Glad you got it sorted out. What a palaver, though.
What are others paying when they withdraw money from Paypal into their E-Sun bank accounts? Iām sure I was paying about NT$30, but when I withdrew some money the other day there was a 2.5% Paypal charge, which was the same whichever confusing option I chose to register it under. Which is another question - I donāt really understand what all the options mean in real terms and Iām a bit worried Iām selecting the wrong one. Itās been a bit random so far.
The poor implementation coupled with the stupid amount of charges associated with this process has (as I think I already noted) turned me off using Paypal at all.
Iām also really concerned that this new method will result in a taxation problem as E.Sun will declare our incoming Paypal money as income to the tax bureau. (If anyone finds out for sure please post back here!).
[quote=āspaintā]
Iām also really concerned that this new method will result in a taxation problem as E.Sun will declare our incoming Paypal money as income to the tax bureau. (If anyone finds out for sure please post back here!).[/quote]
I hope they do report it. I hate having to go through all my records of withdrawals to work out whatās declared income and whatās undeclared. It seemed to confuse the woman at the tax office last week as well. If E-Sun report it and itās on the tax office computer itāll simplify my life.
Im paying 2.5% paypal charges, my wife said after our last visit to E-Sun that it would be free to withdraw into one of their accounts until September, whether or not that is the case im not sure, but the old way seemed alot cheaper. But as we have no choice at all but to use E-Sun now whatever charges they throw at us we are going to have to pay.
I dont understand the option list we have to register the payments under at all so i plumped for translation charges and i like others suspect the payments will be reported to the tax office so for now im keeping everything in my wifes name.
Im paying 2.5% paypal charges, my wife said after our last visit to E-Sun that it would be free to withdraw into one of their accounts until September, whether or not that is the case im not sure, but the old way seemed alot cheaper. But as we have no choice at all but to use E-Sun now whatever charges they throw at us we are going to have to pay.
I donāt understand the option list we have to register the payments under at all so i plumped for translation charges and I like others suspect the payments will be reported to the tax office so for now im keeping everything in my wifes name.[/quote]
2.5 % is very steep, considering Paypal already rip you on currency conversion rates. Iām wondering if it would be cheaper to get paid into a UK Paypal account and transfer the money from a UK bank account into Taiwan. But then Iād be paying for two currency exchanges. Itās my money and Iām the doing the legwork moving it around. So peed off at being exploited like this.
Yes, there are now three charges that you have to factor into your pricing for Paypal payments.
Their upfront 4.4% + $0.30 charges for the cost of the transaction. If the customer pays in an external currency or if you have to do a currency exchange, then there is also a spread of approximately 2.5%. And there is also a withdrawal cost as well. And beware the double currency exchanges that sometimes happens.
For example, if you bill GBP100ā¦ then you will receive that money in GBP, but you might want to withdraw in USDā¦ so you have to buy USD first. Then if you withdraw to Taiwan in NTD, voila! Double swap.
So for example, you get GBP100 for a purchase someone made. Say good buy to about GBP4.70 (est.) Switching that to Taiwan will incur a 2.5% currency charge as well, so thatās GBP2.38 gone, then finally another 2.5% charge for withdrawal. Grand total in your bank account here: GBP90.60. The fees now are outrageous: thatās a 9.4% surcharge on your money.
If you bill in USD$ then you will still pay over 7% for the final amount. I may have got the figures wrong, please check that. If you only do occasional business with Paypal or if the amounts arenāt too big, itās probably okay. But for a GBP1000, you would end up with only about 910 pounds.
It didnāt used to be that expensive at all. Withdrawals used to be free; and if you were paid in your primary currency, then it used to be more affordable. Please adjust your pricing/fee structure if you use Paypal for business to reflect these additional costs. You may also want to look at either Skrill or having your own credit card gateway account.
Talk about price gouging. Whatās worse, though, is that the customers will simply end up paying the bill, even though in the short term itās the vendors who get the screws put onā¦ And the customers wonāt even realize. There may be higher sale prices or perhaps additional fees tacked onto p&p, or even āhandling feesā. Whatever happened to Paypal?
