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.

Three Methods To Withdraw Paypal

Withdraw paypal? It’s may be easy if you come from U.S., Australian, Austrian, Belgian, Canadian, Danish, Dutch, Finnish, French, German, Greek, Hong Kong, Irish, Italian, Japanese, Korean, Mexican, New Zealand, Norwegian, Portuguese, Singaporean, Spanish, Swedish, Swiss, Taiwanese, or U.K because you can withdraw paypal directly to your local bank. Click here to see countries list that can open paypal account. So if my countries not in the list how I can withdraw paypal, shah? Ok… I will tell you. There are three methods that I know how you can withdraw paypal.

1.Selling your paypal fund to some one from your countries for cash. This method is the easy and fast as I now but is it legal? Paypal will freeze your paypal account if they caught you selling paypal.
2.Get a debit card that can be used to withdraw paypal. You can withdraw paypal to debit card and then withdraw your funds from ATM machine. Here a list of debit card that you can use for withdraw paypal:
1.» Accent Card Visa - This card issue by Tomato bank. Funny name right? The card price is USD 50 or RM 170 for Malaysian. Accent Card Visa can be used for withdraw paypal because this debit card has integrate US bank facilities. There are some fees for most transaction. You can check out this debit card here. I has put more info and how to used it in my free paypal ebook, Paypal Secret.

2.» Virtual Money - I’m not sure which bank issue this card. They said this is ATM card. So you can just use it for withdraw paypal at ATM. The card price is USD 25.00. Cheaper than Accent Card Visa right? You can read more about this card in my free paypal ebook, Paypal Secret.

3.Apply a US bank account. Malaysian can withdraw paypal to US bank. After 911 tragedies, it’s hard for non resident to get US Bank Account and as far I now it’s almost impossible. Yeah that what I heard. Now I tell you how you can open US Bank Account without have US address and SSN. As far I now there are two banks that you can apply an account.
US Bank Account For Withdraw Paypal
Now I tell you how you can open US Bank Account without have US address and SSN and then use it to withdraw paypal. As far I now there are two banks that you can apply an US bank account for withdraw paypal.

E*Trade Financial
I has been used E*trade brokerage account to withdraw Paypal account before and there are no problem. The benefit of E*Trade brokerage account is:

1.Easy and free. you just need photocopy of your passport or government-issued identification card.
2.FREE VISA Platinum ATM Debit Card.
3.You can get a VISA debit card without deposit USD 1000.
4.Free check book.
5.Can be used to withdraw Paypal, stormpay, moneybooker, 2Checkout, etc.
6.Have online banking system.
E*trade account is free to apply. ATM withdraw is also free. E*trade will not charge when withdraw and ATM also not. If the ATM charge you, e*trade will pay back to your account. There are Account Service Fee (ASF) that will be charged quarterly, USD 40 per quarter. That means you will be charged USD 40×4=USD 160 per year. But for the first year, you will not be charged. 2nd year and onward you will be charged. But if you meet one of e*trade condition, you will not be charged. For more information, please visit here.

Where to apply and how to apply?

You need to fill in 2 form.

1.E*TRADE Complete Investment Account Application
2.W-8BEN Form — Certificate of Foreign Status of Beneficial Owner for U.S. Tax Withholding

How to fill this form? Please read E*Trade Bokerage Form Guideline and W8-BEN1 Guideline.

HSBC
The second bank I know that offer non citizen to open US Bank Account that you can use to withdraw paypal is HSBC bank USA. Yeah, the most famous bank right.

For HSBC you need to email them and ask them how you can open an account with them. Click here to contact HSBC Bank USA . After that they will email you ask some question. Answer the question honestly. If they satisfied with your answers, they will send the kit to you.

After you get the kit, fill in the form and go to HSBC branch in your country, like me in Malaysia, I must go to any HSBC branch in Malaysia for verification process. After that mail back the form with document they need to HSBC Bank US.

Walla…done. You will have HSBC Bank USA account and use it to withdraw paypal. You will get HSBC debit card and you can use HSBC debit card to withdraw your paypal money in almost any ATM in the world. Cool right.

Update: Get free paypal ebook title Paypal Secret

How to Use a Debit Card on PayPal

With more than 100 million member accounts worldwide, PayPal has become a popular way for buyers and businesses to send and receive money online. One easy way to ensure the timeliness of your PayPal transactions while keeping track of your checking account is by using your debit card.

