New Paypal Credit Card Withdrawal - Have you tried?
Thread poster: mopc

mopc  Identity Verified
Brazil
Local time: 13:11
Member (2006)
English to Portuguese
+ ...
Apr 13, 2008

Hi!

I heard that Paypal now allows customers from Latin America and Asia to withdraw funds using their credit card:

http://www.thepaypalblog.com/weblog/2007/09/paypal-introduc.html

How does that work? Would the money be deposited in my bank account where my credit card is normally charged? How do I know my credit card accepts those payments? Paypal's website, for a change, and the blog entry are not very clear.

Has anyone here tried this system? Because otherwise, people like me, outside US/Europe/Japan can only withdraw their funds using another service such as xoom.com.

Thanks in advance!


 

Rossana Triaca  Identity Verified
Uruguay
Local time: 13:11
Member (2002)
English to Spanish
Credit card or debit card? Apr 13, 2008

For credit cards they add the amount to your balance, and every purchase from then on is deducted from this (i.e., you don't get the money directly, but you can use it to pay for expenses).

I've no idea how it works for debit cards, but for 5 bucks I'd try to withdraw a small sum to see if they add it to your account or if it remains on your balance (there's no minimum, so why don't make a test with say 10 dollars first?). Plus, I imagine in Brazil they probably convert the amount to Reias, so check the exchange rate too while you're at it.

Hope it helps (until a colleague from Brazil pops in)!

[Edited at 2008-04-13 07:38]


 

ozan karakış
Turkey
Local time: 19:11
English to Turkish
+ ...
I have Apr 14, 2008

and it worked OK, they charged 10 USD for a 100 USD withdrawal.

 

mopc  Identity Verified
Brazil
Local time: 13:11
Member (2006)
English to Portuguese
+ ...
TOPIC STARTER
no doubt Apr 14, 2008

Thank you Rossana . I have already transferred 50 USD to my card, let's wait and see.

I have no doubt it works, but I wanna know if I have for example my electric bill to pay in my bank account, will I be able to use this money?

Where does it appear? In my credit card balance? So if I download USD1,000 from Paypal and my credit card bill is USD 300, they will charge my bank account nothing and keep the 700 in my balance or they will deposit that in my bank account?


 

ozan karakış
Turkey
Local time: 19:11
English to Turkish
+ ...
it works... Apr 14, 2008

you demand paypal to pay x amount to your credit card.
the amount appears on your credit card balance as +
here in Turkey, I cannot use this amount to pay my monthly credit card bill, they just won't allow you.
Then, I asked my credit card bank to transfer that amount to my USD savings account (in the same bank), and money was transfer without a problem.
I have lost 10 USD for a 100 USD transaction.


 

mopc  Identity Verified
Brazil
Local time: 13:11
Member (2006)
English to Portuguese
+ ...
TOPIC STARTER
ok Apr 14, 2008

but do you have to have a US Dollar account or can they deposit it in a normal local currency account?

 

ozan karakış
Turkey
Local time: 19:11
English to Turkish
+ ...
in Turkey Apr 15, 2008

you must have a USD account.

 

mopc  Identity Verified
Brazil
Local time: 13:11
Member (2006)
English to Portuguese
+ ...
TOPIC STARTER
ok Apr 15, 2008

I just called my bank's credit card department and they said I don't even have to have a USD account, as long as the money is transferred from within Brazil.

Do you think Paypal transfers count as local?


 


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