Getting money into the country
- Hanno
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Getting money into the country
Good morning all,
I need some advice on how to best enable participants of an event (Mekong Inter Hash) to send their run fees into the country. I tried setting up a commercial PayPal account but that apparently does not work. And my bank (ANZ) is quoting me USD 10.00 bank fee for each transfer which, considering the run fee is USD 140.00 per person, is daylight robbery.
Any help much appreciated.
Hanno
I need some advice on how to best enable participants of an event (Mekong Inter Hash) to send their run fees into the country. I tried setting up a commercial PayPal account but that apparently does not work. And my bank (ANZ) is quoting me USD 10.00 bank fee for each transfer which, considering the run fee is USD 140.00 per person, is daylight robbery.
Any help much appreciated.
Hanno
"I realized that If I had to choose, I would rather have birds than airplanes."
Charles Lindbergh
Charles Lindbergh
Yeah, Paypal doesn't accept payments into the country. There are similar systems like Skrill which do work with Cambodia. I've used them successfully in the past for the relatively small amounts you're talking about. The downside is both parties need to use it.
If you have a bank account in another country - and I'm sure you do - why not use VPN to set up a PayPal account in that country, receive all the cash into that, move it to that country bank account and bring the entire amount over in one go, thus incurring the $10 fee just once?
If you have a bank account in another country - and I'm sure you do - why not use VPN to set up a PayPal account in that country, receive all the cash into that, move it to that country bank account and bring the entire amount over in one go, thus incurring the $10 fee just once?
Paypal allegedly works with a local Maybank account - though you might need a Malaysian paypal account.
PayPal will charge you close to 6% depending on the countries. So around $8 on $140. Add the cost of then sending the money to Cambodia and you haven't really saved anything.
TheGrimReaper wrote: ↑Mon Sep 02, 2019 1:45 pmSlavedog, you do not belong on this forum as you talk too much sense.
- Miguelito
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You can send money for free on paypal, as long as the sender marks something like "money to friend/family." However, you can only withdraw $500 a month for free, and then have to pay a percentage after that (I forget what). Seeing as you're raising $49,000 paypal may not be the best bet.slavedog wrote:PayPal will charge you close to 6% depending on the countries. So around $8 on $140. Add the cost of then sending the money to Cambodia and you haven't really saved anything.
What about a commercial service - something like square or another credit card reader. Then participants could pay by credit card, and the fee for you would be around 2-2.5%.
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Can't the participants just pay you cash when they arrive here?
Yes the downside is you may get some no-shows but it would remove all the money transfer hassles.
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Yes the downside is you may get some no-shows but it would remove all the money transfer hassles.
Sent from my iPhone using Tapatalk
- Hanno
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This is calculated on a tight budget and I cannot afford no-shows. Plus the service suppliers want down-payments.youngwill100 wrote:Can't the participants just pay you cash when they arrive here?
Yes the downside is you may get some no-shows but it would remove all the money transfer hassles.
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"I realized that If I had to choose, I would rather have birds than airplanes."
Charles Lindbergh
Charles Lindbergh
There was a big hash thing in SHV maybe you could speak to the organisers about how they did it (money side), Paul and John (Pomaussie and Aussie).
Unless you are one of them of course in which case hello!
Unless you are one of them of course in which case hello!
pew, pew, pew, pew!
Look into Payoneer.
I think they're the third-world equivalent of PayPal.
Don't thing you'll be able to avoid fees any way you do it though.
Or maybe sign up to one of those new SAAS invoicing companies for a one month free trial and send everyone a $140 invoice.
I think they're the third-world equivalent of PayPal.
Don't thing you'll be able to avoid fees any way you do it though.
Or maybe sign up to one of those new SAAS invoicing companies for a one month free trial and send everyone a $140 invoice.
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Which countries are the participants coming from?
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we organise a yearly international sport event (150-200 participants) each year and struggle with the same issue. In the past we did cash upon arrival, but this leads to a lot of no-shows and late cancellations (up to 25%), which is problematic both for budgeting as well as for general planning.
Last year we experimented with Paypal, using the method Scobienz mentioned above (link it to a European account, then get all the money here in one go). It is cheap, especially with the new "paypal.me" function (which allows free transfers for a set amount, great for events). HOWEVER, it seems Paypal does not work with all Asian banks and is even completely unavailable in many Asian countries. Since over 90% of our participants hailed from Asian countries we had to give up the policy (we gave a discount to Paypal users and let the rest pay upon arrival).
One thing we have considered is asking people to send us a copy of their airline ticket, thus reducing the chance they would not show up.
So yeah, we haven't got the ideal solution either. We have just started planning for next year's event, so will let you know if we come up with a brilliant solution...
edit: typos/clarifications
edit 2: forgot to add that Paypal has a $2,500 limit (after which fees increase, I believe), which is also a significant downside
Last year we experimented with Paypal, using the method Scobienz mentioned above (link it to a European account, then get all the money here in one go). It is cheap, especially with the new "paypal.me" function (which allows free transfers for a set amount, great for events). HOWEVER, it seems Paypal does not work with all Asian banks and is even completely unavailable in many Asian countries. Since over 90% of our participants hailed from Asian countries we had to give up the policy (we gave a discount to Paypal users and let the rest pay upon arrival).
One thing we have considered is asking people to send us a copy of their airline ticket, thus reducing the chance they would not show up.
So yeah, we haven't got the ideal solution either. We have just started planning for next year's event, so will let you know if we come up with a brilliant solution...
edit: typos/clarifications
edit 2: forgot to add that Paypal has a $2,500 limit (after which fees increase, I believe), which is also a significant downside
Last edited by flo on Mon Jun 13, 2016 5:15 pm, edited 4 times in total.
- Phuket2006
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check out stripe; https://stripe.com/us/pricing
one of my merchants use them
one of my merchants use them
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
the cheapest rate, according to their online calculator, is $10 for $140 (can be higher depending on the method used) + the money you lose on currency conversion.shadow wrote:What about good ole Western Union?
Besides, Western union has a limit on how much you can receive into a bank account (after which fees/taxes increase), not sure if there is a way around it.
Also, this goes for paypal too; personal (i.e. non-business) accounts can only receive up to $2,500 in a year
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