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bewolff
Joined: 07 Jan 2007
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 Posted: Sun Feb 08, 2015 7:44 am Post subject: Question: Moving/converting cash via PayPal to PayPal |
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I have a Korean friend who is doing business online with customers in the States (from Korea), selling and shipping goods, and being paid into a Pay Pal account in dollars.
He wants to get hold of his money but NOT in the form of dollars.
I want to convert money earned here in Korea into dollars without the bite in currency converstion.
If he pays US dollars from his Pay Pal account to my Pay Pal account, and I hand him the equivelant in Korean won, is there any downside that I should be worried about? Is there anything I'm not seeing here? |
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Deja
Joined: 18 Mar 2011
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| Posted: Sun Feb 08, 2015 10:20 am Post subject: |
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Legally, yes, you are not allowed to work as an exchange office/bank 
But noone will check 3-4 digit amounts, if that's in question.
I would check whether he can send money as a gift, otherwise, the PayPal fee will bite you as much as the exchange office or more. (my Korean PP account can, and domestic transfers are FREE, otherwise 1.5%, however, he might have a business account).
On a side note, if he can withdraw to his (or company's) Visa card, he might be able to avoid commissions for future withdrawals. Woori changes 2% on such transactions (currency exchange), but I am not sure which banks don't. |
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bewolff
Joined: 07 Jan 2007
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| Posted: Sun Feb 08, 2015 3:01 pm Post subject: Snippet fro PayPal site fees |
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Thanks. He's only talking about a couple of thousand dollars. The information on fees webpages says the following, but they never actually put the two statements together in once sentence. I guess we can have a try and see what happens.
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Sending money – Personal payments:
It's free within the U.S. to send money to family and friends when you use only your PayPal balance or bank account, or a combination of their PayPal balance and bank account.
Receiving money – Personal payments:
It's free to receive money from friends or family in the U.S. when they send the money from the PayPal website using only their PayPal balance or their bank account, or a combination of their PayPal balance and bank account. |
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caribmon
Joined: 26 Oct 2009
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| Posted: Sun Feb 08, 2015 6:58 pm Post subject: |
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I have Korean suppliers and I use the friends and family option b/c they charge 0.5% instead of 2.9% on my suppliers' end.
Over $2000 we do wires with our foreign exchange service b/c the rate is 0.65% exchange CAD/USD + $10 wire fee.
Paypal is a messed up place to store your money. on eBay any buyer can file a claim against the seller within 60 days (for any made up reason) and the buyer wins 99% of the time at least. eBay will dig into your paypal account and steal the full amount + shipping !!!
I would not do this transfer paypal-paypal business for a friend even. |
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