Posted by Fione Tan, head internet marketing coach

After the post about accepting paypal money for Malaysians, i’ve received enquiries about what are the countries that can directly transfer funds in their Paypal account into their local bank account. Here are a list of countries that which are allowed for withdrawal from their Paypal account using the adding bank account function.

- Czech Republic, Denmark, Finland, French Guiana, Greece, Guadeloupe, Hong Kong, Hungary, India *, Ireland, Japan, Luxembourg *, Martinique, Mexico, New Zealand, Norway, Portugal, Reunion, Singapore, South Korea, Sweden, Taiwan and Thailand

The countries above can not only withdraw money into their local bank account, they can also send the money to the money into a US bank account. For India & Luxembourg which is marked with asterisk above, they have an extra option to withdraw their paypal money into their debit, credit or prepaid card.

When you withdraw funds from your Paypal account into the local bank account, there is No Additional Fees charged if you withdraw the standard withdrawal limit (depending on your country). E.g. for Australians, you can withdraw AU$150 and above into your bank account for free, and if for for amount AUD149.99 or less, then you pay a withdrawal fee of AUD1.00. 

Certain countries have their own localised version of Paypal so you need to sign up at the local paypal website. Sample of those countries are like Australia, Austria, Belgium, Canada, China, France, Germany, Italy, Netherlands, Poland, Spain, Switzerland, and United Kingdom.  

Posted by Fione Tan, head Internet Marketing Coach

Good news for Malaysians “eCommercers”! Malaysians who wants to sell online, can also accept Paypal for their credit card processing and then this amount of money can now be transferred into your Malaysian credit card.

Some of you may have heard of the news about 1.5 months ago but just in case that you have not been informed, here are some paypal tips. When i was chatting with one of my 2006 coaching participant earlier this afternoon, she was already aware of this news when she called our internet marketing office in Oct, and was informed by my team about this good news. Then reminded me that hey, i’ve not written about this in the blog yet so here is a paypal guide on the ways that you can use paypal to accept payment for your items online, plus how to receive money for the items you sold.

First, what you need to do is to go to Paypal and then register for a Premier (if you wish to accept money using your personal name) or Business Account (if you wish to accept money using your registered company name). The buy now buttons or codes for online shopping is also given by paypal for free for you. All you need to do is to add your item to the paypal buy now or shopping cart and then copy the generated codes to paste into the source code of your website.

Then, how do you really get the money for items you sold? Customers will click on the buy now button and then use their credit card or paypal account to complete that transaction. When the transaction is successful then you will receive an email from paypal stating the name of the payee and the amount paid.

For most countries like Singapore or Hong Kong, all they have to do to withdraw the money is to login into paypal then click the withdraw button and then insert your local bank account information there. The process from the day you ask for this money withdrawal until the day the funds is received in your bank account is 1 week or less.

Is it free to withdraw money from your paypal account? Yes if you have reach the stated standard withdrawal amount in Paypal. For Singapore, you only need to accumulate S$200 or more in your paypal account while for Hong Kong, you need to have HK$1,000 or more in your paypal account. So if you only have S$100 in your paypal account, let’s wait till you reach S$200 before you request for the withdrawal or else you will need to pay a withdrawal fee.

How about Malaysians? We do not withdraw money into our Malaysian bank account. How you do it is to add your Malaysian credit card and then, when you wish to take out the money, you transfer this out to your credit card. How about the currency exchange? If your paypal amount is in US$, then this amount will then be converted back into Malaysian Ringgit based on the daily exchange rate by the bank. Then this amount will show up in your credit card statement.

Do i use paypal to accept money? I use paypal as an altenative payment mode only. eOneNet has got own direct payment gateway with the local bank, so whatever transactions we received, will be in our bank account by the 3rd working day itself plus the transaction fee is lower than those given by 3rd party ecommerce merchant gateways like paypal. I do have paypal and from what i checked just now, i’ve got four figure HK dollar and some US dollars inside the account but i’m unlikely to withdraw these out as i can use this money to pay for products and services which i buy online in US dollars and HK dollars.

So now Malaysians can easily withdraw money from paypal account via their credit cards. The only drawback is the loss in some value due to currency exchange from other currency to RM.

One of the popular ways to accept payment online (to accept credit card payments from your website) are to use third party ecommerce accounts. The most well known one is of course to use Paypal.

1. First, you need to join paypal. Have you done so? Get a minimum of premier account if you are using individual name and business account is you will be using a company name (but must have the same name bank account).
- and not using the personal paypal account as this will have some trading amount restrictions

2. After completing your application on Paypal, you need to enter your credit card inside for paypal to verify your identity. Then wait for your ct card statement for the 4 digit code that paypal will show in your credit card bill. Initially your paypal status will be called unverified and also be limited in terms of amounts you can accept or send out.

Use that code to upgrade your paypal account as a verified account.

3. How to sell online using Paypal?

In the paypal members area, go to the Merchant Tools section and there are both the Shopping cart and Buy now function.

(more…)