Paypal and foreign bank accounts

santo

I'm trying to set up a Paypal account to sell online. Because I can't transfer proceeds to an Irish bank account, I am thinking of setting up a foreign bank account.
Anyone ever tried to set up a foreign bank account?

aaf

Check this out, paypal are setting up in Blanchardstown, Dublin so I heard here on boards.ie.

http://www.boards.ie/vbulletin/showthread.php?postid=1428093#post1428093

mneylon

I would advise you to read PayPal's rules very very carefully.
The last change they made to them would seem to exclude the use of an overseas account if you are based in Eire.
The fact that they are setting up in Dublin is irrelevant, as they still do not have any arrangements with Irish banks nor do they seem to be interested in developing any.

nahdoic

Setting up a foreign bank account is a lot of hassle, time and costs money. Although it does work well once you have it set up and a lot of your visitors use paypal.

But you can sell online tonightwith www.2checkout.com or www.paysystems.com. Cheque sent to you. This is probably the best thing for you to do.

No need to worry about secure servers, they handle it all for you. You can accept all credit cards, not just paypal accounts. (although paypal have recently allowed american sellers to accept payments directly without signing up for accounts now!)

If you start making enough money each month (3/4 figures) from this and you want to get a better rate and you want more control (better integration/more control over refunds/better fraud detection etc.) then you can put together your business plan/accounts and approach any of the banks in Ireland (bank of ireland/ulster bank) to get a merchant account.

With a merchant account you can then approach realex.ie or worldpay.ie to use their payment processing facilities with your merchant account. You will then be able to integrate your site with realex or worldpay to start charging your customers.

(worldpay and realex should also be able to help you in getting your merchant account from a bank as well)

mneylon

Nahdoic summed it up nicely.

One thing to watch out for is the transfer cost when using Paysystems or similar.
Cheques are fine if you only process small amounts, but you can still be crucified by the bank.

Philbert

My Recent Question:

"When will Ireland be able to withdraw funds to an Irish Bank account? Initial predictions were early 2004, what is the current situation?"

Paypals Answer:

"PayPal is constantly working to expand and improve our services for our customers. We hope to be expanding our bank transfer capabilities to include more countries, but due to the complexities of global finance, we cannot give a timetable for this expansion."

mneylon

Philbert - they have been saying that for the last three years. It's only when you embarass them in public that they actually give an honest answer.

santo

Yep, it looks like a standard response from them. They gave me a similar answer when I asked them when they would support Irish bank accounts.

What about setting up a company in the US or UK. Anyone tried this approach?

eth0_

Most people in Ireland have relatives in the North or the UK, maybe you could use their address to set up a bank account, then you can use the ATM card to withdraw your paypal money.

Yerac

I've just started looking at doing something through paypal, but if this is the case it causes a problem.
Will they send out cheques to us "over here"?

And I know the whole thing about them moving over here is really nothing to do with this kind of problem but doesn't it create very bad PR. Euro HQ in Ireland but not wholly serving Ireland.

mneylon

Originally posted by Yerac
I've just started looking at doing something through paypal, but if this is the case it causes a problem.
Will they send out cheques to us "over here"?

No they won't

Basically if you are in IE do not use Paypal if you want to get your money.
Use something else.

Mazikeen

We use www.mypaysystems.com.

They can be a pain to get set up with and will cost $50 for the set up, but at least we can get at our money, which is more than we were able to do with PayPal half the time, and once set up they're easy to use and don't charge a monthly fee.

eth0_

Originally posted by Yerac

And I know the whole thing about them moving over here is really nothing to do with this kind of problem but doesn't it create very bad PR. Euro HQ in Ireland but not wholly serving Ireland.

I don't think it's Paypal's fault that they don't have a full service in Ireland. I'd be more inclined to think it's the banks here who want to rape them with charges. I mean why _wouldn't_ they offer money withdrawal from Irish accounts? That's how they make money, after all.

mneylon

Originally posted by eth0_
I don't think it's Paypal's fault that they don't have a full service in Ireland. I'd be more inclined to think it's the banks here who want to rape them with charges. I mean why _wouldn't_ they offer money withdrawal from Irish accounts? That's how they make money, after all.

Have a look at: http://www.paypalsucks.com

eth0_

Originally posted by blacknight
Have a look at: http://www.paypalsucks.com

Sorry blacknight, but I don't see what relevence that site has to the ability to draw down money from your ppal account into an Irish current account?

mneylon

Originally posted by eth0_
Sorry blacknight, but I don't see what relevence that site has to the ability to draw down money from your ppal account into an Irish current account?

People like to say " poor PayPal .. Irish banks are so bad.. "
If you dig a little deeper you will find that it's not that simple.. ..
One of the things that bugs me is that PayPal are more than happy to let Irish people get accounts (business ones) but deliberately hide all the information relating to the banks etc. End result : A thread about it here or p45 every few weeks.

So, yes it is relevant, as it reflects their general attitude towards service etc.

eth0_

Originally posted by blacknight
PayPal are more than happy to let Irish people get accounts (business ones) but deliberately hide all the information relating to the banks etc. End result : A thread about it here or p45 every few weeks.

So you CAN withdraw money if you have a business account then?

nahdoic

No.

mneylon

Originally posted by eth0_
So you CAN withdraw money if you have a business account then?

No, but they do NOT tell you this until it is too late ie. you have already signed up , been verified etc etc

Mazikeen

Just to add to all this:

PayPal, the payment service of internet auction house eBay, has admitted misleading shoppers into believing it offered credit-card-style protection.

http://news.bbc.co.uk/2/hi/business/3544795.stm