Paypal : Credit Card Verification + US Bank Account
Posted by azwan on 19 Jun 2007 at 8:00 am | Tagged as: Make Money Online
[Update : 26 Oct 2007]
PayPal now allows you to transfer money to a certain Malaysian Credit Cards or Debit Cards. For more links, please refer to my Transfer money from PayPal to your Debit Card post.
Originally …
Paypal is a well known payment processor and most used worldwide, but it does has it shortcomings. For Malaysian, and some other countries like Israel, Turkey and Venezuela, you can’t link Paypal with any local bank which make withdrawing money - difficult. Since the post Paypal is holding my payments, my site has been getting a lot of traffics on these keywords:
CIMB/Southern Bank Virtual Master Card
Ambank NextG NexG Prepaid MasterCard
How To Verify Paypal With a Debit Card, Credit Card
How To Open a HSBC US Bank Account
I don’t have the answers to all your question by I hope these will help.
(1) For how to apply for a CIMB Virtual Master Card, you just need to get yourself a Free For Life Credit Card for Professionals and Graduates from CIMB at 03-6204 7878. Or email them directly at directaccess@cimb.com or worse case scenario, go to the bank if it’s difficult to get them online. Apply for the physical card and request for a virtual card which you can use for internet purchases. You can also set a different credit limit for it. The best thing is the card is free for life, both physical and virtual. They will not charge you anything even though you don’t use it but one thing bad is that - any credit card points collected is only valid for a year. I am using this card and I used it to verify my Paypal account.
(2) For how to verify your Paypal with Public Bank Visa Electron and NexG Debit Cards, you can refer to Wizurai’s blog and download the free paypal verification ebook. The same method can be used with credit cards. This ebook is in Malay. Please take note that for verification, PayPal will charge your credit card USD $1.95.
(3) For an English ebook, a free one as well, you can refer to Shahril’s blog and download his free paypal ebook. This one not only discuss about verification but also how to withdraw your money from Paypal. It tells you the step by step on how to open a US bank account and link to your Paypal the legal way using Accent Card or E*Trade Account. It also has a link to HSBC and discuss briefly on how to open a HSBC US bank account.
(4) Another English free ebook on How to withdraw money from Paypal in Malaysia is from Matt Ng. This ebook discuss on E*Trade account as well.
And no, you don’t need USD1000 to open a US bank account. So go on, download all 3. It’s all free, you don’t need to buy the MalaysiaPal ebook. With this information, you have save RM10. So the next time we see each other, a latte on you, ok?
[Updated 19/06/07 12:00PM] As soon as this was published (although originally written last Saturday), I got a message from Matt Ng regarding E*Trade account, Here’s some of the important points :
It has come to my attention that the new e*trade account policy does not allow Asians to sign up for a US bank account anymore. All new E*Trade accounts from Asia will be opened in Hong Kong Bank Branch instead. This due to abuse from some Asian account holders which is why e*trade US decided to transfer all new Asian applications to HK.
Which means that, new account holders will not have a US bank account address. As of today, all new e*trade account applications will have a Hong Kong Bank Address instead.
As you may or may not know, the recent new PayPal policy to withdraw funds from Malaysia is to have a bank account in US. Now that e*trade US bank has redirect all new applications to HK, it’s no used for Malaysians to sign up for it.
What you should do now?
Accent Card is still valid but it’s a bit expensive. VMI card is also still valid, still need to pay some fees but cheaper than Accent. You decide.
Tags : Paypal, Paypal Verification, US Bank Account
Popularity: 15% [?]
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kudos for comprehensive info and giving it for free . thanks. told u the paid ebook service will eventually die.
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azwan reply on June 19, 2007 12:10 pm:
Kucau, ha..ha.. a war against ebook huh? Ya, some ebook are worthless yet selling at a high price
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IIRC, The reason paypal blacklisted Malaysia because of the fraud rate was very high. Is that still the case?
Yepp, very good info. I bookmarked this, just in case.
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azwan reply on June 19, 2007 12:12 pm:
As long as we cant link Paypal directly to Malaysian banks, i think it is.
Thanks for the bookmark, link to it in your post when necessary.
Anyway, there’s some update, please refer to the updated post above. Looks like we can’t use E*Trade account anymore. I just finished filling in the forms and was thinking to go to Pos Malaysia this Saturday. ceh!
