Wise with Seychelles IBC and Paypal

[v31]

If I'll incorporate a company in Seychelles will I be able to use the Wise instead of local bank services, also will I be able to link Paypal to Wise instead of linking it with regular bank ?
If it will not work with Seychelles which offshore country will work with both Wise and Paypal

 

[Fred]

If I'll incorporate a company in Seychelles will I be able to use the Wise instead of local bank services, also will I be able to link Paypal to Wise instead of linking it with regular bank ?

No longer - Wise was opening in the past for Seychelles / Belize and from time to time we have clients that even have such a structure active with Wise - however they all opened during 2017/2018. Since 2019 this isn't working anylonger.

If it will not work with Seychelles which offshore country will work with both Wise and Paypal

Classic Offshore with Wise and PayPal isn't working at all.

Classic Offshore means outside the EU in a tax heaven and this means instantly that PayPal force you to have the Bank Account in the Jurisdiction of your Company Jurisdiction - check the Forum there are endless threads about it.

You have to forget about the Wise part and then you will pretty fast figure out that only real Offshore Jurisdiction with 0% tax etc. that is working very well with PayPal in combination with a local Bank Account - is the UAE - namely Dubai Onshore Company.

 

[boomy]

Offshore is any place outside of your own country. So using the word offshore does not need to mean you can't use Wise. Using the word Offshore for bank accounts opened in a country considered tax haven is different, the same apply for a company.

 

[bilderberger]

I had a SC IBC together with Wise and PayPal. I can say that PayPal in SC does not work as you are used to. Apparently Seychelles as a jurisdiction doesn’t allow PP received payments to be treated as money. It’s only “money” when it’s deposited to a bank so PP forces you to empty your account to a bank or card every month. You can’t use receipts to PayPal, your pp balance, to make payments. Basically almost useless. Also PP fees in SC are very highly, something like 5.5%.

 

[yulia]

I had a SC IBC together with Wise and PayPal. I can say that PayPal in SC does not work as you are used to. Apparently Seychelles as a jurisdiction doesn’t allow PP received payments to be treated as money. It’s only “money” when it’s deposited to a bank so PP forces you to empty your account to a bank or card every month. You can’t use receipts to PayPal, your pp balance, to make payments. Basically almost useless. Also PP fees in SC are very highly, something like 5.5%.

hello! We have SC company and we are trying to verify PayPal Business Account for receiving the funds from our clients. PayPal requests: "you need to link a US bank or a local Visa card". We have Wise's USD and EUR accounts, but they said something like "the bank is disabled, please try another bank". We don't have Visa local card and don't know how we can get it (opperational office is in another country). Could you specify how can we resolve this issue? Please!

 

[bilderberger]

I just used a prepaid card from iCard to do the verification, but after a bit of arguing with PayPal support I got them to add my wise USD account as well

 

[yulia]

I just used a prepaid card from iCard to do the verification, but after a bit of arguing with PayPal support I got them to add my wise USD account as well

Thank you for your fast answer. I wrote Icard after your massege and they said "
As the business needs to be registered in an EU country. But we do not provide virtual cards for businesses, only physical ones. If he resides in an EU country, he may have create an account with us".
How do you think if we create a ticket and will said "Please add our IBAN from Wise", will it work?

 

[bilderberger]

I used a personal iCard. Apparently for PayPal SC you can only use a Visa card not a MasterCard for verification. Dunno why ‍

I got onto live chat with PP support and told them I’m having problems adding my US bank. Can you help?

Also, if the option is available, get them on the phone. They tend to me more helpful if you can have a friendly conversation.

Don’t mention it’s Wise. If they bring it up, just blag it and say you haven’t had any problems adding Wise bank to you “other PayPal” account. They can actually add wise, it’s not blocked or disabled or anything it’s just that they prefer not to because they lose money on currency conversion etc so they don’t make it easy for you.

 

[JohnLocke]

I got onto live chat with PP support and told them I’m having problems adding my US bank. Can you help?

Can you live chat with PayPal ?

 

[bilderberger]

See attached screenshot. Extra words to meet the minimum word count for a post.

 

[yulia]

I used a personal iCard. Apparently for PayPal SC you can only use a Visa card not a MasterCard for verification. Dunno why ‍

I got onto live chat with PP support and told them I’m having problems adding my US bank. Can you help?

Also, if the option is available, get them on the phone. They tend to me more helpful if you can have a friendly conversation.

Don’t mention it’s Wise. If they bring it up, just blag it and say you haven’t had any problems adding Wise bank to you “other PayPal” account. They can actually add wise, it’s not blocked or disabled or anything it’s just that they prefer not to because they lose money on currency conversion etc so they don’t make it easy for you.

Thank you for your help!
I wrote a ticket - they call me and said that they will send two deposits on our Wise account - when we received it, we should fill it out at our PayPal account. And it worked! They confirmed out IBAN. Thank you again.

 

[PCOldman]

Thanks for the information. I've been trying to find something useful and current about this.
Considering SC IBC and want to know how to get the funds out of PayPal.

I have a couple of questions, if that's ok....

(a) Prepaid VISA, was that attached to your name/address or what? does it need to match anything in PayPal?
(b) WISE, was it a personal or business account? Can I transfer to my WISE US Bank if it's a personal account, again the address details will not match up with SC IBC registration.

Also, I noticed today that WISE is not accepting SC business account (asked if I wanted to added to watch list), I already have my personal WISE in the country I live.

 

[boomy]

hope you can get back and answer the question from @PCOldman I want to know too?