If you’re looking to receive money internationally online here in T&T, you know that it can be a little confusing. So here’s the rundown of exactly what you need and how it works, especially since I’m currently using a PayPal Personal account and JMMB Bank to receive money internationally.
What You’ll Need (The Essentials)
First off, you can’t just connect any old card. Here’s the list of what actually works for withdrawals:
- Visa Debit Card: You’ll need one from a bank like JMMB, Venture Credit Union, or PSCU Credit Union.
- Or a Visa Credit Card: Any bank’s Visa Credit Card works, but just a heads-up: RBC Credit Cards usually don’t link up.
- The Big No-No: A critical detail, if your Visa Debit Card has the Linx logo on it (it’s called a Linx Visa Debit Card), it will NOT connect to PayPal. Make sure you get the standard Visa Debit Card. Currently Visa Debit Cards will only be given out with Personal Accounts.
My JMMB Setup & Your Account Type
Since I use JMMB Bank, I can tell you exactly how I got set up.
- Personal Account: When I opened my account at JMMB, the bank gave me the Visa Debit Card. That’s key: the Visa Debit Cards from JMMB and the other listed institutions are only given out when you open a Personal Account (either a Chequing or Savings account). So, don’t try to open a business account expecting that card for this purpose!
- My PayPal Account: Just confirming again, I use a PayPal Personal account and I can still receive international funds just fine. Whether your account is Personal or Business, you can get paid from overseas.
The Withdrawal Details (Fees & Timing)
Once your card is linked, here’s what happens when you decide to cash out:
- The Withdrawal Fee: Normally, manually depositing the funds to your account costs about a $5 USD fee per transfer.
- Receiving a Payment Fee: For every dollar you receive on PayPal, the processing fee is currently 5.4% of the transaction amount in USD.
- Timing – Instant vs. Hold:
- Most people, myself included with JMMB, get instant deposits that show up in the bank within minutes. It’s usually super quick!
- However, PayPal might decide to put a 30-day hold on your account before releasing the funds. They do this based on their own review of your account activity, so it’s completely up to them.
- The Free Option (Automatic Transfer): PayPal also has a free monthly transfer option, which they call their “Automatic Transfer.” This usually happens automatically on the first of every month and sends your entire available balance to your linked card/bank.
- Do a small test transfer first to make sure they’ll let you receive the money before you have a large balance sitting there.
Alternatives to Direct Bank Transfers
If you don’t want to put the money straight into your bank, you actually have other choices! You can transfer your funds from PayPal to other major global payment services that can sometimes give you more flexibility based on what you want to do.
You can transfer your funds to:
- Payoneer
- Wise
- WiPay
