Nowadaysyou cannot transfer resources from that application to an Ecuadorian bank, so intermediaries are used and commissions of more than 5% are paid.
On February 2, 2022, through his Twitter account, Ronald Hernández, an entrepreneur linked to electronic commerce, made a call for Guillermo Lasso to make formal approaches with PayPal to facilitate the transfer of money from that platform to any bill bank in Ecuador.
«They do not know the number of people who charge out there and suffer to bring their money. Ecuador needs to attract money. What better way than selling online? Cash flow is vital to a business. when you sell for PayPalit may take weeks or months to achieve a favorable triangulation of bringing the money to Ecuador“, He said.
Currently, about 90% of e-commerce businesses use PayPal to collect sales or other income originating outside the country, especially in the United States. As there are no direct options, in many cases it is necessary to triangulate with other people in order to bring the money into the country.
Diario La Hora consulted with the Association of Private Banks (Asobanca) about the possibility of signing agreements for the transfer direct funds from PayPal to national accounts; however, the response was that they do not have a position or statements to give on that specific topic.
As there are no agreements with any national bank, the only alternative offered by PayPal to Ecuadorian customers is to receive the money by sending a check by mail. That shipment does not take less than 10 days.
The obstacles to direct payments from abroad, in addition to an outdated regulationare currently a brake on the growing electronic commerce.
Two ways to transfer money from Paypal to an Ecuadorian account
All available options, through payment gateways or other types of platforms, generate commission costs ranging from 6% to more than 15%. Also, the time for funds to be credited to a bill in Ecuadorin the best of cases, it is a minimum of two to three days.
The Airtm digital wallet allows the free opening of a billbut the cost per transfer paypal money to an Ecuadorian bank is around 17% commission. The minimum time for the operation to be carried out is three days.
Oscar Enríquez, an entrepreneur, explained that a cheaper option is through the Wise platform. In this way, a virtual account is created in the United States with a minimum deposit of $20, and to that account you can transfer the balances you have in PayPal as an intermediate step to send to a bank in Ecuador.
The entire process takes four days and the commission charged is less than 6%, depending on the amount.
Another option, with a cost of 7% of the value transferred, is Payonner; but it is also necessary to remove a card anchored to this platform.
One of the least recommended ways is to resort to the advertisements that proliferate on social networks with offers to cash the balances of PayPal. In most cases, the commission they charge is 20%, and there is no guarantee that the transaction will be fulfilled. (JS)
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