Paypal members in the Philippines and Indonesia gets a very early new year’s treat with the introduction of direct local bank withdrawals made effective yesterday. I an email announcement to all users on both South-East Asian countries, Paypal will now accept funds in their respective local currencies.
This feature was only previously available with US-based bank accounts. This is now possible for Paypal members in Indonesia and the Philippines on top of the existing methods (credit card, debit card or prepaid cards).
For Indonesian users, withdrawals of IDR1.5 Million (Indonesian Rupiah) or more are free. For withdrawal amounts of less than IDR1.5 Million, there will be a fee of IDR16,000. For Philippine users, withdrawals of Php7,000 or more are free. For withdrawal amounts less than Php7,000 there will be a fee of Php50. If you still have a US-based Paypal account, withdrawals to a US-based bank will incur a $5 fee.
The “almost complete” feature was delivered by the eBay subsidiary in the Philippines (including neighboring ASEAN countries such as Malaysia and Indonesia) in just a span of 4 months after it originally made the news last September 2007. The only other lacking feature is being able to fund your Paypal account with your local bank account. Otherwise, this development has finally concluded the expansion of Paypal in these parts of the region.
I’ve dispatched an email to the reps of eBay/Paypal for South East Asia with additional questions. I am actually more interested in how this speedy development has got to do with eBay Philippines and its apparent migration to the subscription model.
Update: Here’s a copy of the official Paypal Press Release sent to me today:
Philippines, 28 Jan 2008 â€“ PayPal, an eBay company, announced today a new bank withdrawal feature that enables registered PayPal users in the Philippines to withdraw money from their PayPal account directly to a Philippines bank account.
This new feature allows Philippine sellers to gain fast and convenient access to their funds and makes doing business on eBay and globally even easier.
â€œWe are constantly looking for ways to improve the user experience for PayPal members and are excited to offer this new bank withdrawal feature which we believe will provide greater convenience for Philippine sellers,â€ said Sandeep Lal, Vice President of PayPal International.
The new withdrawal method is in addition to the existing withdrawal options to a VisaÂ® debit card, credit card, prepaid card, or US bank account. A complete list of withdrawal options can be viewed here.