Paypal is the cheapest way to send money abroad?

[wowpow]

http://www.moneysavingexpert.com/cgi-bi ... 8796,22175 (http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1114428796,22175),

Paypal* is the e-commerce payment system for online auction monolith Ebay. ItтАЩs designed to facilitate auction payments, but as a by-product can facilitate cheap, overseas money transfers.



To use it, both you and the recipient of the cash need an e-mail address (you can just set up a free internet e-mail address from Gmail or Hotmail) and a free Paypal account.

You simply pay money into your account via credit card or bank account and send it via Paypal. Your friend can then choose to have the money paid into their bank account, taking three to nine days (depending on country), or keep it with Paypal to spend on the internet, which can be done instantly.



"Paypal operates in 45 countries around the world. While recipients in most North American, Western European and Australasian countries can withdraw money in to their bank accounts, there are some countries which prohibit this, so do check before starting the process (see the full list).

*
The Charges. Both paying money in and sending overseas is free. However, the recipient is charged when they get their money. The amount varies slightly country to country, but most are a similar scale of charges to UK recipients, which is 20p plus 3.9% of the value, e.g. on ┬г30 that's ┬г1.40.

In some countries thereтАЩs also a fee for withdrawing cash to a bank account, yet again it's tiny e.g. the UK fee is only charged for those withdrawing less than ┬г50 and even then itтАЩs only 25p.

*
The Exchange Rate. Paypal exchange rates are similar to that of high street credit cards when used abroad, and slightly better than bureaux de change rates; overall not too bad. The only currencies Paypal works in are Pounds, Canadian, US and Australian Dollars, Euros and Yen."

I wonder if it works to Thailand?

I wonder if it works to Thailand?

This can be done, but is not as simple as it might seem. Depending on how you send the cash, there are many "wait periods" before the money can get from the bank abroad and clear in the bank in Thailand. Sometimes, this wait can be up to 2 or more weeks.

Also, it will require a fair amount of "work" and understanding from your Thai friend here, which is also often difficult to arrange from abroad - depending on your friend's level of English and computer saviness.

Ok, so here comes the plug... A great, inexpensive (albeit a bit more than just using this option, but MUCH less than other cash wire companies) is Niddy's Nook Online Store where you can send money to a boy in Thailand and it will be delievered to his work, doorstep or he may choose to come pick it up at the restaurant whenever he chooses.

For more information see Niddy's Nook Online store at...

www.niddysnook.com (http://www.niddysnook.com)

Or email us at info@niddysnook.com

Sincerely,
Niddy's Nook Promotions

Travelling from the UK I used a Post Office Travel Card which is a VISA card you load with a fixed amount when you buy it. You can then load it via a telephone call at any time.

I used it for my holiday spending and then left it with my boyfriend. It's not a Debit Card or a Credit Card so he can't run up unwanted bills as he can't withdraw more than I load it with.

You pay for the service though with a flat rate ┬г2.00 charge per transaction and a surcharge of (I think) a couple of percent of the amount withdrawn if it's converted from the base currency of the card which is always like to be the case unless you use it in the UK as well.

But it's cheaper than some other methods and it's very convenient as the money is available to my boyfriend the next day and he can use any VISA compatible ATM.

It's also good for him as he won't go near a computer and I can't get him into an Internet Caf├й so Paypal wouldn't work as he has no email.

An automated telephone call tells me the balance on the card at any time so I always know how much he can withdraw. So far it's worked well and he's only withdrawn what I've told him to.

The only potential problems are that he will loose it (rather likely I'm afraid) or he will forget the PIN Number (equally likely but not serious as I can text him).

[Davey612]

I think a better choice if you are in UK is www.moneybookers.com (http://www.moneybookers.com)

My personal favorite does not do Thailand, but if you have someone in the Philippines, Vietnam, or even HONG KONG! Try www.xoom.com (http://www.xoom.com). It is quite cheap if you use your checking account.

PayPal

It's very easy to transfer money from your UK bank account to your (or whoever) Thai bank account via paypal.


Register first
1. Register a paypal account in the UK at www.paypal.co.uk (http://www.paypal.co.uk) with your UK home adderess
2. Specify and add your UK bank accounts ( e.g. NatWest bank, Halifax bak, etc ) to your UK paypal account

3. Register a paypal account in Thailand at www.paypal.com (http://www.paypal.com) with your home address in Thailand
4. Specify and add your Thai bank accounts ( e.g. Bangkok Bank, Thai Farmer Bank, etc ) to your Thai paypal account
( you can also add your US banks account (if you have) to your Thai paypal account too. )

Then Transfer the money
5. Transfer money from your UK bank account to your UK paypal account by using transfer facilities in your paypal account. This is free of charge.
6. Transfer money from your UK paypal account to your Thai paypal account. The money will be deposited to your Thai paypal account instantly. This is free of charge.
7. Once the money is in your Thai paypal account, you can transfer it to your Thai bank account by using transfer facility in your paypal account. The money will arrive at your Thai bank accout in 5 - 7 business days, and costs nothing if you transfer at leat 5,000 baht from your Thai paypal account to your Thai bank account. But it will cost 50 baht if the transfer is less than 5,000 baht

All is done on the internet by using transfer facilities in your paypal account. No need to go to notify your bank.

