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There is an alternative to Paypal, used by ebay, skype and most household names www.moneybookers.com

 

Takes me an average of two weeks to receive money through MoneyBookers versus 2-4 days through PayPal.

 

-Nick

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Most certainly, when my Paypal balance gets high and the exchange rate is good, I transfer amounts to my BPI acc. it takes about 4 or 5 days.I been doing this for nearly 2 years.

 

Don, how will I know if the exchange rate is good?

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Hmmm...I logged into my Paypal account and it won't let me add any of my Phil bank accounts.

 

 

I guess you have to open a second paypal account with your RP address.

 

/.

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aussiedon
Don, how will I know if the exchange rate is good?

Angie, I log on to my Paypal acc. withdraw, type in an amount, but before I confirm withdraw, I check their exchange rate, it will show you. then I decide whether I will proceed or cancel and wait until the rate hopefully gets better.

 

I guess you have to open a second paypal account with your RP address.

 

/.

Yes I think you will need a RP confirmed address.

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MattFromGA

Paypal is nice but a tad expensive. First, with an RP account, when you take payments from outside the RP you wind up paying their "international payments" rate which for the RP is 3.9% +30 cents of the payment. Second, you must do the currency conversion with the transfer to your RP bank account. Paypal will not send dollars to a RP dollar account; it has to be in pesos. Paypal charges another 2% for the currency conversion from the rate they get quoted from their provider. The online paypal currency exchange rate tool currently does not list Philippine pesos, so there is no way to get an exact rate quote of what the conversion will be. The exchange rate quoted paypal is not as good as on the streets of Cebu for USD. Ultimately, I can see I lose about 6% of the gross. So if someone sends me $1000 from the USA, I will only get $960.70 in my paypal account. Then, when a transfer to my peso account, they will exchange it for about 2.5% less than if I took the $960.70 to a higher paying money changer in Cebu. For example, $960 at 48 on the street would be 46,113.60 pesos. Where as with paypal, I would get about 44,960.76, which is 1152.84 pesos less.

 

Therefor, I would never use paypal for payments from family or friends that are willing to do other types of payments. If a business was sending me 5000 USD, I would ask them to do a wire transfer to my USD account here in Cebu, which costs about $60 when you add up both the cost of my client and the cost on my side from my bank. At least then I can get the best USD to peso exchange rate possible. However, for smaller payments from various customers around the world paypal is a good option.

 

BTW, if you have a ecommerce web site and integrate with paypal's web pro package, your web site will also be able to take credit card payments directly on the site (no transfer to paypal during checkout). They payments through credit cards like that also go directly into your paypal balance. Ultimately you can get credit card payments without going through the level of BS you'd go through to accept credit card payments through other CC payment providers. However, you get another $30 a month fee from paypal for that service.

 

For people like Angie, paypal has a nice recurring payment option. You can setup a recurring payment for your classes, and you will automatically get paid periodically (from once a week to once a year depending on how you set it up). The payments wont stop until it is canceled, which usually means you get payments on time and for longer.

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aussiedon
Paypal is nice but a tad expensive. First, with an RP account, when you take payments from outside the RP you wind up paying their "international payments" rate which for the RP is 3.9% +30 cents of the payment. Second, you must do the currency conversion with the transfer to your RP bank account. Paypal will not send dollars to a RP dollar account; it has to be in pesos. Paypal charges another 2% for the currency conversion from the rate they get quoted from their provider. The online paypal currency exchange rate tool currently does not list Philippine pesos, so there is no way to get an exact rate quote of what the conversion will be. The exchange rate quoted paypal is not as good as on the streets of Cebu for USD. Ultimately, I can see I lose about 6% of the gross. So if someone sends me $1000 from the USA, I will only get $960.70 in my paypal account. Then, when a transfer to my peso account, they will exchange it for about 2.5% less than if I took the $960.70 to a higher paying money changer in Cebu. For example, $960 at 48 on the street would be 46,113.60 pesos. Where as with paypal, I would get about 44,960.76, which is 1152.84 pesos less.

 

Therefor, I would never use paypal for payments from family or friends that are willing to do other types of payments. If a business was sending me 5000 USD, I would ask them to do a wire transfer to my USD account here in Cebu, which costs about $60 when you add up both the cost of my client and the cost on my side from my bank. At least then I can get the best USD to peso exchange rate possible. However, for smaller payments from various customers around the world paypal is a good option.

 

BTW, if you have a ecommerce web site and integrate with paypal's web pro package, your web site will also be able to take credit card payments directly on the site (no transfer to paypal during checkout). They payments through credit cards like that also go directly into your paypal balance. Ultimately you can get credit card payments without going through the level of BS you'd go through to accept credit card payments through other CC payment providers. However, you get another $30 a month fee from paypal for that service.

 

For people like Angie, paypal has a nice recurring payment option. You can setup a recurring payment for your classes, and you will automatically get paid periodically (from once a week to once a year depending on how you set it up). The payments wont stop until it is canceled, which usually means you get payments on time and for longer.

Yes , Paypal for smaller transactions from different people globally is reasonably fast and convenient. Their charges are high, but until they get some serious opposition, its what I and most others will have to endure.

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Yes , Paypal for smaller transactions from different people globally is reasonably fast and convenient. Their charges are high, but until they get some serious opposition, its what I and most others will have to endure.

 

Don, I transferred money from my PayPal account for the first time today. And guess what? Someone from PayPal called me from the US just to confirm if I have a PayPal account and if I just transferred money from it to my bank.

 

Did they do the same to you when you withdrew money from your PayPal account for the first time?

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aussiedon
Don, I transferred money from my PayPal account for the first time today. And guess what? Someone from PayPal called me from the US just to confirm if I have a PayPal account and if I just transferred money from it to my bank.

 

Did they do the same to you when you withdrew money from your PayPal account for the first time?

Its likely they did,I dont remember, I'm sure once you confirm this with them they wont call again and transfers should go smoothly

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  • 5 weeks later...

I am gonna bring my Paypal card on my trip next month but I pretty much will only use it in an emergency

and will just bring a stack a cash to avoid all the Paypal international ATM fees.

 

Paypal did tell me to let them know my travel dates and what countries I will be in because they could put a

hold on the account if you try to pull money money out using a out of U.S. ATM without letting them know.

 

I tell my credit card company my travel dates outside the U.S. also as they have put a hold on my card

also after I used it outside the U.S. without letting them know...boy that can really mess things up trying to

check out of a hotel and trying to catch a flight and your card does not work!!!!!!!!!!!!

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  • 1 month later...

A very handy dandy thing. PayPal has been good for my visits to the Phils and the family using the card every month for the last 5yrs.

Fred

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  • 1 month later...
ashlogcreek

I depend on my Paypal debit card, because this gives me an extra money gathering tool...lol

 

It also lets me NOT carry a bunch of cash on me when i travel. I keep a few thousand in cash, and then keep the rest of my travel allowance in my paypal account, and just use the debit card to make withdrawals in case of emergency.

 

And also, it's used MUCH less than my bank debit card, so it's "strip" is always good....lol

 

Also, if you don't have enough money in the paypal account it will withdraw from your checking account. Kills 2 birds with 1 stone.

Edited by ashlogcreek
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