PayPal is undoubtedly the world’s biggest online payment solution
provider boasting well over 100 million account holders worldwide.
Malaysians are no strangers to PayPal since they have been using
them to make online purchases for years now. However, those that
have their very own online businesses do have a little problem in
using PayPal. Sending and receiving funds do not pose any problems
to Malaysians but when it comes to making withdrawals, many
Malaysian online entrepreneurs would face a brick wall.
Ever since the 9 11 tragedy, the US government has tighten their
grip on security and that affects their economic practices as well.
New Bills and Legislations were introduced thus making life for
Malaysian online entrepreneurs a bit more difficult. PayPal for an
example forced a mandatory ruling that every Malaysian PayPal
account holders may only withdraw funds to their US bank accounts.
This is practically impossible for most Malaysians then since we are
halfway across the world! Malaysians that are visiting US and
thinking of taking that opportunity to open their very own US bank
accounts on the spot later received rude shocks upon discovering
that every US banks have tighten their banking procedures and it is
almost impossible to open any type of bank accounts if you are US
non-residents.
Luckily, some Malaysians have found a few workarounds or
solutions for this problem and it is my intention here to share them
with everyone. Some of this workarounds or solutions are dubious;
hence I would not discuss them here. Sadly, some ingenious
Malaysians who are privy to such solutions took full advantage of it
and use them for their own personal money making agenda. They come
up with a few eBooks and sell them for a couple of bucks on their
websites. One Malaysian even has the audacity to make his eBook as
an affiliate program! Frankly speaking, such knowledge should never
have been exploited for any monetary gains since it belongs to
everyone.
Okay now, let us explore the possible solutions here in detail:
Using Accent Card Visa debit card
- This is by far the most popular option used by many Malaysians
right after 9 11.
- New card applicant is required to deposit US$50.00 as
application processing fee.
- Due to their high imposing fees however, many Malaysians have
abandoned this option.
Using Virtual Money ATM Card
- Also quite popular after 9 11.
- It is actually a PIN based debit card.
- The card can be purchased through any authorized Virtual Money
Merchant. I can’t quite determine the actual amount of money that
you have to pay to get the card. Some folks on eBay are selling them
anywhere between US4.99 and US$29.99. A bit peculiar, I must say.
- Their transaction fees and so forth are lower than Accent Card
Visa debit card, thus many Malaysians opted for this option lately.
- Unfortunately, some Malaysians have recently reported numerous
problems with Virtual Money ATM Card. PayPal have been asking a lot
of questions and many withdrawal requests have been cancelled.
Using Online Trade & Brokerage facility
- This is the new kid on the block and currently hot here in
Malaysia.
- The most popular right now is the one provided by E*Trade
Financial.
- It comes with a VISA Platinum ATM debit card.
- I’m not going to elaborate much on the details since E*Trade
Financial has introduced a new policy that totally bombed every
Asian account holders. Their US Trade & Brokerage facility no longer
accepts applications from Asians. New Asian applicants and most
probably existing Asians with US accounts would be diverted or
transferred to their Hong Kong facility instead.
- This option was so popular recently but with this new twist,
many Malaysians who are hoping of using this option to take care of
their PayPal withdrawals would soon disperse and look for other
alternatives.
Using actual US bank accounts
- Personally, I find this option as the best for Malaysians and
their PayPal withdrawal dilemmas.
- Surprisingly, not many Malaysians are fond of this option. Maybe
it is due to their high processing and transaction fees or it could
be due to the fact that the application process requires too much
paperwork. Like it or not, this is the only current available option
that is truly acceptable by PayPal.
- To the best of my knowledge, there is only one US bank that can
provide actual US bank account for Malaysians or any other US
non-residents. It is actually an international bank and they are an
international banking powerhouse. US HSBC.
- True, opening a US bank account under US HSBC does require a lot
of paperwork. Even though you can basically apply online but you
would be required to make a few visits to your local and nearest
HSBC banking branch. This is part of their international
verification process.
- With the recent unfortunate change in E*Trade Financial’s
policy, I foresee that many Malaysians would go for US HSBC in the
near future.
I am sure that in time Malaysians would find more
options in tackling their PayPal withdrawal difficulties. Malaysians
are known to be resourceful and some folks might just have some new
ideas anytime soon. I would be monitoring this issue very closely
and those interested in following up with any new developments can
do so by taking a peek or two on my
Home Biss Blog.
Maybe it would be best if every Malaysians get together and sign
some sort of a petition letter to request PayPal to consider
allowing Malaysians to withdraw funds straight to our local bank
accounts. If Singaporeans are allowed to do that, there is no reason
why PayPal cannot give us the same benefit, isn’t it?
|
About the author |
|
Saidul A Shaari
is the principal and founder of
Sahabatul
Ventures, specializing in helping aspiring home based entrepreneurs
establish and setup their online businesses cost effectively.
An enterprising business individual who turn half ideas into real
money making opportunities. |
Related Links
