon Musk says Paypal has been really disappointing and basically admits its a dinosaur.


#89

From what I understand, this change may actually benefit me because I’ll be able to withdraw money in US dollars and change it into Taiwanese dollars at E-Sun exchange rates, which will probably be better than Paypal’s. Have to wait a couple of weeks to find out. I received a phone call about this today, either from Paypal or E-Sun. I couldn’t really understand what it was about, but I think it was a follow-up to my earlier complaint emails to Paypal.


#90

They hit you with a 2.5% fee to withdraw US$ to E.SUN. It’ll probably still work out to your favor. Just make sure you do the math.

I look at that as “Ok, you wanna bypass our shitty exchange rates? No problem. But we’ll still charge you 2.5% [versus nothing if you withdraw NT$]”.


#91

This month paypal gave me back all the fees for using international ATMs, well it was only 110 bucks but is because they only charged only 1 dollar per transaction na-nana-na-na :wink: I ate the money.


#92

wow, thats special. over how long a period did u work up to 110? is that usa 110 dollars too?


#93

They hit you with a 2.5% fee to withdraw US$ to E.SUN. It’ll probably still work out to your favor. Just make sure you do the math.

I look at that as “Ok, you wanna bypass our shitty exchange rates? No problem. But we’ll still charge you 2.5% [versus nothing if you withdraw NT$]”.[/quote]

Is that part of the new regulations or has that always been the case? I wasn’t aware. Guess you’re right I’ll have to do my sums.


#94

wow, thats special. over how long a period did you work up to 110? is that usa 110 dollars too?[/quote]

Like a year and a half, 110 transactions. Yup USDs.


#95

They hit you with a 2.5% fee to withdraw US$ to E.SUN. It’ll probably still work out to your favor. Just make sure you do the math.

I look at that as “Ok, you wanna bypass our shitty exchange rates? No problem. But we’ll still charge you 2.5% [versus nothing if you withdraw NT$]”.[/quote]

Is that part of the new regulations or has that always been the case? I wasn’t aware. Guess you’re right I’ll have to do my sums.[/quote]

Looks like it has always been the case. I hadn’t realized myself that they add 2.5% for all currency exchanges on top of the rate. From their site:

[quote]What is the fee for withdrawals from other foreign currencies to NT Dollar?

The currency conversion fee remains unchanged at 2.5% added to the exchange rate. For details, please refer to the User Agreement

Example: Assume you would like to withdraw €100,

Foreign Exchange Rate: 37.39 (includes 2.5% added to the exchange rate)

Amount you would receive: €100 x 37.39 = NT$ 3,739[/quote]

That was taken from the FAQ at the bottom of this page:

paypal.com/tw/webapps/mpp/w … al-process

So it just boils down to whether Paypal or E.SUN has the better exchange rate.

When I think about all this, I realize how much cash I can lose (have been losing!) from payments made in non-NTD currency. (Which is ALL of them) Say you receive 1000 Singapore dollars. They hit your with the initial fee. My last fee for SGD was 4.65%. So now we have $953.50 left. Then you exchange to Taiwan dollars. After the 2.5% you got $929.66 left.

So over 70 bucks gone just like that. Which is why I beg for a bank transfer for those amounts.


#96

wow, thats special. over how long a period did you work up to 110? is that usa 110 dollars too?[/quote]

Like a year and a half, 110 transactions. Yup USDs.[/quote]

why don’t you open a bank in taiwan then you will be able to make less transactions? thats what i plan to do. 12 bucks a year transaction cost? dont mind if i do!


#97

[quote=“ozzo”]

Looks like it has always been the case. I hadn’t realized myself that they add 2.5% for all currency exchanges on top of the rate. From their site:

[quote]What is the fee for withdrawals from other foreign currencies to NT Dollar?

The currency conversion fee remains unchanged at 2.5% added to the exchange rate. For details, please refer to the User Agreement

Example: Assume you would like to withdraw €100,

Foreign Exchange Rate: 37.39 (includes 2.5% added to the exchange rate)

Amount you would receive: €100 x 37.39 = NT$ 3,739[/quote]

That was taken from the FAQ at the bottom of this page:

paypal.com/tw/webapps/mpp/w … al-process

So it just boils down to whether Paypal or E.SUN has the better exchange rate.

When I think about all this, I realize how much cash I can lose (have been losing!) from payments made in non-NTD currency. (Which is ALL of them) Say you receive 1000 Singapore dollars. They hit your with the initial fee. My last fee for SGD was 4.65%. So now we have $953.50 left. Then you exchange to Taiwan dollars. After the 2.5% you got $929.66 left.

So over 70 bucks gone just like that. Which is why I beg for a bank transfer for those amounts.[/quote]

Just thinking aloud. Comparing withdrawing NT dollars to US dollars based on a recent withdrawal:

I withdrew 330 US dollars a couple of days ago and Paypal converted it to NT dollars at a rate of 1 to 29.7984, giving me NT$9,833 in my Megabank account (eventually)
The non-Paypal exchange rate is currently around 1 to 30.575, though probably a little less in a bank. But I would have received about 10023.75 for my 330 US Dollars elsewhere. Lost about 200 NT Dollars.

Under the new system, if I withdraw 330 US dollars to my E-Sun US Dollar account, I lose 2.5% of 330 to Paypal, or US$ 8.25/NT$252.

It seems based on these calculations it’s a little cheaper to withdraw to an NT Dollar account.


#98

Quick question…

For those who have opened an account with ESun, how much did they require you to deposit?

My wife just came from there and said they told her $1000NT + $100USD.

I thought the USD part was only if you intend to withdraw in USD. So seemed optional to me, but lady told her it isn’t.

Thanks


#99

I want to follow up on my last post. Turns out my wife was more or less “tricked” into opening a USD account at ESun. The woman kept saying she must open one in order to use it with PayPal. Then when she was about to leave, she asked if it was ok to withdraw the $100USD on he 31st. The lady smiled and asked politely if she could wait until April 1st. Because they have some kind of bank contest about opening USD accounts and it ends on the 1st!

My wife blew a fuse at that moment and yelled at her. So in short, she didn’t need to open a USD account. This woman was just tying to win a contest and lead her to believe that she must have one. What a crock of shit! This is the kind of bank paypal forces us to use?

And we won’t be waiting until he first to withdraw. I’ll be queued up first thing Monday morning.


#100

Yeah, you got tricked. I opened mine with $NT100

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