Q: Is there we can get our money from our paypal account, here in malaysia?If you are in Malaysia, then there's no way for you to withdraw your money, unless you hold a foreign bank account. The countries allowed are stated in the paypal website. You just have to spend some time to READ.
Alternatively, you can withdraw the money by using a local agent, who will charge you a certain % service charge, but do be careful not to be deemed as money laundering.
If you are in a legitimate e-biz, then receiving payment into your paypal a/c is not a problem. Getting money into your local bank account is another issue.
However, if you are in one of those MLM or get-rich-quick schemes, or sell info/e-book kinda website, then your paypal a/c might be closed ANYTIME at Paypal's discretion.
PM me if you want more paypal info in layman's terms. I have blogged extensively on that.
Otherwise, go to paypal.com to read, read, read and understand. Make sure you do not breach their Terms of Service.
Good luck.
Q: yeah i have read their terms since before Malaysia was in their list. now they allow malaysian to open an account. Just we can't take the money out.
I'm not involve with those MLM, HYIP get rich scheme thingy. i was just going to make a website to charge some subscription fee or selling ads spaces.
i have surf around to get further informations regarding this issue. There is no way to request payment from paypal itself. unless i have a US bank account ;(
but then there is this debit card which comes with a US bank account attached. by then ones can request paypal to bank in into that US bank account and he can just withdraw the money from any ATM machine here with Cirrus/Maestro logo. but ones need to get a trusted debit card company on this( which i don't know which one)
So, anyone have more information or option on this issue?
There are ways to withdraw money from your paypal.
One of them is to open a savings/checking account with a US bank. There is a local agent doing this (for a fee, of course). However, I do not know if this company is direct with the bank or does this co. go thru an agent in US, or is it a daisy chain of agents.
There are people who have successfully opened this account without going to USA. Documents that are required are photocopies of passport and USD1,000 (if not mistaken).
First, you'll need to check the bank's conditions. Some require a/c holder to have a minimum balance of X amount per month, otherwise need to pay service charge. Some require USD25 per month. Some require a/c holder to trade X amount in shares every 6 months, etc.
Let's say you have such a bank account and you have it linked to paypal. If you are not dealing in any MLM or HYIP programs, you shouldn't have any problem receiving payment via paypal.
So, you proceed to transfer the money to your US bank account. However, paypal logs your IP and transaction activity and will know that you are transacting from Malaysia, transfering to a US account.
Paypal may or may not freeze your account based on this. I don't know if you are aware that paypal keeps such records for 7 years. If paypal freezes your a/c, you'll be required to fax your bills to them. It IS very leceh and you'll be given the run-around. Paypal has the "unwritten" right to hold you money for up to 6 months.
Let's say you do not have a problem with paypal, and you have successfully transferred money to your US bank account, you can withdraw your money via ATM in Malaysia.
Right now, we do not know if the US govt. will impose any rules on such account holders in the future.
I believe now the sum is not so significant that the US govt. is taking too much notice of this loophole. However if all such accounts were frozen, what avenues do you have?
This can also be constituted as money laundering, and worse, how do you explain holding a local (US) bank account when you are not a citizen, let alone a resident there?
What if you have to pay your downlines, suppliers, etc with the money that you have received in paypal? What about tax issues?
Q: Another alternative is to open a Singapore Bank Account to receive your money. However, you can only open a joint account with a Singapore resident.
Ya, it's possible to open a S'pore bank account but u'll need at least a S'porean address for that.
If you have relatives in S'pore, that shouldn't be a problem.
What about the initial deposit of SGD25,000? Anyone know of lesser deposits?
2 comments:
first of all, i am not panty lover :) i am here to discuss
out of my knowledge, i cant withdraw money out from paypal since they allow malaysian to open an account with them.
but..
you know chapter M by Gobala Krishnan? some malaysian is selling the ebook which teach malaysian to withdraw money from paypal. i wonder how efficient it is..
what do you think?
I have heard of Chapter M but did not have the chance to study the workings of it, so I do not know how effective it is.
However, my main concern is getting the cash and yet without getting into any legal implications in the future.
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