Hello guys, I am from Turkey and Paypal will not be in service anymore so I have only one option: Wire. Can you help me about what Wire is and how to use it? Is it similar to Paypal or something different? I have searched it but could not find.
It’s normal money transfer from bank account to another.
That is an interesting twist. A country actually focusing on closing its financial borders locking out probably the easiest payment method for their businesses to compete on a global level.
I’d think businesses that have relied heavily on sales to consumers outside the country will quickly fail. Maybe the outcome and resulting rage will cause the Turkey financial oversight to reconsider its decision. So… maybe sooner or later they’ll let Paypal operate there again despite them not having any IT facilities in Turkey.
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I believe it’s referring to simply transferring funds through services your bank offers.
Random link to an article with background.
This is all symptoms of the wider challenge facing many countries today. Global businesses do electronic transactions across multiple countries. Each country has vastly different tax laws. And most of the governments really aren’t equipped to properly regulate that trade. Foreign trade used to be easy. Control the ports and patrol the borders and you have a pretty good handle on international transactions. Turkey is attempting to recapture some of that control.
Now days international corporations can handle transactions in countries that have the most generous tax laws. I get paid via Singapore for videos manufactured in Australia and watched in the US. Which country has jurisdiction over that transaction? Who gets to tax it? Do the trade treaties between the US and Australia apply? Or the one between Australia and Singapore? What about agreements between the Singapore and the US?
This can lead to some odd situations where Apple can sell millions of iPhones in Australia, yet make no profit and pay no tax. On the other hand huge profits are made in countries with favourable tax regimes. For a while Netflix provided a much cheaper subscription service by streaming in data from outside of the country, this meant that the subscription fees were GST free, giving them an instant price advantage over their competitors. Google and other multi nationals have undertaken similar practices.
Things get murkier when you consider labour laws. I do some freelance work with off shore companies. Its almost impossible for the government to enforce minimum wage laws or maximum hours or the like. The reverse is also true, if I hire an employee in India to complete some contract work, am I required to maintain the same standards that I would be if I hired a local Australian?
The more you look the deeper the rabbit hole goes. Technology is changing the way the world works, and many of our current government systems are slow to keep up.
Some other examples of the phenomenon:
- Australia has incredibly high rates of piracy. This is in large measure because its not possible to legally obtain Game of Thrones until a week after the US release. Facebook guarantees that spoilers are up in that time. Other media, like movies, often takes much longer to be legally available.
- Ride sharing aps like Uber manage to bypass significant laws around licensing commercial vehicles, police checks for drivers, minimum wage laws and the like.
- Laws around hate speech, child pornography can often be avoided simply by hosting content in a country with less strict laws.
- Terrorists can recruit and radicalise people pretty much anywhere in the world
It will be fascinating to watch how various countries respond to these sorts of things over the next couple of decades.
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Really nice post BordMormon. For about a decade in the USA we had a similar funny thing where everyone would buy prescription drugs and have them mailed in from Canada, drugs that were made in the USA.
The problem is obvious, technology moves faster than laws do, and the people making the laws are the least likely to understand the current online marketplace or be able to predict it´s future.
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Erm… Rather than worry about stuff like that, maybe just… Develop your Own payment processor and then make millions in your country? Getting millions to start this company may be a bit hard though. As paypal’s founder was already rich before he started it, you know. Nevermind then.
It’s just that when you can’t do what you want to do because of missing tool or something, you need to make your own tool. Scratch your itch, you know?
Another thing is that there are probably some local payment processors as well. Naturally, some local payment providers will emerge if there aren’t any.
If people want something and it isn’t there, they just will just make it. Dang, blabbering again. Idk why. Obviously because of the heat. This post is over now, nothing else in there.
I believe the issue is not paypal in particular, the problem is ´online processors´ basically as a whole. If you do what you suggest and invest a ton of money in creating your own solution, as soon as it gets any legs the gov´t will step in an block it.
We successfully fended up the ignorant people in congress from messing with net neutrality or online sales (for the most part), but in a lot of countries, the gov´t can do stuff like this without effecting a majority of people who are concerned.
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PayPal has closed transferring money into several countries recently, not just Turkey. The OP may use Transferwise.com for the time being which is marginally more expensive than PayPal; however those avenues will quickly get closed too if the conditions that led to the closure of PayPal transfers into those countries persists. It is still possible in PayPal to transfer money out of some of those countries. One of the advantages/disadvantages of using transferwise.com is it only accepts cash, no credit, which is a massive security worry for PayPal and one criminals are constantly trying to exploit.
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