Is PayPal actually feasible for most people around the world?

The Social Lounge
#1

It seems to me that PayPal is the go-to route in dealing with sending and receiving moeny across border.

But PayPal does not offer transfer and does not offer balance top-up for personal users in my country. The only use of PayPal in my country is to link it with a credit/debit card and buy things overseas. No other functions of it is avaliable for personal users. I was forced to use a business account if I want to receive any funds at all. And since it’s a business account, there are the exorbitant Paypal fee and numerous documents. Let alone related tax issues.

This causes a difficulty in trying to occasionally sell NFTs for me. I’ve been avoiding PayPal, but it seems that people are receiving funds using PayPal as the default. Or is it me being ignorant that it’s actually normal to hand PayPal so much fees?

5 Likes
#2

We are all at the mercy of whatever platform graces us with usage,

We, well at least I,
do not have the luxury of choice, there aren’t alternative offers.

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#3

India no? Same, man! When do they allow us to withdraw money? They sent an email with a list of conditions to be fulfilled before that. Should i actually tick them?

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#4

Well, even Captain faces this issue then I have nothing to complain about… :man_shrugging:

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#5

Not India, but also a Asian country… As an expat in India, I know your country is so heavily regulated in financial sectors that I find it almost admirable how you folks deal with the banking here. I was almost drove nuts by the banks in India, lol. :joy:

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#6

Ah thank you finally someone appreciates our never give up attitude (the public’s) :joy::grinning_face_with_smiling_eyes:

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#7

for buying off of the nft thread (user to user) people sometimes add their prefered blockchain payment which might work out better than paypal havn’t tried them personally.
transaction fee’s might be a lot more reasonable with the right one but make sure you still pay your taxes lol

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#8

Tax is not really an issue, though. The GST in Taiwan is not high. General income tax bracket though, um. unless I made lots and lots of sales, otherwise it’s not affect my tax burdens at all. I am just trying to do some occassional sales or fund transfers.

The fact that PayPal does not even let me do fund transfers unless it’s a business transactions is the main issues for me, and not the tax.

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#9

True!

#10

Do you propose another smart contract solution for all our use cases for this forum?

Everyone who is going through this issue please list your concerns in this thread, it would be immensely valuable.

It can be fees, transaction errors, difficulty of access or privacy,etc.

#11

Well, after receiving one small payment (and it’s on hold and frozen) and click on one confirmation, my PayPal “business” account is frozen. And now they are asking a ton of documents on the “nature of my business.”

Fuck PayPal.

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#12

I know it’s so annoying dealing them. Experienced similar restrictions recently.

Tell them it’s ur family or friends that u r receiving money and not doing any business as such. I told them the same reason and they revoked restrictions. Not sure if ur issue same as mine, but hope u got the idea what i did.

Btw thanks to financial protector.

#13

I think it does not applies to my situation, where I must use a business account to receive funds through PayPal. PayPal personal account can’t receive funds in my country.

1 Like
#14

Oh, well. PayPal decided to nuke my account. What a great day.

#15
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