New to the community? Welcome! Please read our Community Rules and Guidelines
We have our business account for more than 8 years with Paypal but recently Paypal keeps requesting more and more documents. We paid a lot of fees for our transactions and would expect Paypal supports us, but instead they constantly request more and more information about our registered business in Singapore and make life difficult for us. We have a bank account, address and everything in Singapore. We have submitted business papers, directors papers and lots of documents. Basically we gave up our entire private data, which is now apparently owned by Paypal. Paypal requires much more work than a bank account (which is also connected to it) and even the Singapore tax office.
We have set up Stripe and also set up Transferwise recently. Transferwise is great. We love Transferwise and we really start to hate how Paypal creates more and more work for us. Fees are much lower with Transferwise and they are very supportive with doing all documents right.
What experience do people have? Is there a way to resolve things with Paypal in an acceptable way or is it not worthwhile anymore and do you recommend to just give up on Paypal?
Now we have to explain why we are sending money from one Singapore account to another Singapore account. Paypal tells us to look for [cryptic transaction ID] and tell them why we are transferring money. Isn't that the purpose of the service?
2. Please explain the sending purpose of transactions: [cryptic transactions IDs]
We look forward to hearing from you and thank you for choosing PayPal as your business partner.