Purchase from USA - How to pay?

[SaiyanZ]

Hi All

I want to purchase something from USA. I've received an invoice from the supplier stating their bank details for a wire transfer. It is in dollars so I'm not sure how to go about with the payment. I've bought stuff from overseas with my credit card before which automatically converted the dollar price to rands.

I'm banking with ABSA.

 

[HDS]

Absa has a swift eft option for overseas transfers. Just go to your nearest absa branch and do the transfer there.

 

[SaiyanZ]

Ah ok. I didn't really want to go to the bank. Is there a way to do it online? I searched but couldn't find anything.

 

[Venomous]

not normally....


You typically have to go to the bank as you need to scribe your million dollah signature.

 

[Drifter]

Wont they accept PayPal?

 

[SaiyanZ]

Wont they accept PayPal?

I do have a Paypal account linked to my credit card but I've only ever used it to receive payments and withdraw cash. I guess I would need to make a transfer into the account before paying.

I'll just go to the bank.

 

[Acid0]

Just use your paypal if they accept it.

 

[Paul_S]

I do have a Paypal account linked to my credit card but I've only ever used it to receive payments and withdraw cash. I guess I would need to make a transfer into the account before paying.

I'll just go to the bank.

You don't need to transfer money into your PayPal account.
If you have a debit/credit card linked to your PayPal account it will automatically be used when you make a payment.
PayPal's currency conversion rates and service fees are another matter though.

A wire transfer is expensive (bank charges) and for some items you need to get clearance from the Reserve Bank first.
Been there, done that and burnt my fingers.

 

[SaiyanZ]

Had a look at the PayPal fees. They charge a 3.9% standard fee plus a 2.5% currency conversion fee. Plus there is the loading on the exchange rate they use.

For a purchase of about $3000, Paypal's fees will be well over R2000. I think the wire transfer will be cheaper. Either way, I went to the bank today and filled the paperwork for the transfer. Will see the fees charged soon.

 

[SaiyanZ]

ABSA just sent me proof of payment. The total fees on a $3000 transfer were about R300 (commission + overseas levy + swift costs + VAT). Way better than it would have cost via Paypal. Paypal would have been about R2000 more.

It took about 15 minutes at the bank as well to fill in the the forms.