PayPal withdrawals to credit card update: Completed

So far so good on PayPal’s side. Screen shot of withdrawal status to my Citibank Visa credit card. Just a quick update to show that PayPal has completed processing my withdraw request to my Citibank Visa card. It took approximately 24 hours for PayPal to do so, and that’s not bad at all. My Citibank statement doesn’t show anything yet, and from my experience it will take them at least three business days before the new balance is reflected in my account.

If everything is smooth sailing with my funds, I have huge plans for this dear ol’ credit card of mine 🙂 But seriously, this opens up a big opportunity to e-commerce particularly in Sabah. Students in my E-commerce class at Open University Malaysia asked me every once in a while concerning the best ways to accept payment online for their budding business, an I’ve been recommending 2CheckOut and especially PayPal (and a workaround to accepting withdrawals), the latter due to its ease of accepting micropayments. Now that prepaid credit cards and debit cards are readily available, plus this cheap new PayPal feature, I can now see a further boost in electronic business in this state — if this isn’t easy enough for them, then I don’t know what else is.

Posted on 5 October, 2007 under Life online and tagged with , ,

7 responses to “PayPal withdrawals to credit card update: Completed”

  1. bengodomon says:

    1. If you withdraw the funds from your Citibank Visa creditcard is there a fee imposed by Citibank?
    2. What if you instead use a debit card, as opposed to a credit card? There is also a fee, and the amount is similar to a credit card’s?

    • Lorna says:

      1. For Citibank cards, yes. They’ll impose a 1% admin fee on top of VISA’s own 1% fee off the transacted amount. Additionally, the currency conversion rate is determined by VISA; right now USD1 = RM3.45. I’m waiting to see what ELSE will be charged off my card.

      2. It should be the same. However, the bigger difference is in cashing out — credit cards will charge the cash-outs as advance, while debit cards will charge only a minimum or even zero charge for cash-outs. This is the main reason why I’m driven to get a debit card, most probably from international banks like Citibank, Standard Chartered, or HSBC.

  2. Mr. Rajawang says:

    thanks for the info webgrrll.. now we can fully utilised paypal ! 🙂

    • Lorna says:

      I’m still not saying that PayPal withdraw works, until I see the balance in my credit card account! 🙂

  3. […] do NOT see any fee charged to my credit card by either VISA or Citibank. This means that the 1% VISA – 1% Citibank fee I was expecting is NOT applicable to foreign funds deposited to Citibank; the fee only applies to […]

  4. Gerri says:

    I have seen a few people putting up posts about this development. Its a good thing. Its just another way to get your money quickly and easily from paypal. Some people are not too happy about having to pay US$5 for the transaction though.

    • Lorna says:

      People shouldn’t be too bothered about the $5 charge — just be grateful it’s not a percentage of your transaction, although I wouldn’t mind if PayPal considers increasing the daily transfer limit.