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
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, Indonesiaand 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
4 2 can use for withdrawal at the moment, there are:
- Public Bank Visa Electron Debit Card
- Al-Rajhi ATM Debit Card i
- UOB ATM with VISA Electron ??
- TuneMoney.com VISA Debit Card (Read my review – the latest and the fastest!)
4 – 6 banks which offer master debit cards are not able to use for withdrawal at the moment.
- AFFINBANK Debit MasterCard
- Ambank NexG Debit Card
- MOL Freedom debit card
- Alliance Bank International Debit Card
- BSN Matix Visa Electron
- 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.
There are at least 3 bloggers that I knew they manage to withdraw fund into their Citibank, HSBC and MayBank Visa card. However, I am not encourage you to use this option as these banks will charge for advance fee ranges from 1.5% – 5% when you withdraw the fund. Check out the blog post for success story: Success stories on Credit Card withdrawals:
- Miche (according to Azwan Hadzree’s blog, she managed to withdraw to her UOB credit card but didn’t mention it in her blog).
- Uncle Sam
For debit cards withdrawal, I have compiled some of the bloggers’ experience on how do they withdraw into different debit cards. See below for details: Al-Rajhi ATM Debit Card: (Jimmy, Sweet Surrender & Make Money Blog update their blog that they have received they withdrawal successfully, good for them!)
Public Bank Visa Electron:
Most of them using Al-Rajhi Bank & Public Bank debit cards and got their withdrawal successful. According to NimrodJO’s post, PayPal rejected on the withdrawal request to BSN Matric Visa Electron card due to the restriction from the Bank. If you have tried with UOB ATM with Visa Electron card
& BSN Matrix Visa Electron card, kindly share you story with us. AceOne mentioned that the exchange rate is around 3.299 and his withdrawal took six (6) working days to get it. Thanks for the details info. If you don’t have any cards yet, I suggest you read on the various bloggers feedbacks and their experience in getting new cards. You may also want to read 5XMom’s opinion why she prefers to use Al-Rajhi ATM Debit card. Look like you have to wait for Public Bank process your application and get your debit card, this is the only choice (for Visa Debit Card) that works at the moment.