Wednesday, October 14, 2009

How to withdraw money from your paypal account

As my readers have realised from my right column bar, there is an advertorial "Money for your website". Websites with google page rank more than 0 and are willing to earn money from ads will receive upfront advertisement payments from my company. No meet up is required and we pay in US$. I would like to demostrate simply how to withdraw funds from paypal.

Step 1: Log into your paypal account
I have just withdrawn money, so the balance is 0.
Step 2: Go to "withdraw funds"
Step 3: "Click withdraw funds to your bank account" and you will end up below:

Lastly, fill in the amount you would like to withdraw and click "continue". It is ok to fill in in which ever currency you had received in the first place. Paypal will automatically convert it into your home currency. However, the exchange rate may be poor. A spread of 2.5% was taken from me!!! The indicative fx rate on fxstreet was US$1 to SGD$1.39. Look at what paypal charged me:

Do take note that any withdrawal amount lower than $200 will be levied a $1 admin charge. I hope this answers to the many email queries on payments on USD and Sing dollars withdrawals. That said, paypal is still quite efficient in handling money and I have called them on their Singapore hotline for some money matters. The money will be credited into your local bank account within 5 working days.

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