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USD Paypal to USD HSBC HK

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  1. #1

    USD Paypal to USD HSBC HK

    Unless I can find a way to charge customers card directly, I am losing a lot due to the exchange rates, already I paid a lot to receive funds from overseas customers using paypal, now, when I move funds from paypal to hsbc HK, it goes into the bank as HK$ instead of $USD., so, when I convert from HK$ to USD$, It cost me at least: 3% again.

    Whereas HSBC HK account also support USD..and customers also funds in USD..

    I will really appreciate all kind support.


  2. #2

    Join Date
    Mar 2010
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    6,745

    Could it be you just need to open a USD sub-account with HSBC and then just inform paypal to wire to
    12345-231 USD at HSBC
    with 12345 as main account


    Sent from my iPhone using GeoClicks


  3. #3

    Join Date
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    Talk to Paypal and see what they come up with.

    Chances are, you need to tell them that you do have a USD account and need to withdraw in USD. Depending on your volume, they might show some flexibility and come up with a solution or two.

    IN our case, we were advised to setup a different account for USD transactions and connect it to a USD account. This was many many years ago. Not sure if they still have that flexibility.

    Vrindavan likes this.

  4. #4

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    I was in contact with them a couple of years ago about the same issue. They can't pay into same account in USD and has to be new account or something. Stopped using them.

    shri likes this.

  5. #5

    Join Date
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    Quote Originally Posted by shri:
    Talk to Paypal and see what they come up with.
    Or talk to your dog, result will be same.

    With a Paypal account you can ONLY withdraw funds in local currency. If you have US$ or EUR in your Paypal account and you want to withdraw in Hong Kong, it can ONLY be done in HK$, and the exchange conversion will cost about 2.6%

    There is NO WAY around that.

    OK, one option, if you have a US bank account you can withdraw US$ funds free of charge to your US bank account, for other currencies you still need to go through with the conversion.
    shri and Vrindavan like this.

  6. #6

    Already, paying: 3% to receive from overseas. 2.6% exchange conversion is a kill, and the total margins on sold items is about 8-9%... rent, labour, so many cost... this can't continue.. it's like one is working for paypal and hsbc now..

    Are there no competitive bureau de change one can use , and send HKD, whereas they send back a highly competitve exchange in USD... that wouldn't cost up to 0.5% difference.


  7. #7

    Join Date
    Sep 2008
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    Clearly Paypal is not the right solution in this case.

    Depending on volumes, have you tried to apply for merchant account?

    Paypal is outrageously priced if you have a different base currency for your bank account.


  8. #8

    Join Date
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    Quote Originally Posted by alfeno:
    Depending on volumes, have you tried to apply for merchant account?

    Paypal is outrageously priced
    When you compare Paypal to a merchant account then you appreciate Paypal's fees and their ease of use. I had a merchant account and I rather use Paypal. If you do not offer Paypal you will lose quite a bit of business too.

  9. #9

    Join Date
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    @flameproof were you on world pay?

    Considering switching to paypal.


  10. #10

    Join Date
    May 2009
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    Yes. Similar fees, plus annual fees, and the process to input a single transaction was really tedious. Worldpay vs. Paypal transactions were maybe 1:250

    Forgot the actual transaction fees, but remember them as very similar to Paypal. It wasn't worth it. Also had Nochex and MoneyBookers (now Skrill), similar situation. Customers prefer Paypal.


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