PayPal Announced The Official Guide on Debit Card Withdrawal Features

PayPal Announced The Official Guide on Debit Card Withdrawal Features
PayPal has finally announced the official guide since my previous blog post on withdraw PayPal money fund directly to Visa® branded credit, debit or prepaid card in 26 countries. I saw that button guide when I logged into my PayPal account few days ago. Below is the excerpt I got from the eBay Singapore site:

We’re pleased to announce the launch of a new withdrawal feature, allowing you to transfer funds from your PayPal account to your Visa® branded credit, debit or prepaid card. This new feature will enable you to gain convenient access to your funds and is available in 26 countries, including Malaysia, India, Indonesia and the Philippines.

It is 3 easy steps to withdraw the fund:

This withdrawal method will charge at US$5 per withdrawal transaction and PayPal will completes the transfer in 5-7 workings days, but also depends on your Visa® card issuer’s policies on the processing time. The minimum withdrawal amount is US$10. Take note that the current withdrawal method is available to Visa® branded credit, debit or prepaid card ONLY. Please check with your cards whether it is fulfill the above requirement. There is no indication on Master branded cards. It is either we get our Visa card soonest possible or wait for them to announce on that later. Since I have done all the necessary way to get my US Bank account, so, I didn’t link up my PayPal to the debit card.

To find out how does these process works (I need to understand this as I need to update the latest news on PayPal to my workshop students.) Hence, I have spent about 3 hours to read through some bloggers post on their experience on withdrawal. Most of them did some of the checking on which bank cards allow them to withdraw. In fact I think they are quite confused by now as some of them able to withdraw and some of them not. I thought of putting up a summary on which bank card can use and which bank card cannot use for your easy reference. If you read the guideline above carefully, you will realize that among the 8 banks which offers debit cards in Malaysia, only 4 2 can use for withdrawal at the moment, there are:
1.Public Bank Visa Electron Debit Card
2.Al-Rajhi ATM Debit Card i
3.UOB ATM with VISA Electron ??
4.TuneMoney.com VISA Debit Card (Read my review - the latest and the fastest!)
The other 4 - 6 banks which offer master debit cards are not able to use for withdrawal at the moment.

1.AFFINBANK Debit MasterCard
2.Ambank NexG Debit Card
3.MOL Freedom debit card
4.Alliance Bank International Debit Card
5.BSN Matix Visa Electron
6.Maybank Visa Debit Card (Read my review)

For credit card withdrawal, you might want to check out this post from Limadang’s blog. According to him, it’s not all credit cards able to withdraw PayPal fund.

However Bank Negara set the ability to withdrawal availability to only International Banks like HSBC or Standard Chartered Bank.

Withdraw Paypal funds with debit cards or credit cards

Another good news to international users and Malaysian specifically who actively running online businesses and making money online. After withdrawing Adsense earnings via Western Union was introduced recently, Paypal took turns by adding a new option to withdraw Paypal fund; that's via local credit cards or debit cards which have Visa and Mastercard logos on them.

Previously Paypal users need to use debit card like VMI card to withdraw their funds. This new option is way much better than the previous method because the cards are recognized, hence reducing the risk of getting their account frozen. For each transaction you will be charged $5 with minimum withdrawal $10. Daily maximum withdrawal is $500.

Take a look at your Paypal account and let's hope every country has this option.

How to Withdraw PayPal Funds Using UnionBank's EON

I was thinking it could benefit readers if I share information on how to withdraw funds from PayPal using UnionBank's EON account. First you need to know if you are already a verified user of PayPal. If not you can follow these steps:

1. Log in to PayPal. Click "My Accounts" tab.
2. Click "Profile" link and select the "Add/Edit Credit Card" menu.
3. Click "Add a Card" and provide the needed information, then click "Add Card".
4. Review the information and make sure it's correct. Click "Save and Continue". You’re EON account will be deducted $1.99, don’t worry, this amount will be refunded on your first transaction. It takes at least 4 days for the transaction to appear in your account.
5. Login to your EON online account and check for the transaction information. To login, click the "EON Cyber Account" link on the home page. The first 4 numbers before the PAYPAL text is the 4 digit PayPal code. Take note of it.
6. Login to PayPal and on the "My Accounts" tab, click the "Confirm my debit or credit card" on the "To do list". Enter the PayPal code and click "Submit".

You are now a verified user and you can proceed as follows:

1. Log in to PayPal.
2. If you haven't added a bank account yet, click the "My Account" tab. Then click "Profile" and select "Add/Edit Bank Account".
3. Click "Add button" and provide the needed information. Union Bank's bank code is 010419995.
4. Click "Continue". On the review page make sure all information is correct.
5. Click "Add Bank Account".

You have just added a bank account where you'll depositing your withdrawal from PayPal. To withdraw login and do these:

1. Click "My Accounts" tab.
2. Click "Withdraw" link. On the next screen click "Withdraw funds to your bank account". Provide the amount and select the bank you added.
3. Click "Continue". Review the information and make sure it’s correct.
4. Click "Submit".

At this point you have just withdrawn money from PayPal. If everything goes well you can expect your withdrawal to be reflected in your EON acount in at least 4 business days. That’s it; enjoy your hard earned cash.