Withdraw Funds / Money Options From Paypal
The problem of withdrawing funds from Paypal has been an issue for people in Malaysia and most Asia countries many years now. A majority of people gave up looking for ways to sell on eBay because there are no way for them to cash out from Paypal.
Many methods have been discussed like
1. Creating a US Trade Account
2. Creating a Singapore Bank Account
3. Getting a VMI Card
You can now heave a sigh of relief that an easier method has been introduced. You can now withdraw funds from your PayPal account to any credit, debit, or prepaid card with a Visa logo.
Today I just want to look at the points of withdrawing using a US Trade Account and using a card. Since these are two methods are the only ‘legal’ method for now, I will not look at Singapore or VMI options as I have heard stories of Paypal account being frozen.
Withdrawing with a US Trade Account
1. One time fees on US Trade Account initial application, posting application letter to USA and renew your passport if it expired.
2. Who to call for support when problems? You can call the person whom you bought the application form from (let’s call him agent). Try not to attempt to download the forms yourself and apply. When you run into trouble, you won’t know where to ask for help.
3. Withdraw from trade bank up to 5 times with zero fees charges using your ATM card .
4. Can withdraw from trade bank anywhere in the world.
5. You can transfer any amount from Paypal to your bank account. (No minimum value)
6. There is no extra charges when withdrawing from Paypal.
7. 3-4 business days for Paypal to process funds into your US account.
8. Trade bank withdrawal conversion rates is as close as market rates.
9. Call toll free numbers for Asia Pacific support or ‘agent’ if encounter problems or loss bank ATM card.
10. Call to the US if you need to cancel your US Trade account.
Withdrawing with a card
1. Need to apply for cards, but very convenient as almost everybody nowadays own at least one credit card.
2. Call local credit card center for support.
3. Pay a Paypal withdrawl fees of US$5 everytime you direct your money to your card. (this will be an on-going fees)
4. 5-7 business days for Paypal to process funds into your card.
5. Withdrawal conversion rate unknown as of now, anyone who have tried to withdraw to cards please let us know.
6. US$500 maximum withdrawing amounts to be transferred from Paypal.
7. Can withdraw anywhere in the world if your card supports it.
8. Withdraw with zero fees charges using your card any amount of time. (or please check with your local bank if there is any fees on withdrawal)
9. Any problems with cards or Paypal will have to be solved solely by yourself.
There are pros and cons with both method, from my point of view. Withdrawing to a US Account could save more fees in the long run but withdrawing to a card is more hassle-free too. It really depends on how often you withdraw from Paypal and how much money you need to withdraw everytime.
What about your thoughts on this? Please share me your two cents.
Tags: Paypal, credit card, ebay tips, US Trade Account
Good comparison Jen. US bank accounts are going to be tougher to get. The US is not so stupid. They will see that people are finding loopholes and they WILL shut these loopholes. Worse, they may even freeze non-US accounts if they have been proven to be approved through less than appropriate means.
I’d still prefer to withdraw to credit card. Faster, safer even though it may cost more in terms of charges.
oh..btw.. according to my paypal control panel. the minimum withdrawal amount for personal account is US10. In fact, I “accidently” changed my TLA payment option to Paypal and just receive notification that they’ve paid me via Paypal. I didn’t know that my TLA payment threshold of USD200 did not apply to Paypal.
I’m going to wait to see what others experience are before I withdraw my money. Don’t want to be guinea pig lah…
I just had a PayPal account. I wanted to try using a debit card but I couldn’t find the three-number security pin. But anyways, I think this is the only way for me to withdraw really. More choices wouldav been nice.
If PayPal is really going to allow withdrawals directly to your credit card (VISA or Master) then I think they are going to be the preferred option again soon enough.
However, the minimum USD500 is a little steep for low earning bloggers especially. Not to mention, young successful bloggers at ages 12-16 may not apply for a credit card yet so in the end the 3rd party cards or other means will still be practiced.
Pity, and I thought we could rid the world of those.
This will come as a sigh of relief for a number of people out there. An number of people worldwide have been short changed when it come to selling on ebay or even monetizing their blog as paypal may be a must to get paid. The US$500 minimum is a bit high tough. It is all a step in the right direction though.
I think min is USD10 and max is USD500..
Hi guys and gals,
It is MAXIMUM withdrawal of USD 500 per day instead of MINIMUM. Iry is right this time. Jenny was wrong, hahaha.
Thanks guys!
I’ve updated the post now.
meaning for every USD500 there will be $5 charges?
>>> Iry is right this time. Jenny was wrong, hahaha.
No… I think what Jen means is that she doesn’t have any problems whatsoever if it IS a minimum of USD500 coz she has TONS of money in Paypal. In fact, she wouldn’t have any problems if the minimum was USD5000.
very nice jenny. I am somewhat impressed by your selling techniques on ebay. however, i wish to ask you how you get about with multiple user ids and paypal accounts.
I notice you have some ebay IDs which you use to sell which are;
craftycaxx
beautycraftxx
dixxcraft (for US sales)
How do you go about this if you may share this with me? Multiple ebay and paypal accounts under individual names?
Thank you for your time and answer.