Bkkbound04 Posted February 2, 2005 Report Share Posted February 2, 2005 Has anyone set up a paypal account as a means of transferring money to a LOS bank account? Be it a thai girls account or your own account. JP Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted February 2, 2005 Report Share Posted February 2, 2005 No. I am not familiar with them too much but there must be a fee you pay them to have the account. I could be wrong. Not that anyone cares but what I have done is open another savings account at my bank and I put my gf's monthly money in that I give to her and have given her an ATM card. Not sure if it's smart or not but I have not been bitten yet and it's been about a year. Exchange rate is decent and it's cheaper than any other way I have found to get money to her. Link to comment Share on other sites More sharing options...
rickfarang Posted February 2, 2005 Report Share Posted February 2, 2005 Bkkbound04 has a pretty attractive idea here. ATM cards have their expenses (international transaction fees and poor exchange rates) and risks (See the current ATM ripoff thread), and wire transfers are pricey, especially if you are doing once a month or more often. Plus, Paypal offers the flexibility of doing it all online. Maybe this bears looking into and some experimentation! Always looking for better ways to do things. So, Bkkbound04, what is your take on this? What would the cost to set up and use Paypal for this purpose be? Link to comment Share on other sites More sharing options...
OCgringo Posted February 2, 2005 Report Share Posted February 2, 2005 paypal charges pretty big fees , 2-4% depending what country you live in and where the money is coming from, pretty much standard credir card fees Plus they have been known to freeze your account and itsa real pain to have them fix it. They are NOT a bank, you have no rights or protection like you would with a bank. Use at your own risk OC Link to comment Share on other sites More sharing options...
Bkkbound04 Posted February 3, 2005 Author Report Share Posted February 3, 2005 Rick, having used paypal frequently,with considerable ease on EBAY and as I am not talking large sums of money I am keen to try and use it for a) getting money to the Poo Ying and get money transferred to my account in bkk. I'd be surprised if nobody has yet tried this out. The fees for pay pal can be found here Paypal Money gets transferred between paypal accounts almost instantaneously and the only serious disadvantage with paypal I can see is the 7 to 9 day delay in transferring money to a bank account. So guys, should I put my personal fortune at risk and test this out? Will I get any sympathy if I end up on my last legs in soi 19? JP Link to comment Share on other sites More sharing options...
vegasdave49 Posted February 3, 2005 Report Share Posted February 3, 2005 If I am not mistaken PayPal also offers an ATM card and I think the funds are available imediatly. Link to comment Share on other sites More sharing options...
OCgringo Posted February 3, 2005 Report Share Posted February 3, 2005 I think there is a website http://paypalsucks.com/ check it out.... I think paypal is OK to keep $1000 or two in but people I know pull most of their money out of paypal once they get it from an EBAY sale, just in case their account gets frozen OC Link to comment Share on other sites More sharing options...
Av8r Posted February 3, 2005 Report Share Posted February 3, 2005 Agreed, but I just opened a second account that I use for Paypal and keep maybe $100 in it. Paypal CAN freeze your account. It can become a nightmare if you're not careful. Link to comment Share on other sites More sharing options...
rickfarang Posted February 3, 2005 Report Share Posted February 3, 2005 With the 2.5% "Multiple Currentcy Transaction" fee, Paypal is more expensive than using an ATM card for the same thing. I transfer money from an interest bearing account to the ATM accounts via the interent, paying about 1/2% for the ATM fee, and loose about another 1/2% on the exchange rate. Given that horror stories about ATM cards and Paypal abound, it seems that Paypal doesn't have any advantage or ATM cards for this purpose. Funny, in the ATM rip-off thread, Cent says he's gone back to Western Union in spite of their userous rates. I think it was Cent to suggested ATM cards to me seveal years ago. Link to comment Share on other sites More sharing options...
Guest Posted February 4, 2005 Report Share Posted February 4, 2005 I've had a bit of experience using my paypal card/account in thailand: used the debt card several times shopping in bkk. but when I logged in to my account from bkk, it was frozen, and I got one of those "suspicious activity" emails. the automatically froze the acc when it was checked from a .th isp. I was not able to get it taken care of till I got back to usa. since then ( about 6 times) I notify them I will be using my card outside usa, and no problems ( yet) I do some business on ebay ( buying ) while traveling, so paypal is a great tool to have. the rates are not so good, but its is handy. Link to comment Share on other sites More sharing options...
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