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Singaporean Merchant Recommendations (Paypal, etc)

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globaltrottery
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Singaporean Merchant Recommendations (Paypal, etc)

Postby globaltrottery » Wed, 27 Jul 2016 6:04 pm

I've a business in seychelles, business account in singapore, and I need to connect my online transactions from paypal to my account. However, I've a few issues:
1) They don't let you if your business and business bank account are in different countries
2) They force you to convert from USD to the country's native currency, even though my singaporean bank account is in USD.

What are the proper ways around both of these? I would like to be able to transfer my Paypal sales in USD to my business account in Singapore without converting (thus losing plenty of money). I realize Stripe has a beta in Singapore, but they seem to be bound by the same two issues.

Thoughts? Suggestions?
Thanks!

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ecureilx
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Re: RE: Singaporean Merchant Recommendations (Paypal, etc)

Postby ecureilx » Wed, 27 Jul 2016 10:21 pm

globaltrottery wrote:What are the proper ways around both of these? I would like to be able to transfer my Paypal sales in USD to my business account in Singapore without converting (thus losing plenty of money). I realize Stripe has a beta in Singapore, but they seem to be bound by the same two issues.

Thoughts? Suggestions?
Thanks!


Look up Dragon Pay or 88Pay. They may fit your needs.

BBCWatcher
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Re: Singaporean Merchant Recommendations (Paypal, etc)

Postby BBCWatcher » Wed, 27 Jul 2016 10:51 pm

You can try contacting Paypal by phone to see if they'll let you change your withdrawal currency. Log onto your Paypal account, find the "Contact" link at the bottom, click on that, select the "Call Us" option, note the passcode, and call Paypal at the phone number provided. You'll still probably need a company registration in Singapore.

If Paypal is uncooperative you could investigate establishing a company registration and bank account in a U.S. dollar country where Paypal does business. Countries and territories that use the U.S. dollar exclusively include the United States (obviously), the British Virgin Islands, the Dutch islands in the Caribbean (e.g. Aruba), East Timor, Ecuador, El Salvador, the Marshall Islands, the Federated States of Micronesia, Palau, and the Turks and Caicos. Paypal appears to support most of these countries and territories.

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Max Headroom
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Re: Singaporean Merchant Recommendations (Paypal, etc)

Postby Max Headroom » Thu, 28 Jul 2016 1:57 pm

Blows me a way how for years there hasn't been a single David company anywhere able to even dent this Goliath. And there's nothing in the wings either. Talk about monopoly.

Even Google and Apple have been dropping the ball majorly in this realm.

No wonder PayPal has been getting away with their utterly crappy exchange rates and other bullying tactics.

Does anyone know of any viable alternative P2P payment systems?

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ecureilx
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Re: RE: Re: Singaporean Merchant Recommendations (Paypal, etc)

Postby ecureilx » Thu, 28 Jul 2016 2:01 pm

Max Headroom wrote:Blows me a way how for years there hasn't been a single David company anywhere able to even dent this Goliath. And there's nothing in the wings either. Talk about monopoly.

Even Google and Apple have been dropping the ball majorly in this realm.

No wonder PayPal has been getting away with their utterly crappy exchange rates and other bullying tactics.

Does anyone know of any viable alternative P2P payment systems?

I did quote a couple of Asian alternates, apart from Alipay ..

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Max Headroom
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Re: Singaporean Merchant Recommendations (Paypal, etc)

Postby Max Headroom » Thu, 28 Jul 2016 2:24 pm

I saw them, but their reach is a bit restricted eh.

Also, any other party in this industry had better be a big and well-known player, perhaps an incumbent in another field, because anything less will just not generate the confidence needed to enable people to send their cash without being worried.

I don't know why Google isn't pushing their concept harder.

okonu
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Re: Singaporean Merchant Recommendations (Paypal, etc)

Postby okonu » Thu, 28 Jul 2016 2:34 pm

Look how much crap HSBC and other international banks have got into due to money laundering etc. All it takes is for one terror attack to be traced back to paypal funding & the US fines will be enormous.

E.g. your issue (1) "don't let you if your business and business bank account are in different countries" is almost certainly to avoid getting into trouble for aiding & abetting tax evasion


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