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How Paypal makes its money !

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Author Topic: How Paypal makes its money !  (Read 1126 times)
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Peter Bentley 彭达理
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« on: May 22, 2011, 09:50:26 am »

Hi All,

I recently  paid  a    snuff bottle- collector   friend  USD100  for a   private   sale   via  Paypal

I was  charged   HK$861  on my  Mastercard  bill,  which is how  my   Paypal  payments  are settled.

If  I  had  just  sent  my  friend  cash  ( bank note   by post)   it  would  have   cost me  HK$780 

That's a  10%  mark-up   by Paypal ! 

So  THAT'S  how  Paypal makes  its  money..... Cry

If    those  of us  on the  Forum  trust  each other  there  must be  much better  ways  to  send  payments if they  exceed the  "USD100"  minimum bother  threshold,  which  is  where  I think Paypal  mainly operates

If  anyone  on the   Forum  ever   wants  to buy  direct  from an  artist  in RMB  I can  provide a  safe  and  secure  channel  at  current  best   HK$/ RMB   exchange  rates   and  totally  transparent / no  personal   commission .  I  recently  helped a   famous   Hegshui   artist    who was  in HK   to   transfer  USD10,000  back home  this  way 

Please  contact  me    for  details   and I will   explain.  It's  the same  way my  company   remits  RMB  to  China   so it's   quite  legitimate  and  safe

Cheers  Peter


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George
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« Reply #1 on: May 22, 2011, 02:43:09 pm »

They do rake it in !

I would have no problem sending most any of our current members money via regular mail..

Thanks Peter..  Smiley
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« Reply #2 on: May 22, 2011, 08:28:16 pm »

Peter,

Please do let me know how you do this.  Money transfer to/from China (especially FROM) is still hit and miss, and sometimes a real miss!  Thanks
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« Reply #3 on: May 22, 2011, 08:29:59 pm »

Also, you forget (or did not know) that Paypal also charges the seller/receiver 3-4pct depending on amount.  A real legal racketeering scheme...
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Peter Bentley 彭达理
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« Reply #4 on: May 22, 2011, 09:27:52 pm »

Hi All

RMB  (  Renminbi)   tranfers  to   Chinese   people  can be  arranged   directly  via  licensed  money-changers  in HK

The   way  I  do  it  is    as  follows:

1.  I  either   take   HK$  cash  to the  money-changer  OR   ( if  the  amount  is  very  big)   I   remit  from  my  HK-HSBC (  HongKong  Shanghai Bank Co. )  account  to  the  money-changer's   HK  bank  account   

2.  I agree  a  HK$ / RMB  exchange  rate  with the  money-changer  ( the  bigger  the    amount, the better  the  exchange  rate)

3. I give the  money-changer   the    Chinese  person/recipient's    bank   account  details

4.   About   3-4  hours  later  the    exact   agreed  amount  of  RMB  arrives  in the   recipient's  China  bank account

5.  Deal  done !


So  if  anyone  wants  to  remit  RMB  at best rate  to  China  you  can  do  it   direct  with a  trusted   money-changer  (which  I can  recommend)  or  you  can  do it  via  me

I guarantee    that  I am not  taking   any commission  in between.   My only   personal  advantage  is that the  more   such  HK$/ RMB   exchanges  I  arrange, the  better  the   exchange  rate  I can get  !  ( Like  several companies  using the  same  hotel   pool their   hotel  contracts  into  one  company  name  to  get a  better   room rate)

Actually,  I have recently  arranged  over  USD 50,000    such  remittances , so   you  can  see  I  trust  this  method

Cheers   Peter


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