http://www.paypalsucks.com/ http://www.paypalwarning.com/ http://www.aboutpaypal.org/
For an alternative see http://www.paypalwarning.com/alternatives but there are many other similar services that haven't had the same type of negative feedback, and I'm sure there is one that offers more currencies with a similar or lower surcharge for monetary exchange.
http://www.worldpay.com/ - I don't know about their rates, but they definitely accept more currencies than Paypal.
Mark
On Sun, 20 Feb 2005 23:23:48 -0500, Delirium delirium@hackish.org wrote:
Mark Williamson wrote:
The "hard realities of international banking" should warrant the exclusion of all currencies other than USD and EUR, should they not? Why the 4 other currencies? What a drag.
You seem to be willfully dense here. We accept the other four because it takes us no effort to do so. We use Paypal, and Paypal accepts six currencies. There is absolutely no benefit to excluding four of them, since they come by default as part of Paypal's service. Adding additional currencies to Paypal, on the other hand, is rather difficult, unless you happen to be on the Paypal board of directors.
Yuan RMB may not be "fully convertible", but it's converted many times every day anyways.
It is very difficult to do unless you are a multi-million dollar corporation. There are controls on how and when Chinese citizens may convert money to foreign currency, and even more controls on when they may remove it from the country, and non-Chinese who visit the country are only allowed to convert to foreign currency when they leave exactly as much as they brought in with them in the first place (you must produce the original receipts or they won't let you exchange the CNY/RMB). Currency-exchange companies generally are not permitted to deal in the currency, which is part of why companies like Paypal don't accept it---they aren't allowed to.
You still have not pointed us to a credit-card processor that will accept payment to a US-based company in CNY/RMB and convert it to dollars, all for a relatively small fee (on par with Paypal's 3%). If you would do this, it would make it much easier to begin accepting CNY/RMB donations.
-Mark
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