Friday, February 08, 2008

PayPal debit card sure is nice

While I’m waiting for my Public Bank Debit card, I get to know PayPal also has debit card services. Sadly the card is only available in the US. What is the difference between using a PayPal debit card and a local bank debit card to withdraw money in foreign country other then US? That is if we assume foreign countries also able to apply for PayPal debit card. If you’re using the local bank debit card, all you need to pay is the fees when you transfer your money from PayPal to your debit card. The transaction fee is $5. You can transfer $500 daily from PayPal to you local bank debit card. You can then withdraw your money from the local bank that provides you the debit card. If you’re withdrawing money from a different bank, there will be charges.

If you’re using PayPal debit card to withdraw money, then you need to search for appropriate ATMs with the CIRRUS logo. That is one of the logos that are supported by PayPal debit card. PayPal charges $1 for every withdrawal from the ATM machines. The daily limit that you can withdraw money from ATM is $400. You can withdraw money from any ATM machines as long as it is supported by the card.

Both methods work almost the same. At this moment, PayPal debit card is only available in the US only. So we have to use the second method. Even so, you still need to check with the bank if they supported transaction from PayPal. But still it would be cool to have a PayPal debit card. I’ll just have to wait for that to happen.


Anonymous said...

After having gone through a horrible ordeal with paypal regarding an unauthorized transaction fee, I wouldn't recommend this card to anyone.
Paypal IS not a BANK, and will not handle cases the way a bank does.

kumowai said...

Yes, PayPal is not a bank. It's just a tool for you to make transaction online. Just use it as it is and never ever put too much money in PayPal. We don't have much choice when comes to buying online so we just need to be careful with it.