Easy and inexpensive, isn't it ?.

To recap :-
After you have done all the registrations and setting up bank accounts in both countries
1. Transfer money from UK bank to UK paypal (free of charge)
2. Transfer money from UK paypal to Thai paypal (free opf charge)
3. Transfer money from Thai paypal to Thai bank (max 50 baht fee, or free if the transfer is more than 5,000 baht)

Paypal is a very smart way to transfer funds anywhere, My company uses it every day. I advise all to watch for phising as this is part of the deal. Just always check the URL of anything incoming and before any interactions open your own page direct to your supplier. Never open a message from your supplier. If it is really from your supplier it will be available once you are within their site.Kindest regards, Phil.

[Lunchtime O'Booze]

there is far less cost involved than using banks directly but more importantly you don't have to give out all your banking details each time.

One must always be aware of the phissing business..there are phoney emails directing you to all sorts of offical looking websites...like banks and e-bay etc that are fakes and only want your passwords etc.

I fact I have an internet site where we accept payment for goods and ever since we set up Paypal as a method for customers..business has increased. I'm not sure if it's related but I think people are so wary of giving their credit card details these days.

[Brad the Impala]

I fact I have an internet site where we accept payment for goods and ever since we set up Paypal as a method for customers..business has increased. I'm not sure if it's related but I think people are so wary of giving their credit card details these days.


Has Mrs(Lotsa) Booze opened her own porn website? Pay to watch her doing the ironing naked?

[Lunchtime O'Booze]

But you actually have to pay not to see the pictures..otherwise we threaten to email you pics of Mr's O'Booze.."The Naked Housewife".

Keep this up and I'll post them on here. :geek: :idea:
below is a pic before she gets her gear off !

http://upload5.postimage.org/222329/ATT00038.jpg (http://upload5.postimage.org/222329/photo_hosting.html)

[Bob]

I would bet she'll perform for peanuts too........ :idea:

[Marc K]

In this era when you might want to send a few thousand baht to your special friend in Thailand, I found this old thread (from 2007) which is quite useful in this era of joblessness in Thailand.

I used Paypal/Xoom yesterday to send 5000B to a kind friend in Thailand. It was a totally painless transaction. I no sooner had hit the send button and I got an SMS saying the money was available for pickup at any branch of SCB. And one hour later I got notified that the money had been picked up. I had sent the money from my PayPal balance which probably helped make the transfer friction free. The total fee (including $4.99 transaction fee and foreign exchange hit) was 6.2%.

Given the ease of the transaction this fee was quite respectable.

If there are legitimate food relief efforts underway in Jomtien Complex (or elsewhere) which need some extra funding, perhaps someone could set up a trusted account there where the money could be sent. I am sure there are a lot of us who wouldn't mind pitching in a few bucks/pounds/euros/loonies to help out.

[Smiles]

Even more interesting... Niddy's Nook!! Is he still making the worst hamburgers in the world?

[mr giggles]

Re: PayPal, I'm no expert but the receiver also needs a PP account which can take 4 days to set up (oh and they need a bank acct).

[dab69]

Western Union has limits on recurring transfers to Thailand. Currently trying MoneyGram pickup in Thailand.

[gerefan2]

Western Union has limits on recurring transfers to Thailand. Currently trying MoneyGram pickup in Thailand.

I’ve not had any problems with recurring transfers to Thailand, and I want to continue sending while this virus is ongoing.
What’s the limit on numbers of transfers? Have you had a problem yourself?
Is there a link?

[christianpfc]

Many years ago I used to sell some stuff on ebay and was forced to use paypal to receive payments. I didn't like this, so the name paypal leaves a bad taste in my mouth and I would use it only if there was no other way.

I have been using transferwise to transfer money from Germany to my Thai bank account.
All activity in Thailand (withdraw money at ATM, send money online to friends) from that Thai bank account.
Sending money to Thailand currently for 1000 EUR fee 7.68 EUR, 100 EUR fee 2.14 EUR, 10 EUR fee 1.58 EUR.

[goji]

1 The last time I sent a small sum of money abroad with Paypal, it cost me 5.24% on the sending side. There was another 4.8% charge on the receiving side.
Paypal are not at all transparent about the receiving charges when you send money.


2 The last time I received £450 pounds from abroad with Paypal, there was a £25 charge for RECEIVING the money, which amounts to 5.5%. I presume the sender was screwed out of about 5%, so just over 10% in charges. Greedy ****s.
For comparison, if I were to send £450 to Thailand with Transferwise now, the charge would be just 0.9% to send and usually nothing to receive.


