Withdraw money in Mauritius using Paypal
Hello,
I work from home and have several clients in APAC region and also in USA. My problem is that whenever they are doing TT transfers to my bank account I lose around Rs. 3000 to 4000 per transaction and I do understand that they have to convert the money from Malaysian ringgit to USD and then transfer to Mauritius.
I spoke to my banks and they can't seem to give me a good reason why I am losing so much which is expected from these banks ! Anyway, my clients asked me to set up a paypal account which I already have but I know that I cannot withdraw the money here, I was thinking if I can ask my clients to send the funds to my paypal account then I send it to my brother as payment ! Will he be able to withdraw it on his bank account and give it to me back ?
Thanks
4 Replies
Your Paypal mauritius answers:
http://www.siloi.net/withdrawing-money-from-paypal-to-your-visa-credit-card-in-mauritius/
I have the same problem with PayPal... I'm working online and can't withdraw money from PayPal to my Visa card .. I don't know what to do... Please if someone can help ... Thanks
The amount you receive less represent the bank charges. Normally, when someone from a foreign country is sending you, the money doesnt come directly from his ban to yours. It has to go via a corresponding bank which is based elsewhere. So you are paying all bank charges ie: he must have put all bank charges to you r account, thus you are bearing all charges such as his bank charges, the corresponding bank charges and yours bank charges.
You must ask your client to pay you the net amount, and he has to bear all the charges, then you will receive the exact amount as per your claim.
Hope this help you understand!
If your brother lives in a country where he can withdraw money from Paypal, then you can do that. If he's also in Mauritius, then he'll have the same problem.
You can ask your client to create a Paypal account in Malaysia and get a Paypal debit card sent over to you but I wouldn't advise that.
First, it's illegal because you'll be using a bank card which is not in your name. If your relationship with the client starts to suffer, you're putting your whole business at risk. The client can even sue you for fraud.
Second you run the risk of being charged for money laundering and tax evasion.
Third, Paypal monitors transactions for security purposes and seeing an account registered in Malaysia but being withdrawn from Mauritius regularly might get your client and your account banned.
I don't know the ins and outs of your business but if you charge in USD instead of Malaysia currency, you won't have to worry about losing money during conversion, right? If that's not possible, you need to work out how much you're losing out eg if you're losing Rs3,000 on Rs30,000 then it's better than Rs3,000 on Rs6,000. Maybe you could batch your transactions.