PayPal has added second option to to withdraw funds for international users, besides withdrawing to a US bank account. Now you can withdraw your funds to your local Credit Cards or Debit Cards with Visa, Visa Electron and MasterCard logos on them. I am not sure if it is done for all the countries worldwide, but what is sure is Malaysians now can. So if you are from a country that couldn’t withdraw before, you might want to check back your PayPal account.
This had to be done long time ago, but it’s still nice that PayPal’s robots did listed to us.
The charge per transaction is set to $5.00, and the daily maximum amount you can withdraw is $500.
Why it’s better than withdrawing to Debit Cards like VMI?
Because Debit Cards like VMI usually are not recognized by PayPal, and when they see you are using them. They usually freeze your account. Now that you can add verified Credit Cards and Debit Cards to your PayPal, you don’t have to worry about your account being frozen again (hopefully).
Another benefit is, with local CC or Debit Cards there is no withdrawal fee. Since it’s a local card and you use local ATMs, there is “zero” transaction fee. Some banks do charge 0.50 cents if you withdraw more than 3 or 4 times a month. (Maybank are you the one?)
Thanks for the heads up to my friend Hanafi, who notified me about this.
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Wow this is great news. $5/transaction seems fair to me, with other similar services (epassporte) you pay more than that to get the funds. Thanks for sharing this ;)
argh, i do not have that option!
any official news on this?
it’d be great though. 5 bux fee is great!
Too bad Malique… so Singapore is off the list then. Any other countries have this option?
for Singapore, Paypal can transfer direct to the bank account.
But they charge S$1 for every transaction that is below S$200
That’s not bad then, the only thing is, you won’t be able to withdraw your money (paypal money) from your bank account when you are overseas (if it is a savings account). But with CC or Debit Cards you can.
chilly, thanks for the info, i knew that.
but it take quite some time for it to clear.
ades, is this withdraw to card option immediate/fast?
takes about 3-5 days
Does anyone here, have tried withdraw by using cc, BTW if we would like to use CC where we can get the money ? in ATM ??
yes, you can get it from your ATM, or you can get it from the bank. Or you could just use it for your shopping (swipe card).
thanks for the great tips, i’ve requested withdrawal into my citibank card, hope it works out…
Great news for Malaysian internet entrepreneurs.
Bank Negara has been sleeping and did nothing to help Malaysian to earn from the internet and move the fund to Malaysian shore.
PayPal boleh.
wow.. that’s good news.. i’d just like to know since vmi gives an exchange rate of 3.52, what’s the exchange rate like for withdrawals to my mastercard?
ades: ah, thats the same timing if i were to withdraw to my singapore bank account. i’ll stick to it. its much cheaper.
but hey, great news for Malaysians and any other countries! :D
Heres to good earnings.
This is definitely a very good news for everyone. It can motivate everyone to earn more and get paid to PayPal before transfering to our own credit card. Bravo.
hey…. my paypal request to withdraw my money into my citibank CC account works well for me and I’ve blog it at
http://pikeydude.blogspot.com/2007/10/paypal-withdrawal.html
Great Pikey! I am testing my Public Bank debit card at the moment.
I knew about this new withdrawal method on Sept. 30 from Matt Ng,
but yesterday PayPal sent me an official notification about it:
http://pages.ebay.com.sg/sea/paypal/withdraw.html
And today, I found The PayPal Blog: PayPal Introduces New International Withdrawal Functionality.
Check them out!
Hi again,
That’s great news for our fellow malaysians!!..Alas!! after a long wait and for those that already withdrew their funds, pls share ur experience with us here..whether or not successful?..
Damnnn!!!…did they just remove the mastercard option in the withdrawal tab? now only Visa is eligible to withdraw, how about visa electron?? is this the same??..
Yes they did remove the mastercard option, people were unable to withdraw with it. Visa electron does work, here is the update.
Hi Ades.
I just got my card today. Just as what I did for my Amex card, I added another card for this VISA Electron from PBE bank.
But a message appeared saying that “This credit card has been denied by the bank that issued your credit card. For details on why your card was denied, please contact your credit card issuer’s customer service department. Or, you may want to try adding a different credit card.”
Did I miss something? Anyone else got this before?
Cheers!
Hi Kay,
I am not sure if PublicBank Debit Card is no longer accepted by PayPal. These PayPal people are also one kind, do not have a proper communication channel.
Try to get some info from people who have newly registered PB DebitCard to paypal.
As for me, my PB Debit Card is still working. Just withdrew last week $500.
I have Maybank Visa Debit card, But It can`t be used to Withdraw/verify Paypal…
@HaRiZ,
YES IT CANNOT.
http://www.flsam.blogspot.com/2007/11/paypal-withdrawal-through-mabank-visa.html
http://forums.ebay.com.my/thread.jspa?threadID=500001703&tstart=0&mod=1205566229791
Try http://www.TuneMoney.com/, or PB VISA Electron Debit Card. :)
Hi ades, if i added the VMI to my UK paypal will i be able to withdraw funds to the card?. If not then what would else could i do which would allow me to withdraw funds to my VMI card?
Hi Deep, UK citizens can withdraw their paypal funds to their local bank accounts. So why you want to use VMI?
But to answer to your question, if you add VMI to your UK paypal, yes you can withdraw funds to it.