Using PayPal Or Stripe with HK or Sing Business

[James Ganesha]

Hey guys so as many of you know the Hong Kong Bank situation is an absolute nightmare. In addition, NEAT is no longer opening accounts denominated in HKD, which I believe is a requirement for using stripe or paypal for an HK corporation.

At this moment in time, the only option for new startups wanting to incorporate in HK seems to be opening a bank account in another country. However it seems that banking outside the incorporated jursidicion is highly detrimental if the company wants to use Stripe or Paypal. Am I missing something?

Here's my question :
Will paypal or stripe allow an HK company to use them if the bank linked to the account is outside Hong Kong? use a Bank account outside the jurisdiction of Hong Kong (e.g. Sing, Switzerland, etc.).

Thoughts?

 

[fshore]

Paypal accepts a US bank account. But they will charge 2.5% for withdrawing USD to USA USD account.

 

[TurnedToRobot]

Can PayPal use an EMI account opened for a HK company?

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[sheenue]

So you have a HK company, same as me. I've tried neat, airwallex and currenxie and now they all need to include beneficiary name, what stripe not allowed to do. I have the same question and situation.

 

[James Ganesha]

sheenue said:
So you have a HK company, same as me. I've tried neat, airwallex and currenxie and now they all need to include beneficiary name, what stripe not allowed to do. I have the same question and situation.
Click to expand...

Yeah the situations absurd. Which of the 3 Fintechs did you like best when you tried them?

 

[James Ganesha]

fshore said:
Paypal accepts a US bank account. But they will charge 2.5% for withdrawing USD to USA USD account.
Click to expand...

Thanks for this info. And this is the only country outside the company's jurisdiction that you are allowed to link a bank account in?

 

[sheenue]

James Ganesha said:
Yeah the situations absurd. Which of the 3 Fintechs did you like best when you tried them?
Click to expand...

I like Neat, I've incorporated using their services and their website pretty nice.

 

[fshore]

James Ganesha said:
Thanks for this info. And this is the only country outside the company's jurisdiction that you are allowed to link a bank account in?
Click to expand...

This is the same for most countries PayPal accounts. You can transfer to local account + us account. Recently PayPal Hk started charging 2.5% for transfer to us accounts, while in most other countries transfer to US accounts is free.

 

[netmillions]

James Ganesha said:
NEAT is no longer opening accounts denominated in HKD, which I believe is a requirement for using stripe or paypal for an HK corporation.
Click to expand...

Are you sure withdrawals for a H.K. corporation account can only be in HKD? I haven't read this anywhere before.

James Ganesha said:
Will paypal or stripe allow an HK company to use them if the bank linked to the account is outside Hong Kong? use a Bank account outside the jurisdiction of Hong Kong (e.g. Sing, Switzerland, etc.).
Click to expand...

Yes, I do this and it's not a problem. My offshore corporation bank accounts are in the U.S. (yes, it's possible!) to facilitate ACH transfers.

 

[James Ganesha]

netmillions said:
Are you sure withdrawals for a H.K. corporation account can only be in HKD? I haven't read this anywhere before.


Yes, I do this and it's not a problem. My offshore corporation bank accounts are in the U.S. (yes, it's possible!) to facilitate ACH transfers.
Click to expand...

Nice! Are there any disadvantages to your HK company banking in the US? There's no tax or privacy issues?

 

[netmillions]

James Ganesha said:
Nice! Are there any disadvantages to your HK company banking in the US? There's no tax or privacy issues?
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I am not sure about privacy issues, but there's no tax implications since my corporation is in a tax-neutral jurisdiction. I was vehemently told by all consultants that banking for an offshore corporation in the U.S. was impossible, so imagine my surprise when the banks there approved my application. That too without an in-person visit!

I did want to structure things with a H.K. corporation for future acquisitions, so am curious where you read that Stripe/PayPal withdrawals can only be in HKD?

 

[JohnLocke]

netmillions said:
in the U.S. was impossible, so imagine my surprise when the banks there approved my application. That too without an in-person visit!
Click to expand...

Can you please elaborate a little. You got an approval for an account opening with a US Bank for a Offshore company?

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[netmillions]

Admin said:
Can you please elaborate a little. You got an approval for an account opening with a US Bank for a Offshore company?
Click to expand...

Yes. Not sure if it helps that I was also a resident of the offshore jurisdiction.

 

[sheenue]

netmillions said:
I did want to structure things with a H.K. corporation for future acquisitions, so am curious where you read that Stripe/PayPal withdrawals can only be in HKD?
Click to expand...

I didn't read it anywhere, I know that because I tried it. I'm not sure about paypal, but you can't connect any other bank account to stripe. If you have HK company you can't edit currency and country here (screenshot).

 

[sheenue]

Paypal said "You can only link a bank account that uses Hong Kong Dollars "

 

[fshore]

sheenue said:
Paypal said "You can only link a bank account that uses Hong Kong Dollars "View attachment 683
Click to expand...

Scroll down and you can select US bank.
They charge 2.5% for withdraw to a US bank.

 

[sheenue]

fshore said:
Scroll down and you can select US bank.
They charge 2.5% for withdraw to a US bank.
Click to expand...

oh I'm sorry, you are right!

 

[netmillions]

So, PayPal withdrawals in USD are possible? Is it confirmed that this is not possible with Stripe?

 

[MrGoodman]

This question worries me also: if you have a HK company, for instance, is it possible to link a bank or EMI account from not HK country to PayPal?

 

[James Ganesha]

A Paypal or Stripe account must be tied to the same jurisdiction as the accounts bank account. Thus, an HK company with USD bank account would only be possible with a US-based stripe/paypal.