3 The last time I sent several thousand pounds abroad with Transferwise, it cost me 0.38% to send and there was no charge for receiving.

CONCLUSION
Transferwise are good.

PAYPAL is a VERY EXPENSIVE way to send money abroad.
And they are devious bastards, as they tell you the charge for sending, but forget to tell you the receiver will be charged for receiving the money as well.

Ideally the thread title would be amended to "Are Paypal Greedy Twats ?", or something more rude.

[Marc K]

1 The last time I sent a small sum of money abroad with Paypal, it cost me 5.24% on the sending side. There was another 4.8% charge on the receiving side.
Paypal are not at all transparent about the receiving charges when you send money.


2 The last time I received £450 pounds from abroad with Paypal, there was a £25 charge for RECEIVING the money, which amounts to 5.5%. I presume the sender was screwed out of about 5%, so just over 10% in charges. Greedy ****s.
For comparison, if I were to send £450 to Thailand with Transferwise now, the charge would be just 0.9% to send and usually nothing to receive.


3 The last time I sent several thousand pounds abroad with Transferwise, it cost me 0.38% to send and there was no charge for receiving.

CONCLUSION
Transferwise are good.

PAYPAL is a VERY EXPENSIVE way to send money abroad.
And they are devious bastards, as they tell you the charge for sending, but forget to tell you the receiver will be charged for receiving the money as well.

Ideally the thread title would be amended to "Are Paypal Greedy Twats ?", or something more rude.


Hi guys, I am not talking about PayPal (which by the way was spun off from eBay many years ago), but rather Xoom, which is apparently a PayPal subsidiary. In this post I was talking about sending from the US for cash pickup in Thailand. There were no recipient charges. The effective rate was 6.2% (not bad) and the transaction went through instantaneously. No wait for days at the recipient end, no fees to recipient, no need for the recipient to have a PayPal ID. I was impressed.

Yes I had heard Transferwise might be better if you are sending to a Thai bank account and don't mind a wait of 2 days or so. I have also heard that Remitly is quite good although I have not ever tried either service. I think all of these fintech solutions are far superior though to the old Western Union and MoneyGram rip offs.

[gerefan2]

But how the boys, who probably do not have bank accounts, collect the money?
There are Western Union offices everywhere.

[llz]

But how the boys, who probably do not have bank accounts, collect the money?

Most thais I had to deal with did have a bank account.

[Smiles]

Most thais I had to deal with did have a bank account.Agree with that. The folks in Isaan may be far from being middle class and are certainly not rich, but most have bank accounts.

[goji]

Hi guys, I am not talking about PayPal (which by the way was spun off from eBay many years ago), but rather Xoom, which is apparently a PayPal subsidiary. In this post I was talking about sending from the US for cash pickup in Thailand. There were no recipient charges. The effective rate was 6.2% (not bad) and the transaction went through instantaneously. No wait for days at the recipient end, no fees to recipient, no need for the recipient to have a PayPal ID. I was impressed.

Yes I had heard Transferwise might be better if you are sending to a Thai bank account and don't mind a wait of 2 days or so. I have also heard that Remitly is quite good although I have not ever tried either service. I think all of these fintech solutions are far superior though to the old Western Union and MoneyGram rip offs.

I was posting about Paypal, as per title topic.

Xoom is interesting, but I consider 6.2% to be robbery. Although, if it were for a very small transaction with NO ALTERNATIVE, perhaps there is a case for it.

The last time I used Transferwise to an Asian country, the transfer took less time than it took me to log into the Asian account. Although I believe it's slower to Thailand.

You are right that it's good to see some of this "Fintech" offering competitive alternatives to the traditional rip off foreign currency transfer services.

[Smiles]

"...Although I believe it's slower to Thailand ..."That seems about right.
I use TransferWise all the time nowadays. It takes about 2-3 days for the money gets plonked into my Thai bank, this when sending from Canada to Thailand.
I've never had a one-dayer. But, I've never experienced a mess-up.

I like TransferWise for it's simplicity and their excellent Help Line ... though I've only used it a couple of times when setting up my account, and even then it was my stupidity.

[Marc K]

[i] I like TransferWise for it's simplicity and their excellent Help Line ...


To summarize,

I think Xoom might be the best to send a modest amount of cash to a Thai friend for cash pickup at a major bank. In my case I sent 10,000 B for pickup at SCB. Worked perfectly and instantaneously. And yes, all said and done, I ended up paying a commission of 332 B (effectively 6.2%) or about $10 for the service ($4.99 + exchange rate hit)

I think Transferwise might be better when you are transferring medium to larger sums to your/his bank account, and can wait a few days for the transaction to complete.

I also have heard that Remitly might be the cheapest of all. It is a new service and I think only transfers from US to overseas (Thailand). I might give it a try sometime. It has interesting promotions for first use which look enticing.