Step 1
Create a PayPal account by following the step-by-step instructions from the "Sign Up" link on the PayPal website. Click the "My Account" tab after you have created your PayPal account.

Step 2
Add your debit card information and bank account information from separate links under the "Profile" tab.

Step 3
Click the "Send Money" link to pay for purchases or services as long as the person/business you are paying has a PayPal account. Funds will come out of your checking account, and all transactions will be visible from the "My Account" tab.

Step 4
Click the "Request Money" link to send an e-mail invoice to the person/business who has purchased goods or services from you. Upon payment, the transaction from new funds will also be visible from the "My Account" tab.

Step 5
Add funds to or withdraw funds from your bank account from separate links under the "My Account" tab.

Reviewing your current finances

Keeping a regular eye on your personal finances will help you make the most of your money. Reviewing things like your bank accounts, mortgage, pension and savings will also help make sure they're still right for you. It will also alert you early to potential financial problems.

Check your income and expenditure
It's a good idea to regularly check whether your income is:

•enough to leave you with money to spare
•only just enough to cover your spending
•not enough to cover your spending, so you've got a shortfall
You can use the online budget calculator on the Financial Services Authority (FSA) 'Moneymadeclear' website to check your outgoings against your income.

If you've got money to spare, look for savings/investments options that are suitable for your circumstances and will give you a better return.

If you have a shortfall you'll need to take action to reduce your outgoings and/or increase your income. If you're worried about debts you can get free advice.

Things to watch out for

The late payment trap
Your statement will show that you must make a payment by a certain date each month. If you miss it, you may be fined a late payment charge and have your interest rate raised.

An easy remedy: ask for a Direct Debit form from your card issuer. You can then choose to pay off the full balance every month, or the minimum payment, automatically from your bank account.

The minimum payment trap
It's easy to slip into a pattern of paying just the minimum payment each month. But it means, of course, that interest is building up, month after month, on every pound you owe. You will be charged interest on the entire balance – not just the amount still left to pay. If you can't pay the balance off, at least try to pay a bigger amount each month. You can use a repayment calculator from Which? (an independent consumer body) to work out when you're likely to pay off your credit card bill and how much more quickly you could pay it off by making a higher monthly repayment – see Related links.

The cash trap
Don't confuse credit cards with debit cards when you're at a cash machine. If you use a credit card to withdraw cash, you'll normally be charged an extra fee every time. You will also start paying interest immediately on the amount you withdraw and the interest may be higher than for purchases. You should also check how your payments are allocated – see Allocation of payments – as this more expensive borrowing may be the last to be cleared when you pay your bill.

The store card trap
Many leading shops and stores have their own cards. They are not the same as credit cards as you can only use them in their own stores or groups of stores. They offer benefits such as extra discounts for cardholders only, and preview days for sale goods ahead of the general public.

Credit card cheques
Some credit card companies send you blank cheques to use, mainly in situations where you would like to use credit to pay but the supplier does not accept credit cards. Credit card cheques are used in the same way as normal bank cheques, but any money you spend using them is added to the amount you owe on your credit card rather than coming out of your current account. This means you will pay interest on it, usually from the day the cheques are used. In addition, you may be charged a handling fee by the credit card issuer (usually a minimum of £2 or 1 or 2%).

Using your card abroad
Before you go, tell your credit card company you may be using your card abroad. Otherwise they may think your card is being used fraudulently and so block your card transactions.

If you withdraw cash or make purchases abroad, you may have to pay a fee and foreign exchange rates. This cost is likely to depend on the value of the transaction. This is on top of any interest or fees you have to pay normally. See our Travelling abroad guide.

Other ways to borrow
Credit cards have their advantages, but they're not always the right choice. If you can't pay for what you're buying and need the help of some extra funds, consider a bank overdraft or a personal loan – see Loans for more information.

Credit cards made clear

Whether you're new to credit cards or already have one or two, this section will explain how they work, what to look out for and what to do if things go wrong. Alternatively you can get a free copy of our Credit cards booklet. You can download or order it online – see Free printed guides.

The UK Cards Association, which represents all major UK credit card issuers, also has a guide to help you understand how credit cards work. It explains the factors you should think about when choosing one and the best ways to use your card.

