Paypal - Experiences and advice

[mediumsliced]

Dear all,

Hi. Am interested in setting up a site selling stuff. Am researching ways to carry out e-commerce, the cheap, quick and easy way. It seems that Paypal is the way to go, they charge reasonable fees and allow credits card transactions, etc. But the downer is this: they will not allow withdrawals to local Malaysian accounts due to some reason that I am not sure about.

So I was thinking, as a workaround to this problem, I can just make a day trip on down to Singapore (which Paypal does send money to) and open myself a checking or savings account there, get myself an ATM card, then make withdrawals from the account there at an ATM here.

So, anybody think that workaround is flawed? Comments and brickbats please.

Thanks for reading.

[Firefly]

Singapore's requiremenrs to open any bank account. Residentship or citizenship, or Work permit. Without any, SORRY. Else joint account with a person who have any of the 3.

[mediumsliced]

Thanks for replying, Firefly. That's not so good news.

Does anybody know of any other way to accept credit card sales?

[orange88]

Dear all,

Hi. Am interested in setting up a site selling stuff. Am researching ways to carry out e-commerce, the cheap, quick and easy way. It seems that Paypal is the way to go, they charge reasonable fees and allow credits card transactions, etc. But the downer is this: they will not allow withdrawals to local Malaysian accounts due to some reason that I am not sure about.

So I was thinking, as a workaround to this problem, I can just make a day trip on down to Singapore (which Paypal does send money to) and open myself a checking or savings account there, get myself an ATM card, then make withdrawals from the account there at an ATM here.

So, anybody think that workaround is flawed? Comments and brickbats please.

Thanks for reading.

you want to use the service of paypal?

[mediumsliced]

Yes, would like to be able to accept credit card transactions online. Do I have another choice apart from Paypal? Have heard of some others, but am a little hesitant to try.

Paypal will pay out to a US bank account, so if I were to open an account with let's say, Citibank, here in KL, do you think that will cut it?

[lho688]

I've asked my friend who is also starting internet marketing & has manage to open a bank account in Spore. His reply is as below :- (sorry, can't post the whole email here coz got some personal message ;) )

Your info on merchant account for Paypal account. I believe you can register in USA and use your own credit card issued from Malaysia to pay for the service. You can then use your Spore account to receive the payment for your product sold online. Paypal only act as your secured receiving ascrow holder ( after deducting 7.5% + USD 1 per transaction) Your total account will then be paid to you once every 2 weeks . Your fund can be available to you 3rd day - online very fast).

Because no more physical marking involved, your account will be credited with whatever due to you.

What I did:

1. Walk into any DBS branch in Spore with your IC and Passport.

2. Fill form. Min deposit S$500.

3. They will issue an ATM card on the spot. You are then given instructions how to activate iBanking. Forgot exact procedure but I just walked out of the bank, put in the new ATM card and I think u'll be given temporary internet PIN no.

4. Go home to Malaysia. Log on to https://internet-banking.dbs.com.sg/IB/Welcome and key in the info to
activate iBanking.

5. They will also mail to your Malaysian address hard copy statements every month. (Waste of paper and postage!)

My missing link is 'whether a Spore credit or debit card is needed to open Spore Paypal account'. If so, I would need to download their debitcard application form to apply. It's S$24 per year. Wonder if there's another option b4 I apply for it.

BTW, if funds in savings account is less than S$500, S$2 per month fee will be charged.

Here's some related info:

http://www.dbs.com/sg/personal/deposit/savingsplus/

http://forums.ebay.com.my/thread.jspa?threadID=300000050&start=80

http://forums.ebay.com.sg/thread.jspa?threadID=100000323&tstart=0&mod=114691

[Pinvader]

try 2Checkout.com

[orange88]

you can send a money order in fact to Pay Pal. Do enquire with their agents like the one in singapore

[mediumsliced]

The intention is to withdraw funds, not deposit it, orange88.

:)

lho688, I tried looking at the links as well as browsing through the DBS site, but it doesn't say who can apply for a savings account. My friend in Sg checked with his bank (OCBC) and they told him that we foreigners are SOL. But the funny thing is, UOB mentions in their webby that foreigners' money are welcome.

http://tinyurl.com/qxy3r

So, I think I'll be taking a train/bus down south some time soon to get this sorted. Need a PO box too, for the address.

[khai2646]

Malaysian now can easily withdraw their paypal.....

(Admin note - URL removed )

[mediumsliced]

[QUOTE=khai2646]Malaysian now can easily withdraw their paypal.....

(Admin note - URL removed )

Spammer!

Diediediediediedie.

[redace]

This is the best solution for using Paypal in Malaysia.

( Admin note - the URL given here was to advertise a book - violation of our rules )

Fully Recommend :D :D :D

[eSeong]

try 2Checkout.com

anyone have their experience on this site ?