Withdrawing PayPal funds into Singapore bank accounts

Filed Under Internet |

PayPal users who are withdrawing money from their PayPal account into Singapore bank accounts must take note of several important points.

When filling in your Singapore bank account information, you have to be very careful as any errors will result in substantial foreign exchange loss when your transfer bounces back. The information below is based on personal experience and therefore is more for POSB/DBSBank accounts.

1. Make sure your name in your PayPal account is EXACTLY the same as your bank account.
If your name is Lee Kuan Yew, fill in the first name as “Lee”, last name as “Kuan Yew”. If your name is Harry Lee Kuan Yew, fill in the first name as “Harry Kuan Yew” and the last name as “Lee”. You will be shown your name and particulars just before you hit the submit button.

2. Make sure you filled in your name in the same way when you applied for your PayPal account.
If you filled in your name differently, you will not be able to change it. Best way would be to delete the account and re-apply for a new one.

3. Filling in your bank account information.
If your bank account is POSB, you should fill in the “Bank Name” as “DBS Bank Ltd”. Fill in the “Institution Code” as “7171″. If your POSB account has 9 digits, fill in the “Branch Code” as “081″.

For POSB accounts with 10 digits and DBSBank accounts, ask DBSBank for this information. You can call them at 1800-339-6666. All other non POSB/DBSBank accounts, please check with your respective banks.

4. POSB accounts.
For 9-digit POSB account holders, your “Account Number” should be “081XXXXXX”. There are no dashes or spaces inbetween anywhere.

5. PayPal’s exchange rate is one of the worst you will ever encounter.
Even exchange rates in hotels and airports are better than them. So it is a good idea to test whether you have filled in everything correctly by withdrawing maybe US$10. You will incur a S$1 charge but this is nothing compared to the S$9 fee plus exchange rate loss incurred if your transfer did not go through.

6. Check whether your transfer was successful.
You will not be notified by email. Go to “History” to check the status of your transfer. It will take about 7 working days for your money to be transferred. If the status says “REVERSED”, it means there was a problem and the money has been bounced back into your PayPal account. If it says “COMPLETED”, it means the money has been transferred. However the money will only appear in your bank account about 7 days later.

7. Don’t bother emailing PayPal for help.
It’s a tough call to decide whether their customer service is better than their exchange rate.

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