What is a credit card?
A credit card is a form of borrowing. You can apply for one from a bank, building society and certain high-street stores. If they accept your application, they (your card issuer) will set you a credit limit (the maximum amount you can borrow).

How does it work?
You can use your credit card to buy goods and services, and you'll get a statement each month showing how much you've spent. You have to pay back at least the minimum amount shown on the statement each month. The card issuer will charge you interest each month on any money you still owe (the outstanding balance).

A credit card gives you the freedom to buy things now and pay later, but usually at a cost – see Credit card charges.

Your card
The card will carry your issuer's name and brand, as well as the brand of one of the card schemes, such as VISA, Mastercard or American Express. You will not deal directly with VISA or Mastercard, but you may do with other card schemes such as American Express or Diners Club. Credit card companies are also likely to run your account (though some companies may outsource some activities to third parties or another company within their group).

Credit card charges
The credit card company will charge you:

•interest monthly on any balance you owe;
•a fee for cash withdrawals, balance transfers, foreign currency transactions or for using credit card cheques; and
•fees or charges for going over your credit limit or for late or missed payments.
Some credit card companies may also charge you a yearly or monthly fee.

Debit cards and credit cards - the difference

When you buy goods or get cash with a debit card the money is taken from your bank account right away. With a credit card you get a monthly bill. If you don't repay the amount owed in full on a credit card, or if you take out cash, the charges are very high.

How debit cards work
Debit cards are linked directly to your bank account. You can use them to buy goods or withdraw cash and the amount is taken from your account right away.

You can also use debit cards to get 'cashback' from shops when you buy goods and also ask for money back from the cashier, although not all shops offer this. The total amount is deducted from your account right away.

When using a cash machine or paying for goods with a debit card you'll need to enter your PIN (personal identity number). When buying goods you usually enter it into an electronic hand held device, but in some cases you may have to sign.

Most bank accounts offer debit cards. Most debit cards double up as 'cheque guarantee cards', guaranteeing that your cheque will be honoured by your bank up to a stated amount.
What happens if there's not enough money in your account?
This will depend on the type of debit card you have:

•if you have a ‘Solo’ or ‘Electron’ debit card the balance in your account is checked before each transaction – if there’s not enough money you won’t be able pay or withdraw cash with the debit card without prior agreement
•if you have ‘Switch’, ‘Visa’ or ‘Delta’ card your account balance won’t necessarily be checked and the payment may still go through
If you go overdrawn the charges you’ll pay will depend on whether or not you have an authorised overdraft arrangement with your bank. If you do, you’ll pay the agreed amount of interest at the end of each month. This is usually much lower than interest charged on credit cards.

If you don’t have an overdraft agreement, or you exceed the agreed limit, your bank may allow the payment to go through but you’ll usually pay much higher fees than if you had an agreed overdraft.

Using a debt card over the phone or internet
Debit cards can be used to make payments by phone or over the internet. In this case you'll need to provide certain details that are printed on your card. Find out more and view an example debit card on the Financial Services Authority (FSA) website.
How credit cards work
A credit card is a form of borrowing. Firms lending money to customers must be licensed by the Office of Fair Trading (OFT) under The Consumer Credit Act 1974. The Act requires certain credit and hire agreements to be set out in a particular way and to contain relevant information for the person borrowing.

Credit cards allow you to 'buy goods now and pay later' - called 'buying on credit'. They aren't linked to your bank account. Like debit cards, they can be used to buy goods in shops over the telephone and internet, with the same details being required. You can also get a 'cash advance' by drawing money at bank cash machines.

Your bank may offer you a credit card, or you can apply for one to any institution offering one. The credit card provider will normally run checks to see if you've had problems repaying debts before offering you one (called a 'credit check').
The risks of using a credit card
Think carefully before using a credit card. If you don't repay your bill in full by the date shown you're charged interest on the whole amount of the bill for that month. The rates of interest - indicated by the APR (annual percentage rate) - can be very high indeed.

If you take cash out with a credit card you're charged daily interest from the moment you take out the cash until the credit card bill is paid in full. This is an expensive way of borrowing money.

Some credit cards also charge you an annual fee simply for having the card.

If you can't afford to repay your credit card bill you could quickly fall into debt.