How do I accept foreign funds into my Paypal account, and then what?
I have a friend in Budapest who’s paying me for a website and logo. His only way to do so is through a bank, using swift-codes (sp?) but there are a couple of hoops to jump through. Mainly, he’s in Hungary and my bank goes through Canada and then the US. Suffice to say, he needs my two codes, bank account info and I’m not sure how ideal it is to send such pertinent info through the web/Skype/whatever. So, I was thinking Paypal might streamline things. So, couple of questions:
a) Can you even do this with Paypal?
b) Is it easy on his end?, and
c) Once it’s in my Paypal account, how do I access it? Does Paypal deposit it in my bank account, or do I go through them to get it into my bank account?
Thanks!
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9 Answers
paypal is really easy all the payer needs is your email address. Then you go into paypal and have the money deposited into your bank account. I am assuming you have a paypal account? If not, it’s easy to set up.
You don’t need to give them you bank accounts and routing numbers.
Just ^^^ like @trailsillustrated sez it is only an email address.
Here’s Paypal fees page for foreign transactions.
Don’t send him your bank account info ever…if he demands it, it’s possible he’s trying to scam you.
Only send your Paypal email and tell him you have paypal and tell him to pay you through there. If he says he can’t, he’s BSing you.
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A) Yes money converts on PayPal
B) On his end, he will need to sign up for PayPal as well it’s best to become a “verified” member for easy bank transactions.
C) Once it’s in your PayPal account, simply click on “Withdraw” and select your bank account to transfer funds. PayPal says it takes 3–4 days depending on your bank. [Personally I have a credit union, it almost always takes 4 days for the transfer]
Sending as Gift, you can avoid fees. Otherwise if you don’t know the person, it would be risky to send as Gift because PayPal can’t help you if someone doesn’t send an item.
Cool – thanks everyone.
@seekingwolf – He wouldn’t scam me, ever, being my closest and best friend. He’s just very stubborn and stuck in his ways. (My way or the highway type.) Nonetheless, if he can’t do it my way, no website for him. I trust him with my info, but I don’t trust the Internet with my info, nor a bank in a foreign country. Lol.
@_Whitetigress – Yeah, I set up Paypal, and it looks pretty effortless. They have some decent videos that explain everything which is ideal.
@lillycoyote – Thanks for all the links… looks good.
@serenityNOW I can get a little link crazy sometimes but hopefully at least, one or two of them will be useful to you.
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