Withdrawing from Paypal

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Forums › Finance and wealth management › Withdrawing from Paypal

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dclegg

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#412828 4-Dec-2010 16:57

gurthang117: Hmm well it finally showed up in my bank this morning after 10 working days.

That must have been some glitch, but I still think I'll ditch Paypal and go back to ye old fashioned cheque-banking.

Could you get your clients to deposit directly into your New Zealand bank account? I've been contracting to a company in the US for a few years now, and thats how they pay me. They initially were sending me USD cheques, and while my bank (BNZ) was good enough to clear them straight away for me, their official policy is to wait 6-8 weeks for clearance.

Then again, when you do transfer funds between overseas banks, both sides of the equation take their little bit off the top, so if you're talking relatively small amounts, you may prefer taking your chances with a cheque, and hope you have a good enough working relationship with your bank for them to clear them in an expedient manner.

Kyanar

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#412982 5-Dec-2010 11:05

dclegg:
gurthang117: Hmm well it finally showed up in my bank this morning after 10 working days.

That must have been some glitch, but I still think I'll ditch Paypal and go back to ye old fashioned cheque-banking.

Could you get your clients to deposit directly into your New Zealand bank account? I've been contracting to a company in the US for a few years now, and thats how they pay me. They initially were sending me USD cheques, and while my bank (BNZ) was good enough to clear them straight away for me, their official policy is to wait 6-8 weeks for clearance.

Then again, when you do transfer funds between overseas banks, both sides of the equation take their little bit off the top, so if you're talking relatively small amounts, you may prefer taking your chances with a cheque, and hope you have a good enough working relationship with your bank for them to clear them in an expedient manner.

With Westpac, I lose $15 on this side, and I've heard it's as much as $35 lost from the sending bank.

What I'd recommend is to use American Express Fx International Payments - I receive payment via that from a US company fairly regularly, and nothing gets creamed off the top over here, and their marketing materials imply that as little as $10 comes off the top over there. Takes up to about 3 days to clear a payment, which sure beats mailing a cheque (but might take a tad longer than Wire Transfer).

dclegg

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#412998 5-Dec-2010 11:53

Kyanar:
With Westpac, I lose $15 on this side, and I've heard it's as much as $35 lost from the sending bank.

Just checked my last payment. BNZ charges me NZD $15, and the remitting bank (Union Bank) charges USD $15. Considering the size of the invoices involved this is an acceptable cost for me to bear, but of course YMMV.

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