You can withdraw $ from your PAY PAL account in Taiwan Now

Business Money
1

Isn’t it good news for everyone who loves to spend and receive money online.(That’s me)

I forward this mail for you geeks.

==========================
Dear KIMI CHEN,

Now you can withdraw your PayPal funds to a Taiwanese bank account! Either transfer all of your funds at once, or keep some in your PayPal account for future purchases.

Whether you hold U.S. Dollars, Euros, or Yen with PayPal, it’s simple to withdraw your funds:
Log in to your PayPal account at paypal.com/

From the My Account tab, click on the Withdraw sub-tab

Click on the Transfer Funds link to your bank account

The first time you do this, you’ll be directed to a page with instructions on adding a Taiwanese bank account. When you’ve completed the forms, your funds will appear in your bank account within 5-7 business days.

Your Taiwanese bank account must be denominated in New Taiwan Dollars (TWD), also known as NT, and there is a nominal fee of NT$35 per withdrawal. The exchange rate applicable to the transaction will be displayed prior to making your withdrawal.

With easier access to your funds, there’s no limit as to how much business you can generate. Transfer funds to your Taiwanese bank account today!

For more information on this new service, visit our Frequently Asked Questions.

Sincerely,

The PayPal Team

2

So could we theoretically open a PayPal account with a Taiwanese bank account as the primary account, and thereby get NT dollars out of Taiwan in the form of US dollars through PayPal?

3

eh, money laundering??? :rainbow:

4

Ouch!

5

I just tried this, and yes, it works quite well, except that the rate they give you for exchange is piss-poor. About NT$0.5 less than what a bank would give you. So, this will only be worth it for small dollar amounts. Larger dollar amounts, and you get raped on the exchange rate.

I asked them if I had a US$ account, could I withdraw US$ to the US$ account in Taiwan, and they said no. I assume because if they offered that, you would basically bypass them for the exchange, and do it at your local bank, and they wouldn’t make anything except the small NT$35 transaction fee.

6

I’ve had the hardest time with Paypal US :frowning:

Now I need to figure out how to set it up with my local account. How easy was it to set this up with your Taiwan bank account? Do I need to call/go to my bank (Taipei Bank) and get specific information from them? Can I just ask for the “ABA routing number” (I think that’s what it’s called) or is it called something else here?

7

[quote=“braxtonhicks”]I’ve had the hardest time with Paypal US :frowning:

Now I need to figure out how to set it up with my local account. How easy was it to set this up with your Taiwan bank account? Do I need to call/go to my bank (Taipei Bank) and get specific information from them? Can I just ask for the “ABA routing number” (I think that’s what it’s called) or is it called something else here?[/quote]

From my answer in the other thread:

It was ridiculously easy. Taiwanese banks don’t have ABA routing numbers in the sense that we think of them. They have two codes instead, called the Bank Code (銀行代碼), and the Wire Transfer Branch Code (電匯分行代碼). You can call or visit your local bank branch to get them. Basically, they are the codes for the bank, and which branch your account is at. In addition to this, you’ll need either a Taiwanese ID number or ARC number, name of the bank, and account number. Once you have the information, you can do the whole thing online. Make sure you get these codes and the account numbers correct, because Paypal doesn’t verify it. If it’s wrong, and you try to do a transfer, it’ll get sent back, and you get charged a NT$70 return fee.

8

thanks, was just just talking to a buddy about setting this up.

9

id look into maybe even setting up 2 seperate paypal accounts one for your taiwans and one for your americas… dirty dollars that is

10

I went to the bank to get this information, even wrote the characters down in my kindergarten scribble and they must not have understood what I was asking for. Taipei Bank gave me two different codes, one alphanumeric, the other was just a three digit number but Paypal wouldn’t accept it.

Anyone set this up with Taipei Bank yet?

11

[quote=“braxtonhicks”]
I went to the bank to get this information, even wrote the characters down in my kindergarten scribble and they must not have understood what I was asking for. Taipei Bank gave me two different codes, one alphanumeric, the other was just a three digit number but Paypal wouldn’t accept it.

Anyone set this up with Taipei Bank yet?[/quote]

Ask them for the codes that you need for people to do direct transfers to your account. I believe that is what these two codes are. What I actually did was print out the page from Paypal and showed it to the guy at the bank, and he thought for a second, and wrote the two numbers down. The Bank code should be the 3 digit one. For me, the wire transfer branch code was 4 digits. The alphanumeric code sounds like it might be the bank’s international code for wire transfers coming from outside Taiwan.

The Paypal page that I printed, you can access by

  • logging in
  • clicking “profile”
  • clicking “Bank Accounts”
  • clicking “Add”
  • then selecting “Taiwan” from the pull down menu
  • clicking “Continue”

Then print the page, and take it to the bank branch your account is at. If the guy doesn’t know, maybe you can ask another bank employee?

12

My bank and I are having trouble with this one. On the page for adding a Taiwan bank account number, it asks for the type of beneficiary and the benficiary id.

For the beneficiary type I chose ‘Foreign Passport Holder Account’. But neither I nor my bank can figure out whether I should put my name (as appearing on the account), my ARC ID number, or my tax code number (date of birth + first two letters of last name) in the beneficiary id field.

What did you guys put in this field? Did it work?

