Paypal and RMB??!

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Paypal and RMB??!
« on: June 24, 2020, 10:10:37 PM »
After trawling through various internet articles and even Paypal's faqs and help center, I still haven't seen a clear statement:

Can people send RMB from China through Paypal?


You definitely can send money to China. You (probably) can't make local Paypal payments within China. And you definitely can NOT send RMB out of China?

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Re: Paypal and RMB??!
« Reply #1 on: June 24, 2020, 10:27:11 PM »
i *think* the answer is you can send money from China through Paypal if the money is any one of these:

USD, AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PHP, PLN, RUB, SEK, SGD, THB, TWD


And none of those are RMB

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Re: Paypal and RMB??!
« Reply #2 on: June 25, 2020, 03:33:18 AM »
Let's lay down some definitions: RMB aka CNY is not convertible currency for international trade so no, you can not send RMB out.
However, you can transfer money out of china. Your rb get converted according to some exchange rate in the process and received in whatever currency works in the landing account.

Back in the days, the easiest way to get money out of the big silly, other than stuffing it in one's underwear, was paypal. Open an account in china, open an account at home and send money from one to the other. EAsy peasy.
I did that a few times.

I heard recently they plugged that loophole but I'm not sure.

Now, the best way i found is keeping the money in china and using a union pay card to withdraw abroad and also to pay. Withdrawals count against the yearly limit but not payments. Best of both worlds.

Also, with the CNY value controlled by BoC, it means you're more or less safe against huge deflation/inflation trends.
 :alcoholic: :alcoholic:

After trawling through various internet articles and even Paypal's faqs and help center, I still haven't seen a clear statement:

Can people send RMB from China through Paypal?


You definitely can send money to China. You (probably) can't make local Paypal payments within China. And you definitely can NOT send RMB out of China?
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Re: Paypal and RMB??!
« Reply #3 on: June 25, 2020, 08:59:28 PM »
Now, the best way i found is keeping the money in china and using a union pay card to withdraw abroad and also to pay. Withdrawals count against the yearly limit but not payments. Best of both worlds.

I reckon I'll end up agreeing with this when I finally do start using a debit card that way.


But for Paypal I was wondering more about Chinese customers or clients (or indeed foreigners inside China) buying stuff from outside of China. Can they plug RMB into the Paypal system from inside China and have the seller outside of China receive actu-money?

Seems like... yes?

But there's something about Paypal fees that needs looking into as well. Their automatic currency conversion adds some avoidable surcharge or something???!??



The internet is sufficiently vague on all of this that I'm getting "nope" vibes from all of it.

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