Howto: Withdrawing money from Paypal

[rubio_higuey]

Dominicans cannot use deposit of Paypal balance into their bank account in the DR in the same way as US PayPal users (or canadian) can deposit money from paypal balance into their home countries' bank account.

Dominican Paypal users can either withdraw money into a US based bank account, or have a check shipped to them (to the DR address only, of course, via a postal mail)...hahaha good luck trying to actually GET that check.... and if it's your lucky day to later wait 5-8 weeks for the check to clear the DR bank.

Call me taca?o, but all I am wondering is why anyone would give up 5% to get their own money from their own account?????

Paying 5% of the money is not that bad, considering you get the money in the DR in US dollars when sent by Xoom.

Also to consider is the fact that DR ATM's allow you to withdraw maximum 10,000 pesos per transaction (and many 5,000 pesos only, AND MANY, MANY only 2,000 pesos per transaction). If you withdraw money from a US based account via ATM/debit card, you usually pay 2% currency conversion fee plus US$5 per foreign ATM transaction.

In order to withdraw, let's say 500 dollars via ATM from your foreign account, you would need to: pay minimum of $10 in bank fees, plus $10 in currency conversion fees, for a total of $20 which is 4% of the 500 dollars. You actually also pay %%% in this case to get money from your own account.

Having to pay 5% to Xoom for hassle free transaction with free home delivery by Caribe Express and having your money delivered in US$ (bear in mind ATM gives you only DR pesos) is not that bad deal after all, and costs pretty much the same money.

 

[GringoCArlos]

None of my casa de cambios charge me one peso to cash a check, it takes a max of 2 minutes to get the cash in my hand, and they give me a better rate of exchange than any bank or money transfer company. Plus, if I want, they will deliver the cash for free to me in the city. Call me dumb, but I still don't get it......

 

[bienamor]

depends

Also to consider is the fact that DR ATM's allow you to withdraw maximum 10,000 pesos per transaction (and many 5,000 pesos only, AND MANY, MANY only 2,000 pesos per transaction). If you withdraw money from a US based account via ATM/debit card, you usually pay 2% currency conversion fee plus US$5 per foreign ATM transaction.

In order to withdraw, let's say 500 dollars via ATM from your foreign account, you would need to: pay minimum of $10 in bank fees, plus $10 in currency conversion fees, for a total of $20 which is 4% of the 500 dollars. You actually also pay %%% in this case to get money from your own account.

Having to pay 5% to Xoom for hassle free transaction with free home delivery by Caribe Express and having your money delivered in US$ (bear in mind ATM gives you only DR pesos) is not that bad deal after all, and costs pretty much the same money.

I use a Credit Union in the US, and no problem pulling 16000 pesos with my USA ATM card. last time with a 36-1 exchange rate, and 1.50 fee. not bad, but do like to go into the bank for safety sake. Myself don't really want the ATM to pay in dollars as I would just have to go change them anyway.

 

[Beads]

I still dont understand why people dont just use the PayPal debit card. As stated previously if you have a balance you can withdraw from an ATM machine without needing a bank to back up the funds. The 5% fee seems like a transfer fee of some kind. I know if you receive money for example as an ebay seller PayPal does charge you to receive the funds. The sender is charged nothing but the receiver is charged based upon the amount.

I have used a PayPal debit card for years in the DR and the transactions fees were only a $1. I found it a safer and reasonable way to have funds available without using my main checking account ATM card and not having to carry cash.

 

[AlterEgo]

I use a Credit Union in the US, and no problem pulling 16000 pesos with my USA ATM card. last time with a 36-1 exchange rate, and 1.50 fee. not bad, but do like to go into the bank for safety sake. Myself don't really want the ATM to pay in dollars as I would just have to go change them anyway.

You're right bienamor. We always use our ATM card in Santo Domingo, it's from PNC and we take 15,000 at a time without any problems. We mostly use it at BHD branches, but have taken the same amount from BanReservas. PNC allows us $1,500 a day to be withdrawn. Could it be DR bank cards that limit the amount you can take in one transaction?

 

[MrMike]

A few Dominicans I know who don't have access to US banking just order stuff online with their Paypal balance, have it shipped here and sell it locally.

Its not quick or easy, but on the bright side sometimes they can turn a small profit on the sale, which helps cover the cost of shipping.

 

[bienamor]

You're right bienamor. We always use our ATM card in Santo Domingo, it's from PNC and we take 15,000 at a time without any problems. We mostly use it at BHD branches, but have taken the same amount from BanReservas. PNC allows us $1,500 a day to be withdrawn. Could it be DR bank cards that limit the amount you can take in one transaction?

Think your correct with the BHD atms, they did change their limits a while back, before you could take 15-20, but they have changed that down to 5k I believe. this was about 2 months back, they may have upped the amount by now, or they will let it stay till after 3 kings maybe

 

[miozio]

Thank you for contacting XOOM Customer service regarding your payment options for Xoom Transactions.

We apologize we are not able to accept payments through Paypal acccount anymore. You can still use Xoom to transfer funds using different methods of payment. Xoom only accepts Visa, Mastercard and Discover.

For U.S residents Xoom now accepts only United States Bank Account or United States funded credit or debit cards as payment sources for money transfer. For non-US residents, You may use Xoom to transfer funds provided that you have a U.S. funded bank account, debit or credit card and a U.S. address.



Xoom Customer Support

 

[rubio_higuey]

@Derfish - this thread was started in February 2009. What applied then does not necessarily apply now.

 

[Squat]

Any updates on that PayPal issue ???
What about those of us with only DR bank accounts, getting paid thru PayPal ?
Any chance to cash the money ever ?
Is there a trick into that system ???

 

[Expat13]

Any updates on that PayPal issue ???
What about those of us with only DR bank accounts, getting paid thru PayPal ?
Any chance to cash the money ever ?
Is there a trick into that system ???

I know this is an old thread but just wondering on the local DR success using PayPal. It still seems you cannot add a DR bank account and therefore if you receive money to your account, you must spend it rather than transfer to bank acct.