OT [nzlug] Vendor of bits & pieces in NZ who does Paypal

[cr]

On Tue, 11 Jul 2006 12:36, Phillip Hutchings wrote:
> > > Wrong. ASB is a registered bank in Aus,
> >
> > wrong, ASB is a registered bank in NZ. It is a New Zealand registered
> > company (ie under our Companies Act) and is also registered as a Bank
> > with the NZ Reserve Bank. It is subsidary of Commonwealth Bank (an Oz
> > company and registered in Aus as a bank under the Aus equivalent of the
> > Banking Act.
>
> That too. The point was that a bank faces a lot more scrutiny than
> PayPal does. If a bank decides to charge a 50% currency conversion fee
> then the government will step in and do something, if PayPal do then
> you're screwed.

Ever tried paying, say, $30 to some overseas seller?   Options - 
1.  Bank cheque.   They charge you minimum $20 COMMISSION plus their exchange 
rate.
2.  Western Union money order telegram.   Again $20 COMMISSION plus their 
exchange rate.
Either of those, IMO, is so ridiculously exorbitant I won't touch the 
bastards.
3.  VISA - if the seller takes it.
4.  Paypal.    I'm not sure what their commission/exchange rate is, but it's 
something I can live with.
5.  Go to a small Money Exchange in Customs Street or somewhere, buy overseas 
notes at their regular exchange rate, and post them.
6.   Post the seller NZ notes  (if their bank will handle them).   Banks (at 
least here) don't charge their ripoff commission on _deposits_ of overseas 
notes.
Of course (5) and (6) are not approved (and may even be illegal, but who's to 
know?) and you're relying on the Post office not to lose your banknotes.

The risks with Paypal would seem to be fairly small.    Okay, so they have 
your VISA number to charge to, and maybe some balance of funds due to you 
(which you can keep as low as you wish).   Who would you rather has your Visa 
number, Paypal or several dozen small overseas companies you don't know?

Having said that, I don't use Paypal for local purchases, an Internet money 
transfer into the seller's account wins hands down on that.

cr