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Hi guys,
I just had a thought. I posted on my blog comments. I’ll post it here anyway…
I thought since etrade has transfered all new applications to HK, why not just sign up with HK PayPal? I mean, all you need is a HK address and that’s it. Just transfer the money into HK etrade bank and withdraw with your etrade card here. I haven’t tried it but it might work. If you do not have a HK address, get a virtual office in HK. It should not cost more than Singapore, right?
Just my two cents
Matt Ng
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azwan reply on June 21, 2007 12:22 am:
Thanks for dropping by Matt. You are right about that. Get a HongKong account and it’s much much cheaper than getting a Singapore bank account.
But one question? Since I have not done it before. I already have a paypal with a Malaysian address. How do i get one with a Hong Kong address?
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You can get free ebook if you want to. Hehe no need to buy it. I’ve tried once at CIMB but there’s no way I can get a debit card. Well I use NexG and it works fine for me. Then I use eTrade account to withdraw my Paypal money. It works fine with me and what I really love about eTrade is that I get free ATM/Debit card, check book and manual investment for free. hehe but I don’t have enough money to invest though
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azwan reply on June 21, 2007 12:38 am:
You got your eTrade account already. I was just going to send the application this week but they are giving Hong Kong account instead of US account. Have to learn how first. Paypal + Hong Kong + eTrade.
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Well those Hong Kong branch once called me just to get confirmation that I was the one who apply for it but I’ve confirmed with US eTrade office. Anyway, just fill in the form that they’ve given to you and mail to them. It is much faster if you deal with Hong Kong rather than US and that is my mistakes hhaha. You don’t want to wait too long for it. eTrade is recommended for withdrawing PayPal. I’ve withdraw my money from Maybank ATM, AmBank ATM but I can’t withdraw from AffinBank and CIMB.
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Thanks for the info Syaf, I am sure it will help the people who drop by here
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actually MayBank told me that they can help us to get the money from paypal.
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That’s interesting. Get you facts right and do a post on it.
If this is true then it will a be a dream come true for all Malaysian that are making money online.
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Dear All,
Eventhough Maybank staff said that they can provide a remittance services for Paypal, I don’t think Bank Negara Malaysia (BNM) will gives them the approval.
BNM still think Paypal is another way to do money laundering. Even E-Gold is still under investigation from BNM.
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That’s the problem with Malaysia but I hope someday it will be easy for us to withdraw money from Paypal.
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[…] I did a post on Paypal Credit Card verification, I received a few emails asking me whether they should get a debit card or a credit […]
huhuhu..
debit card.. I’ve only has Maybank account..
don’t think wanna to open others account..
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kucau reply on August 5, 2007 11:32 pm:
if u don want to draw money from paypal, web shopping is a better alternative
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azwan reply on August 5, 2007 11:33 pm:
I am not sure about using Maybank Credit Card with Paypal. Although I think there shouldn’t be any problem but there are people who complained that they can’t verify with Maybank Credit Card, but if you want to use it, maybe you should check with Maybank first.
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well. we now can transfer paypal to malaysia bank credit card or debit card. but unfortunately maybank doesn’t issue debit card yet. anyhow a good news is a good news. use paypal but don’t promote MLM.
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azwan reply on October 26, 2007 9:18 am:
I actually wrote an email to Maybank on this issue on 5/10. A representative from Maybank replied on 9/10 saying that she will look into it and forward to the respective dept accordingly.
I’m still waiting for Maybank’s reply
Anyway, those who tried with Public Bank debit card have successfully transfered their money. Successful credit card includes the one from Citibank and UOB. Al-Rajhi somehow failed.
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[…] of how to withdraw the money from PayPal. If you have verified your PayPal before (if you haven check out this), then it will not be a problem for you. Log in to PayPal, click ‘withdraw’ and follow […]
It is weird that there is a problem using Maybank Credit Card. They’re biggest bank (but doesn’t mean provide better service) . Wondering if any setup missing from their system?
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[…] about 4 emails requesting me to login in to the banks that I have no accounts with and also to PayPal for a disputed transaction for an item I didn’t sell nor […]
looking for open US bank acct guide for long time now.
Thanks man.
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Hiye there i have an etrade card which i apply last year and been using for 1 year now already
just wondering whether anybody experience anything wrong with the card on march?
the card stop functioning which i couldn’t withdraw funds anymore from atms
anybody in the same shoes as me?
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azwan reply on April 4, 2008 12:59 am:
Hi Michael,
Sorry that i cant help you much as I’m not an etrade user. I withdraw money from PayPal through my Visa Debit Card. Although PayPal charges $5 per transaction, it’s much cheaper than etrade.
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