Malaysian Can Now Withdraw Money from their PayPal Accounts
Posted on 1st October, 2007
Not that you can’t withdraw before this but the steps usually make your head spin. Some enterprising Internet marketers even took advantage of the complicated steps by selling ebooks telling people how to do it.
Anyway, Wayne Liew emailed me to give a heads-up about a new feature recently introduced by PayPal. Wayne’s post refers to the original post by Sweet Surrender about PayPal is allowing money withdrawal to credit and debit card.
I usually don’t much pay attention to such news before. While I spent thousands of Ringgit monthly via PayPal, I’ve never really used it to accept payments.
Some of you may recall that I promoted MaxBounty at some of my websites. My main gripe about this program is that it automatically converts my commission checks into Ringgit and there’s no way avoiding this. While this means shorter clearing time, I prefer getting paid in US dollars and put up with with the long clearing time.
This is because local checks issued by MaxBounty utilise a terrible exchange rate resulting me to lose hundreds of Ringgit per clearance. This problem is getting worse by the day as the US dollar continues to weaken.
So I told my affiliate manager about this and she recommended me to accept PayPal payment. In such case, I don’t want the money to sit quietly in my PayPal account doing nothing. I rather put them in the bank and earn some interest.
So that’s how I started paying more attention to news related to withdrawing money from PayPal.
Anyhow, to withdraw funds from your PayPal account to a credit, debit, or prepaid card, just add a card with a Visa or MasterCard logo. To do so, go to Withdraw under the My Account tab and click Transfer funds to your card.
It costs USD5 to use this service and there’s a USD500 daily withdrawal limit. For most people I think that shouldn’t be a problem. If you plan to withdraw regularly, I recommend waiting until your balance is nearing the limit to save on service charges.
So, I logged into my PayPal account and tried entering my Public Bank MasterCard but it was rejected with the following message:
This withdrawal cannot be completed because your card issuer does not allow withdrawals to this card. To withdraw funds from your PayPal account to a credit, debit, or prepaid card, add a different card with a Visa or MasterCard logo.
I tried calling PBB card customer service but nobody picked up the phone. I thought they were offering a 24×7 customer service… Anyway, I emailed PayPal and surprisingly within minutes, I got a reply:
Thank you for taking the time to contact us with your concerns. I am happy to assist you further.
Understand you are thinking about trying our new feature for money withdrawal to credit card.
By viewing your account, we found out that you added MasterCard ending with 0***. I am afraid MasterCard can not be used for money withdrawal at the moment, but VISA & American Express card. If you only have one credit card, what do you think about adding US bank account that bank must be located in US soil or VISA debit card?
It is my pleasure to assist you. Thank you for choosing PayPal.
PayPal, an eBay Company
So apparently they don’t accept MasterCard credit card at the moment. Why don’t they mention this on their website is beyond me. So I guess I’ll have to get a Visa debit/credit card then. Is there a debit card for MasterCard?