TIA

13

Try bank name and info. PayPay doesn’t understand the Taiwan tax system or the information on your ARC.
PayPal just wants to know where to transfer the money.

14

I have tried two times to transfer funds using PayPal to my Taiwan Savings Account and both times it failed. I confirmed three times with my bank about the bank # (3 digits), branch # (4 digits) for transfers, and acct # (14 digits), using my ARC code (2 letters, 8 digits). I twice spoke with PayPal’s International Support personnel (after waiting 15 minutes each time for a human and listening to endless commercials on an international call), both times I was told they could not identify what the problem was. WHICHHHHHH, resulted in the loss of US$36 in absorbitant exchange charges and fees even though my cash never left their system and PayPal can not identify what’s wrong so their is no way to fix the problem whatever it might be.

So, those of you who have succeeded a few questions:

1 - Was your Taiwan account a “Demand Savings” account?

2- Did you use 14 digits for your account number as PayPal insists you should?

3- Did you specify “Foreign Passport Holder” in the fill-out form?

4- Did you use your ARC Id number (2 letters, 8 digits)?

5- Was your account set up to receive electronic transfers? My Bank, ICBC, seems to feel this may be the problem.

Any clues here would be appreciated because I’m not inclined to lose more of my money debugging their system. Nevertheless, if it works, it beats a wire transfer with a minimum US$40 for each transfer at only NT$35 per.

15

[quote=“wolf_reinhold”]Try bank name and info. PayPay doesn’t understand the Taiwan tax system or the information on your ARC.
PayPal just wants to know where to transfer the money.[/quote]

What’s PayPay. I think they might be a little bit annoyed that you can’t spell their name. :wink:

16

[quote=“oldhand”]
So, those of you who have succeeded a few questions:

1 - Was your Taiwan account a “Demand Savings” account?

2- Did you use 14 digits for your account number as PayPal insists you should?

3- Did you specify “Foreign Passport Holder” in the fill-out form?

4- Did you use your ARC Id number (2 letters, 8 digits)?

5- Was your account set up to receive electronic transfers? My Bank, ICBC, seems to feel this may be the problem.

Any clues here would be appreciated because I’m not inclined to lose more of my money debugging their system. Nevertheless, if it works, it beats a wire transfer with a minimum US$40 for each transfer at only NT$35 per.[/quote]

  1. Not sure what “Demand Savings” is, but my account is just a normal account.

  2. I used whatever bank account number the bank gave me, although I’m not 100% sure if it’s exactly 14 digits.

  3. Yes.

  4. Yes.

  5. Yes.

17

OK, I’m trying again. This time I’m using China Trust on the theory that a private bank like China Trust will be better able to handle this sort of thing than a government bank like ICBC or Taiwan Cooperative (I tried the latter before).

  1. My account is definitely a savings account. I If a demand savings account is a savings account that you can withdraw money from at any time, then my account is also a demand savings account.

  2. My account number is a 12-digit number. The PayPal ‘Add a Taiwanese Bank Account’ page says that your Account Number cab “up to 14 digits”, so I entered the 12-digit number.

  3. I specified “Foreign Passport Holder” in the fill-out form.

  4. I used my PARC number (2 letters, 8 digits). I’m worried about this one. The bank told me to use my Tax Payer ID (birth date + first two letters of last name). The form would not accept this number, so I entered my PARC ID Num. instead. Fingers crossed.

  5. My account can receive electronic transfers. I remember that my ICBC account had to have electronic transfers activated (inward AND outward!).

I’ll let you know ho it worked next week.

18

[quote=“Feiren”]OK, I’m trying again. This time I’m using China Trust on the theory that a private bank like China Trust will be better able to handle this sort of thing than a government bank like ICBC or Taiwan Cooperative (I tried the latter before).

  1. My account is definitely a savings account. I If a demand savings account is a savings account that you can withdraw money from at any time, then my account is also a demand savings account.

  2. My account number is a 12-digit number. The PayPal ‘Add a Taiwanese Bank Account’ page says that your Account Number cab “up to 14 digits”, so I entered the 12-digit number.

  3. I specified “Foreign Passport Holder” in the fill-out form.

  4. I used my PARC number (2 letters, 8 digits). I’m worried about this one. The bank told me to use my Tax Payer ID (birth date + first two letters of last name). The form would not accept this number, so I entered my PARC ID Num. instead. Fingers crossed.

  5. My account can receive electronic transfers. I remember that my ICBC account had to have electronic transfers activated (inward AND outward!).

I’ll let you know ho it worked next week.[/quote]

Feiren, how did this work out for you?

19

[quote=“Ben”]
The Paypal page that I printed, you can access by

  • logging in
  • clicking “profile”
  • clicking “Bank Accounts”
  • clicking “Add”
  • then selecting “Taiwan” from the pull down menu
  • clicking “Continue”

Then print the page, and take it to the bank branch your account is at. If the guy doesn’t know, maybe you can ask another bank employee?[/quote]
I opened up my paypal account in the US. When I tried to add an account by selecting Taiwan, there was no pulldown menu. It had automatically selected US. Does that mean you have to open your account as a Taiwan account from the get go?

20

[quote=“braxtonhicks”]

Feiren, how did this work out for you?[/quote]

It didn’t, I lost another US$20 or so in the process and gave up after receivinng no help from Paypal despite several phone calls.