[quote=āilikecoffeeā]Yes, there are now three charges that you have to factor into your pricing for Paypal payments.
Their upfront 4.4% + $0.30 charges for the cost of the transaction. If the customer pays in an external currency or if you have to do a currency exchange, then there is also a spread of approximately 2.5%. And there is also a withdrawal cost as well. And beware the double currency exchanges that sometimes happens.
For example, if you bill GBP100ā¦ then you will receive that money in GBP, but you might want to withdraw in USDā¦ so you have to buy USD first. Then if you withdraw to Taiwan in NTD, voila! Double swap.
So for example, you get GBP100 for a purchase someone made. Say good buy to about GBP4.70 (est.) Switching that to Taiwan will incur a 2.5% currency charge as well, so thatās GBP2.38 gone, then finally another 2.5% charge for withdrawal. Grand total in your bank account here: GBP90.60. The fees now are outrageous: thatās a 9.4% surcharge on your money.
If you bill in USD$ then you will still pay over 7% for the final amount. I may have got the figures wrong, please check that. If you only do occasional business with Paypal or if the amounts arenāt too big, itās probably okay. But for a GBP1000, you would end up with only about 910 pounds.
It didnāt used to be that expensive at all. Withdrawals used to be free; and if you were paid in your primary currency, then it used to be more affordable. Please adjust your pricing/fee structure if you use Paypal for business to reflect these additional costs. You may also want to look at either Skrill or having your own credit card gateway account.
Talk about price gouging. Whatās worse, though, is that the customers will simply end up paying the bill, even though in the short term itās the vendors who get the screws put onā¦ And the customers wonāt even realize. There may be higher sale prices or perhaps additional fees tacked onto p&p, or even āhandling feesā. Whatever happened to Paypal?[/quote]
I cracked. I opened a UK Paypal account and in future my payments will go in there. Iāll pay less to take the money out of an ATM here than I pay to withdraw to an E-Sun account and I wonāt have to deal with a Chinese-only website.
[quote=āPetrichorā]
I cracked. I opened a UK Paypal account and in future my payments will go in there. Iāll pay less to take the money out of an ATM here than I pay to withdraw to an E-Sun account and I wonāt have to deal with a Chinese-only website.[/quote]
are you using your uk debit card to withdraw money? what are the charges like?
i havenāt put the plan into action yet but iām not going to be dealing with taiwanese paypal at all. its going into my uk bank account. iām going to open a taiwanese hscb account so i could send my money here conviniently, the charges donāt seem so high but its going to be far less hassle than dealing with taiwanese hassle, slow times, extra charges, bullshit, fucking around and changing their systems on a whim. the other options are getting the expat package (not an option for me) where you donāt have to pay any charges sending money between international accounts (i think) or as another poster is doing, using a paypal debit card (the fee is fixed at a dollar or something) thats not an option for me either, seems they have stopped giving out those cards in the uk.
After weeks of hassle I finally got it to work, but those tax codes are giving me nightmares. Has anyone figured that out yet? What does airBnB translate into? Or more importantly, which is the vague ācatch allā that the local folks will be using?
I asked my accountant and she just said she has no idea and good luck with it!
As a side note I did have a comical episode. Paypal needed a proof of address from the bank, but Jade doesnāt do that. I had to take a picture of an envelope being printed at the bank with clerk giving the peace sign and then another picture at my house with the postage stamp of the same envelope. They accepted it.
Anyone use any of these in Taiwan?
Be aware for those of you opening Paypal accounts in other countries and accessing them from here is that there have been lots of reports of accounts being frozen when the IP address youāre using doesnāt match the country of your account. Do a search on Paypalās forums to see some of the hoops people have had to jump through to get their accounts unfrozen.
