How to do with Paypal / myLot

China

March 8, 2010 8:53pm CST

Good day! Everyone! I have a question that I applied the Paypal account for a long time, but I don't know how to get the money out from the Paypal, it's US dollars, how can change it to china RMB money? How can I get it out to be cash? Who knows, pls give some advice, Thanks in advance!

1 person likes this

7 responses

Godlovesweiqi

@Godlovesweiqi (108)

• China

9 Mar 10

Hi.Paypal is a third-party fund management system(perhaps not properly difined).You can use it to purchase goods from all over the world.You may also withdraw the fund by remit the balace to the banks in China,but it will certainly cost you remittance fees.It is more convenient to exchange for RMB in China because RMB is not a free-to-exchange currency.You will need your ID card(number) to verify your qualification and quota for FX currency exchange.

paypal

prasannaneo

@prasannaneo (2)

•

9 Mar 10

I think this is the best way to get the money.

zhcy888

@zhcy888 (256)

• China

9 Mar 10

Thanks! But How can I exchange for RMB in China? Your mean I need to verify my paypal account if I want to do with FX currency exchange?? How much fees does it need? If exchange directly in China, is it safe? Thanks!

Godlovesweiqi

@Godlovesweiqi (108)

• China

9 Mar 10

Er...Pls refer to the manual or instructions posted on the Paypal website.Do you have an account in Bank of China or other banks in China?Simple fill the remittance form online and transfer the money.It's absolutely safe.I don't know the fee rate as I still haven't got my first payment through mylot.Good luck.

haiershen

@haiershen (1080)

• China

9 Mar 10

although, i had never do that before, but i had finished the processing of verification,it is very easy to complete it if you have a credit card or a banking card. it always need to waiting for two days.then, everything is ok,you can withdraw the money from your paypal account to your currency banking account at anytime,pay more attention,it had to deduct a certain charge for the handling. good luck and have a nice day!

zhcy888

@zhcy888 (256)

• China

10 Mar 10

Thanks for your information, do you know how much fees deduct? Thanks!

youless

@youless (112586)

• Guangzhou, China

9 Mar 10

I also come from China. If you can open a bank account in Hong Kong, then the withdraw fee of Mylot will be free if the transfer amount is within HKD2000. This is how I get my money from Paypal because I have a bank account in Hong Kong. I love China

paypal

zhcy888

@zhcy888 (256)

• China

10 Mar 10

Thanks for your advice, but how to open a bank account if I am not in Hongkong?

davidabraham

@davidabraham (437)

• Romania

9 Mar 10

Open an account on Payoneer.com (they are the best payment processor),hey will send you a Mastercard reloadble debit card, then ask to be accepted in their US Virtual BanK account program (it costs 20$/year). Once accepted , they will give you a virtual bank account number connected to the det card,on which you can withdraw money from Paypal :)

zhcy888

@zhcy888 (256)

• China

10 Mar 10

Thanks! Does Payoneer be used in China? I never heard about it.

bnx2212

@bnx2212 (712)

• Philippines

9 Mar 10

Link your paypal account to your local bank account, then you can withdraw your money from your bank. but of course you have to transfer the amount first from paypal to bank, and there's a corresponding fee.

bintangt

@bintangt (2)

•

9 Mar 10

i suggest you can withdraw your fund in your paypal account to a bank in your country or you redeem online friend in need paypal balance

paypal

ashia101

@ashia101 (203)

• Philippines

9 Mar 10

in order for you to withdraw your paypal to your currency you must first be a verified paypal user.how to be a verified user? if you have a debit card or credit card you can link your card.just follow the steps indicated. you can be verified right after you are sent the paypal code.when you are already a verified user withdraw you paypal using a bankaccount or the debit/credit card you link to your paypal.