Use PAYPAL for remittance

Registration and activation procedures

Now I will explain in detail the whole process from applying for Paypal to activating Paypal. After reading this, if you are interested, you can do it yourself, and then you can make some advertisements that support Paypal payment. As for the problem of withdrawing money, it is no longer a problem. There are also people among our members who can withdraw money from Paypal for everyone. , and the charges are also very reasonable:

1. First, you need to apply for a paypal account at www.paypal.com. Remember to register as an international user, not as an American user. If you register as US users' PayPal cannot be activated with domestic debit cards.

2. After the application is successful, you need to find out whether you can apply for an ICBC international debit card in your location. You can call 114 to check the phone number of your local Industrial and Commercial Bank of China and where you can apply for an international debit card. Debit card. Because as far as I know, applying for an international debit card is handled by a specific ICBC department called the Card Department, and not all ICBC windows can handle it. You can also log on to the ICBC website (www.icbc.com.cn) to make inquiries.

3. Once you find the place where you can apply for a card, go and apply for it. You need to bring a copy of your ID card. After you go there, the bank will ask you to fill out an international debit card application form and pay 50 yuan. RMB, this 50 RMB is the annual fee for one year, and the maximum card holding period is five years. You can do it for one year or five years together, but I recommend doing it for one year first! You can also pay the annual fee of 50 yuan to the bank after you get the card! I heard that some places charge a handling fee in addition to the card fee. The situation varies from place to place. When I applied in Shenyang, I was not charged a handling fee.

4. About a week later, someone from the card department will call you to inform you that the card has arrived. Bring $5 with you when you pick up the card, because when you activate Paypal, Paypal will deduct one dollar from your card to verify your card. validity (activation now costs 1.95 US dollars), but Paypal does not charge you this 1.95 US dollars. It only uses this 1.95 US dollars to verify the validity of your debit card. You can get this 1.95 US dollars in the future. Back~ The $5 you deposited will not be credited immediately. They will mail your deposit information to the Credit Card Business Department of the Beijing ICBC Branch via express mail, and then the staff in Beijing will deposit it for you. There is still a week to wait.

5. One week later, call 010-66108502 to ask if the money has been deposited. If it has been deposited, then you can apply to activate the online support function. Also call the following number: 010-66108502 and follow the voice prompts to select For manual service, tell the staff that you want to activate online payment. If there is a fax machine, they will immediately fax you the online payment application form. If there is no fax machine, tell them your email address, and they will send it to you by email. Since activating online payment requires your signature, it is best to find a place with a fax machine so that you can send the application form back.

6. The online payment function will be activated within a few hours after the form is returned. At this time, you have to apply for opening an account online: (it is very useful, you can check the account directly online), First open an account, register the card number, and then wait for the credit card statement to come with a number to activate PayPal. At this time, you can transfer money to the PayPal account provided by the American dealer.

See here for paypal’s discount rate: /cgi-bin/webscr?cmd=_display-fees-outside

However, it is said that the discount rate for using PAYPAL is 6-8%, plus The local bank withdrawal fee is 3%, and it seems that PAYPAL’s payment fee is 10%. If you remit $1,000, the foreign trader will actually receive about $920-940. When the bank statement comes at the end of the month, you will have to pay another $30.

Method 2: Through bank wire transfer (cash transfer), the handling fee is slightly lower, but the results may be different in different banks

I did it at Bank of China. The process is as follows:

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1. Fill in the "Overseas Wire Transfer Application Form" and "External Payment Declaration Form", fill in the name of the payee, bank, address, swift code, account number, etc., as well as the remitter according to the information provided by the foreign dealer. (Own) information, amount, etc.

2. Submit the above list, ID card, and U.S. dollars (if you have U.S. dollars in Bank of China, you can just take a passbook or card) to the foreign exchange window.

3. Important! The bank staff may ask you why you want to remit money. I printed out the E-MAIL sent to me by the foreign dealer and showed it to her. She didn’t understand it very well, so she asked the manager behind her and she replied that it was okay. Next is the routine process of transferring money and collecting handling fees.

4. Later, I read the introduction of personal international exchange on the Bank of China website, and it seemed that no certificate was needed. (Perhaps some NB will just say that I just want to remit US dollars, and the policy allows it. You What do you think:)/product/private/a1_9.shtml

5. Handling fee, the fee on the page above has been adjusted. Nowadays, the wire transfer fee is one thousandth, with a minimum of 50 yuan; the telegraph fee is 150 yuan; the price difference (referring to the difference between the purchase and sale price of cash remittance on the same day, usually 7.5 yuan/$100). Still taking the remittance of $1,000 as an example, the handling fee is approximately 5157.5x10=275 RMB.

6. Banks will say that foreign fees are borne by the payee, but in fact many foreign traders have no direct relationship with domestic banks, so remittances to foreign traders’ accounts still need to go through intermediary banks, and the fees Roughly $15-20. So in the above example, the trader actually only received $980-985. After calculation, the cost of wire transfer is about 5.5%.

Conclusion: If the remittance is about $500, then the expenses of A and B are about the same. If the amount needs to be remitted, wire transfer is better. Of course, if you can make money, the handling fee won't be a big deal.