[quote=āLrosā][quote=āPetrichorā]
I cracked. I opened a UK Paypal account and in future my payments will go in there. Iāll pay less to take the money out of an ATM here than I pay to withdraw to an E-Sun account and I wonāt have to deal with a Chinese-only website.[/quote]
are you using your uk debit card to withdraw money? what are the charges like?
i havenāt put the plan into action yet but Iām not going to be dealing with taiwanese paypal at all. its going into my uk bank account. Iām going to open a taiwanese hscb account so i could send my money here conviniently, the charges donāt seem so high but its going to be far less hassle than dealing with taiwanese hassle, slow times, extra charges, bullshit, fucking around and changing their systems on a whim. the other options are getting the expat package (not an option for me) where you donāt have to pay any charges sending money between international accounts (I think) or as another poster is doing, using a paypal debit card (the fee is fixed at a dollar or something) thats not an option for me either, seems they have stopped giving out those cards in the uk.[/quote]
Iāll be using a Nationwide card to withdraw money. From what I understand thereās a 2% charge on cash withdrawals overseas. There may be cheaper options that Iāll investigate when I go back this summer. Nationwide used to be the cheapest but thereās more competition now.
Iāve finally had enough with Paypal not working (at all) in Taiwan after months of trying. Fund withdrawals used to work OK with Bank of Taiwan, until this past April when it became mandatory to use Yushan Bank. Since then itās just been a black hole for my time. The employees at Yushan Bank in Taitung tried their best to help me, but itās out of their control. The villains are the dumb programmers employed by the bank (probably subcontractors) who have no idea what theyāre doing, and ought to be fired.
I closed my Yushan Bank account on Friday. Goodbye forever, Paypal, you suck.
Hi RobinTaiwan,
I am not overly experienced with Tawianese accounts, but I have done a little research for you. If you have funds in USD you will need to add a bank account in taiwan which can accept USD. Thats what they want now.
they say:
Please verify with your bank if they accept international U.S. Dollar wire transfers. If not, you will need to add a bank account capable of accepting U.S. Dollar wires.
Iāve been using my US paypal account and paypal atm card for 2 years, and nothing happening yet.
Thatās nice - you have a US-based Paypal account, a US-based Paypal ATM card, and I assume both a US bank account and a US-issued credit card. You can use your US-issued ATM card in Taiwan. Lucky you.
Those of us who donāt happen to have a mailing address in the USA are not so blessed by Paypal.
Basically, Paypal works for those with a US bank account, a US-issued credit card and a mailing address in the USA. The rest of us can piss-off as far as Paypal is concerned.
I just today applied for a Payoneer debit card. Itās my understanding that Paypal can transfer money to Payoneer (1% fee for this). Weāll see. Here is their blurb:
Thatās nice - you have a US-based Paypal account, a US-based Paypal ATM card, and I assume both a US bank account and a US-issued credit card. You can use your US-issued ATM card in Taiwan. Lucky you.
Those of us who donāt happen to have a mailing address in the USA are not so blessed by Paypal.
Basically, Paypal works for those with a US bank account, a US-issued credit card and a mailing address in the USA. The rest of us can piss-off as far as Paypal is concerned.
I just today applied for a Payoneer debit card. Itās my understanding that Paypal can transfer money to Payoneer (1% fee for this). Weāll see. Here is their blurb:
payoneer.com/payment-services/en/paypal/[/quote]
Wow, cool. Let us know how that goes, itāll be better if I (or my wife) get a local paypal account.
Does anyone know if Paypal works with taiwanese accounts in Euros (as opposed to NTD)?
Paypal has partnered with E.Sun Bank for all paypal transfers from the USA to Taiwan. If you are interested in receiving Paypal transfers to your Taiwan account, you must open an account with E.Sun Bank http://www.esunbank.com.tw/event/paypal/
Hopes this helps you!
Perhaps the tax laws changed, and the government decided to tax foreigners on monies received in Taiwan from abroad. The only way to do that is to make sure that the money passes through an entity which the government can control, i.e. a local bank, that can verify who you are. :loco: