Back to the way it was before for me. If you lost money in currency conversion due to this mess, contact paypal and compain about it. They will refund you. At least they did for me.
I know that before the changes, you had to take your money out in NT$. I asked if I could leave my money in US dollars but they said no. If everything has gone back the way it was, then they will probably make you convert it into NT$.[/quote]
Bummer.
So they can make more money out of people by hitting you with their own USD:NTD exchange rate before you get the funds.
Nice.
Which USD accounts have people linked their paypal accounts to?
I have accounts at both HSBC and Megabank. What are the fees for deposits and withdrawals from foreign currency bank accounts to Paypal in Taiwan?
Thanks
[quote=“Milkybar_Kid”]Which USD accounts have people linked their paypal accounts to?
I have accounts at both HSBC and Megabank. What are the fees for deposits and withdrawals from foreign currency bank accounts to Paypal in Taiwan?
Thanks[/quote]
When I opened a Megabank account I opened a US dollar account there at the same time (on their advice). After Paypal made their declaration I simply added the account to my list of bank accounts on my Paypal profile.
Now Paypal have reversed their decision and it seems will only pay in NT dollars to Taiwanese accounts.
If you’re having trouble with your withdrawals, do what I did.
Delete the old troublesome withdrawal accounts, and then re-add the accounts or add new ones. Make sure that your name is THE same as on the passbook, and in the SAME ORDER. Examples: John Alexander Smith is your name, but your a/c book shows Smith John Alexander. Then you MUST use the inverted order: Smith John Alexander. Otherwise you will have a rejected transaction & get dinged for NT$70.
I know that you can withdraw NT$ to a local account. No idea if you can withdraw US$ to a local US$ account or if you can do currency exchanges. The whole debacle ended up costing me quite a bit in double currency costs, US$ appreciation ( I was expecting the US$ to strengthen)… I’m not happy with Paypal… but what can you do?
Update: Withdrawals from US$ to NT$ seem to be possible still. But conversion tools from US$ to NT$ are not available, if you are simply moving cash around.
K.
Why would paypal not play forex? it always has. when they did this switch around the end of 2013 i sent many colorful, unedited emails/calls, because they have thaken their long proven stance fo fuck you to businesses and cater to customers (hence it still being used and in business). What they do is fucked up they are a company totally off the scale in monopoly and shady dealings. anyone dealing with this for business woudl be serious wise seeking out other more legitimate uses.
one thing that you will all see happen more and more is your privacy will be gone. every company wants to know who you are, even in the lands of under the table business. People are getting more and more trackable and, theoretically, “accountable”
i remember they first tried this shit to USD. so i change about 500 webpages, manually by hand in fucking notepad, then they tell me they change back to TWD…i blew a gasket, i think i literally popped something upstairs.
Paypal is good for starting businesses to test the water, once you grow get the fuck out before you truly develop your shit.
Moral of the story: Never put faith in a company that runs to Singapore…
I had to straight up say fuck retail for now and i run a strictly wholesale business now because banks here are kind of shit for opening up small biz with credit cards. maybe different now, havent tried for a couple years.
Changes afoot again. Starting Apr 9, the current withdrawal process will end, and you’ll be required to have an account with E-Sun in order to link to Paypal. That’s their partner bank in Taiwan.
At least Yushan bank has a good online system.
That’s great to know, I hope it speeds the trasfers too.
I am just doing the odd bit of online business at the moment, but I was seriously annoyed with the mess last year… I wrote an email complaining about the situation, and received squat back.
Now wondering if I shouldn’t transfer my account to an overseas Paypal unit, like Hong Kong… Craig, what are you planning to do?
I already had one successful withdrawal, but the exchange rate was quite appalling. I managed to do a USD to Taiwan dollar conversion at withdrawal time just now. No idea if the second withdrawal will be successful or not.
Kenneth
I’m going to open an E-Sun account and link that and hopefully that’ll be all that’s needed. However when I was in Australia at Xmas, I opened a new bank account there and a new Paypal linked to it, so if worst comes to worst I’ll start using that. Unfortunately that’ll mean I’ll be receiving money in USD or GBP, having to convert them into AUD, and then convert again to NTD if I want to access the money here. Plus whatever the wire / ATM fees are to transfer money from Aust to Taiwan.
I had a withdrawal that I did on 2/26 that just landed into my bank last week, so the old withdrawal system is still working and taking about a week.
MAJOR PITA. :fume:
That’s great to know, I hope it speeds the trasfers too.[/quote]
Transfers are said to be shortened to 2-5 days.
That’s great to know, I hope it speeds the trasfers too.[/quote]
Transfers are said to be shortened to 2-5 days.[/quote]
That sounds like a dream to me! I guess it would too much to ask a local paypal debit card, but I can live without that.
I actually think this is a bit of a pain in the ass. This will make the third bank account I will have to link to Paypal in order to get my money and I’ve only been using them for a year. I linked my original account, then they said they could no longer send $NT and I needed a foreign currency account and now they making me change banks altogether. I really hope this will be the last major change.
Paypal is just getting greedy now. If you want your money in U.S. dollars, they charge you 2.5% for every $1000 instead of a set fee. Did they always charge this much? Losing $25 for every $1000 can build up to a pretty hefty fee if you take out any large amounts.
The E-Sun website states that foreign nationals must hold ARCs valid for more than 1 year. As ARCs only last 1 to 2 years and are renewed only when they run out, how are people on ARCs going to be able to open an account?
great, so no ARC no paypal? they are making it a massive pain in the ass. texmex’s paypal debit card withdraw seems my best option
No ARC with less than a year to run, no Paypal either.