A friend asked me how it is possible to withdraw money from PayPal to our local bank. I replied him by email and thought that I should share the information on my blog for the benefit of everyone in Malaysia who is new to PayPal and the best way to withdraw our funds to our local bank.
First of all, sign up with PayPal with your real personal particulars and select your currency as USD. Make sure the spelling of your name is correct.
Each person can have one personal PayPal account and one Premium or Business PayPal account.
Even if you already have a credit card now, I suggest that you apply for Public Bank's Visa Electron Debit Card.
Application for the card until you receive your card and PIN will take about a month. Once your card is ready and you have access to your account via internet banking, you will need to deposit some money to your Visa Electron card; minimum RM40. Now, with your new card, enroll in PayPal's Expanded Use Program, which is their way of verifying your credit/debit card.
You will be charged US$1.95, if I remember correctly. Follow their instructions and your card should be verified if everything is done accordingly.
Once you start receiving payment via PayPal, you would want to withdraw it to your local account. PayPal allows Malaysian users to withdraw funds to our Visa credit or debit card. Only VISA works.
Since you now already have a Visa debit card, you can transfer the funds in PayPal to this card. Service fee is US$5 for every maximum daily withdrawal limit of US$500. The currency exchange rate that we get is about 0.09 lower than current market rate, from experience.
Normally, it takes about 3 - 5 banking days for PayPal funds to clear to card. Sometimes it takes longer.
Now that you have funds in your Public Bank Visa Electron card, you could withdraw cash from any Public Bank ATM. There are no fees imposed.
If you have a bank account with Public Bank, you could transfer the funds from card to account via internet banking. Even though this is supposed to be free as well, I have seen a number of times where 77sen had been deducted from my account. I tried to find out why such an odd amount had been deducted from my account but Public Bank never got back to me. I didn't pursue the matter since 77sen is negligible.
Oh yes, I would like to point out that there are other credit and debit cards that work as well but Public Bank's Visa Electron is by far the easiest and cheapest method and with a good exchange rate too.
2 comments:
hi, would u kno if i can use a public bank e-debit card for this as well?...
http://www.pbebank.com/en/en_content/personal/others/edebit.html
Hello,
I am assuming you are in Malaysia.
I have not tried this eDebit card myself but I don't think this is workable if you are talking about withdrawing PayPal funds. You would need a VISA debit or credit card for that.
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