13 April 2007

The Ways/Methods to WiThDraw MONEY From PayPal!!

****************WARNING!! VERY LONG POST!!***********************
These methods are especially for Malaysian webmasters.... Those who are frustrated about "HOW CAN I WITHDRAW MONEY FROM PAYPAL?" or "I'M STUCK, NO SOLUTIONS!!" After I had search through the internet, read through countless forums and blogs, and finally I can come up this conclusion, although it is not perfect, but I hope it helps! DO NOT BUY ANY E-BOOK, THIS INFO SHOULD BE FREE TO EVERYONE!! Paypal withdrawal!

Well there are solutions, I have summarized it but I had made a DISCLAIMER here....

Let's get started, you can see in the picture below, I had 4 methods for you to withdraw money from PayPal! But before proceeding, you need to make sure that your PayPal is VERIFIED!!

Now as you see it more clearly as how the process goes, it is very tedous and need to pay some fees.... Let's get started with the explanation.

E-Trade is one of the bank that allow you to transfer the money from Paypal and withdraw from E-Trade. But if you wish to waive the $40 quaterly payment, you need to fulfill any of the followings :

Your account will be reviewed and a $40 Account Service Fee (ASF) will be assessed, if applicable, on Wednesday during the last full week of each quarter.

You will not be assessed an ASF at the end of the calendar quarter if any of the following apply:(extracted from E-Trade website)

*Your account is an IRA
*Your account is a Custodial account
*Your account has been opened less than 12 months
*You are a qualified Power E*TRADE customer at the end of the quarter
*You are a qualified Priority E*TRADE customer at the end of the quarter
*Your E*TRADE Securities account balance is at least $10,000 at the end of the quarter
*Your combined balance in linked E*TRADE Securities and E*TRADE Bank accounts is at least $20,000 at the end of the quarter
*You execute one or more stock or options trades during the quarter
*You make a minimum of two bill payments using Online Bill Pay during the quarter
*You make at least three ACH deposits of at least $1,000 each during the quarter
*You have an E*TRADE Bank Money Market or Money Market Plus Account during the quarter
*You have an outstanding balance on an E*TRADE Bank VISA card at the end of the quarter
*You have an outstanding balance on an E*TRADE Bank Home Equity Line of Credit at the end of the quarter
*You obtained an E*TRADE Mortgage loan within 12 months prior to the end of the quarter
*You obtained an E*TRADE Consumer Finance Corporation RV or boat loan within 12 months prior to the end of the quarter

I can't be a retirement person, as I am yet retired, therefore no IRA.....

Of course, the only option I see for Malaysian is the "Online Bill Payment" we can use the money to pay our utilities, but I do not know whether can we use the money to pay for the TMnet, TM, or TNB bills. Neither E-Trade did state, nor did our utilities company offer acceptance of payment from E-Trade, if you wait patiently enough, I will get E-Trade's email concerning this matter.

Now the HSBC Bank method. You need to send enquiry email to HSBC about how to apply HSBC Bank US account! The catch about HSBC Bank US is that you have to be a businessman to be able to open such account....

From what I heard is that they will send some forms(do not know what forms) for you to fill up and verified by a local HSBC banker. Then you may submit the forms back and wait for your account to be approved and opened. Here's the best part: The HSBC accept SOLE PROPRIETORSHIP as a business.

The Suruhanjaya Syarikat Malaysia ( stating the fees for a sole-proprietorship application. The document you should bring is a copy of i.c and Form PNA42 which you can get from the nearest SSM branch office. The fees for registration is around RM 30.00 by using personal name.

For the detail process, I am not too sure, as I think it is less successful and I do not have a company!! Therefore I didn't persue on finding more about it...

The 3rd option we have here is......withdrawal through VirtualMoneyInc(VMI), you can read all about it here : how-malaysians-can-withdraw-directly-from-paypal

There are many you need to pay for the Debit Card $25.

$2 per withdraw charges will be levy upon you, regradless of the amount you withdraw!

As a conclusion, I can say is, this is a short term solution for you to withdraw money, UNLESS , you found a way to minimize the charges!! After the money transfered to VMI account, you can withdraw the money from any ATM machine that have CIRRUS logo.

The next option that I found out is through another online bank......can withdraw through AsianPay, stormypay, or moneybookers etc etc...but it is NOT PROVEN by me yet!

If you wish to verify your PayPal so that you can ACCEPT PAYMENT from other Paypal users.... All you need to do is to fill out some forms given by the PB, and submit to them. From what I heard, you need to pay RM24 annual fee, but this is payable after you get the debit card. Then you deposit RM15+( UPDATES : RM 25 minimum, to verify you need $1.95 so deposit RM 50) do not deposit too much...this amount of money is for the small charge fees from PayPal as your PayPal total amount is RM0.00

After you use the PB Visa Debit Card to verify the account, you can deal with the amount of money you have in the account. Then transfer the PayPal money into another online bank...

Of course, through the process of getting your money to your hand, will have to pay up some fees.....if I am not wrong, PayPal charge you around 3%....then another online bank will charge you and there after our local bank....

For more info on PB Visa Debit Card Click HERE LcF's blog will teach you how to do it...

(these are the information I gathered around the internet and from some bloggers.... I DO NOT held any liabilites or responsibilities for any losses caused! Use at your own risk!)


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