PayPal no longer allows NTD wire transfers


#161

Glad you got it sorted out. What a palaver, though.


#162

What are others paying when they withdraw money from Paypal into their E-Sun bank accounts? I’m 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 don’t really understand what all the options mean in real terms and I’m a bit worried I’m selecting the wrong one. It’s been a bit random so far.


#163

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.

I’m 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!).


#164

[quote=“spaint”]

I’m 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 what’s declared income and what’s undeclared. It seemed to confuse the woman at the tax office last week as well. If E-Sun report it and it’s on the tax office computer it’ll simplify my life.


#165

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.


#166

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 don’t 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. I’m 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 I’d be paying for two currency exchanges. It’s my money and I’m the doing the legwork moving it around. So peed off at being exploited like this.


#167

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 GBP100… then you will receive that money in GBP, but you might want to withdraw in USD… 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 that’s 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: that’s 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 aren’t too big, it’s probably okay. But for a GBP1000, you would end up with only about 910 pounds.

It didn’t 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. What’s worse, though, is that the customers will simply end up paying the bill, even though in the short term it’s the vendors who get the screws put on… And the customers won’t even realize. There may be higher sale prices or perhaps additional fees tacked onto p&p, or even ‘handling fees’. Whatever happened to Paypal?


#168

[quote=“ilikecoffee”]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 GBP100… then you will receive that money in GBP, but you might want to withdraw in USD… 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 that’s 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: that’s 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 aren’t too big, it’s probably okay. But for a GBP1000, you would end up with only about 910 pounds.

It didn’t 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. What’s worse, though, is that the customers will simply end up paying the bill, even though in the short term it’s the vendors who get the screws put on… And the customers won’t even realize. There may be higher sale prices or perhaps additional fees tacked onto p&p, or even ‘handling fees’. Whatever happened to Paypal?[/quote]

I cracked. I opened a UK Paypal account and in future my payments will go in there. I’ll pay less to take the money out of an ATM here than I pay to withdraw to an E-Sun account and I won’t have to deal with a Chinese-only website.


#169

[quote=“Petrichor”]

I cracked. I opened a UK Paypal account and in future my payments will go in there. I’ll pay less to take the money out of an ATM here than I pay to withdraw to an E-Sun account and I won’t 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 haven’t put the plan into action yet but i’m not going to be dealing with taiwanese paypal at all. its going into my uk bank account. i’m going to open a taiwanese hscb account so i could send my money here conviniently, the charges don’t 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 don’t 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.


#170

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 “catch all” 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 doesn’t 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?

searchenginejournal.com/top- … es-paypal/


#171

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 you’re using doesn’t match the country of your account. Do a search on Paypal’s forums to see some of the hoops people have had to jump through to get their accounts unfrozen.


#172

[quote=“Lros”][quote=“Petrichor”]

I cracked. I opened a UK Paypal account and in future my payments will go in there. I’ll pay less to take the money out of an ATM here than I pay to withdraw to an E-Sun account and I won’t 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 haven’t put the plan into action yet but I’m not going to be dealing with taiwanese paypal at all. its going into my uk bank account. I’m going to open a taiwanese hscb account so i could send my money here conviniently, the charges don’t 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 don’t 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]

I’ll be using a Nationwide card to withdraw money. From what I understand there’s a 2% charge on cash withdrawals overseas. There may be cheaper options that I’ll investigate when I go back this summer. Nationwide used to be the cheapest but there’s more competition now.


#173

I’ve 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 it’s just been a black hole for my time. The employees at Yushan Bank in Taitung tried their best to help me, but it’s out of their control. The villains are the dumb programmers employed by the bank (probably subcontractors) who have no idea what they’re doing, and ought to be fired.

I closed my Yushan Bank account on Friday. Goodbye forever, Paypal, you suck.


#174

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.


#175

I’ve been using my US paypal account and paypal atm card for 2 years, and nothing happening yet.


#176

That’s 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 don’t 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. It’s my understanding that Paypal can transfer money to Payoneer (1% fee for this). We’ll see. Here is their blurb:

payoneer.com/payment-services/en/paypal/


#177

That’s 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 don’t 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. It’s my understanding that Paypal can transfer money to Payoneer (1% fee for this). We’ll see. Here is their blurb:

payoneer.com/payment-services/en/paypal/[/quote]

Wow, cool. Let us know how that goes, it’ll be better if I (or my wife) get a local paypal account.


#178

Does anyone know if Paypal works with taiwanese accounts in Euros (as opposed to NTD)?


#179

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!


#180

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: