huangyong 0 Report post Posted July 28, 2004 can anyone please enlighten me how to register for a paypal account?? i remember i have seen a thread by abalze saying that we can use our POSB account to open a paypal account, is that true?? thanks. Share this post Link to post Share on other sites
Absolute0 0 Report post Posted July 28, 2004 AFAIK, a credit card is needed to become a "verified" member, before you can actually use paypal services. I posted a related thread quite some time ago, guess it's gone... Share this post Link to post Share on other sites
N@Z 0 Report post Posted July 28, 2004 This is what you're looking for: http://www.sgheadphones.net/index.php?show...=1179&hl=paypal Share this post Link to post Share on other sites
Q00 0 Report post Posted July 28, 2004 I just got an email that paypal is being sued... any other members got that? Sumthing about it being a class action suit. If i can find the email, is it ok if i post it here? Share this post Link to post Share on other sites
Absolute0 0 Report post Posted July 28, 2004 I got it too, no idea whether we should go to the trouble and other possible implications though... Share this post Link to post Share on other sites
N@Z 0 Report post Posted July 28, 2004 I don't remember getting an email about it but I've seen the link over on head-fi. Share this post Link to post Share on other sites
Q00 0 Report post Posted July 29, 2004 im pretty sure it wont affect us since its an american class action lawsuit... Share this post Link to post Share on other sites
adhoc 0 Report post Posted July 29, 2004 (edited) q00, if the payout renders PayPal bankrupt it sure will. fwiw though - i cant find anything else on it on the internet. something this big should be all over the place. i smell a hoax. and here's a direct copy and paste of a pm i sent someone who i was doing a transaction with over on head-fi re: paypal. should be quite helpful: Hi XXX, Regarding receiving my payment via PayPal, I understand that you might be hesitant - and with good reason! The PayPal site is not exactly the easiest to digest; all that talk of fees and jargon can be very confusing! I've decided to make things simpler for you by giving you a breakdown on how PayPal would work for you in this instance (receiving my payment). I've numbered all the steps you need to receive a payment here. 1. You need to start an account. You need a credit/debit card to do this. () 2. To receive payments from other PayPal users that use credit/debit cards (such as mine), you need to 'verify' your PayPal account. This will upgrade your 'unverified' account to a 'verified' account. An 'unverified' account can ONLY send money, not receive money. 3. What does this this entail? After you request a 'verify', PayPal will charge your credit/debit card USD$1.99. This will be reflected in your next credit/debit card or bank statement. 3a. What does this have to do with 'verifying' your account? Well next to the charging party listed in your statement (in this case PayPal) will be a 4-digit number; this is a unique 4-digit number that is needed to activate your upgraded account. An example of what you see in your statement of account besides the $1.99 charge would be 'PayPal 2033' or 'PayPal 4412'. You would enter this number online to immediately get your account verified. 3b. This is where it gets tricky - do you bank online (ie use Internet Banking facilities?)? If so, then you can easily check up on your 4-digit number there in your online statement of account (it should be reflected within a week - mine was). OTHERWISE, you would have to wait for your monthly printed bank statement to arrive in the MAIL. only then would you be able to check for your 4-digit number. 3c. And what happens to the USD$1.99 that PayPal charged you? It gets added to your PayPal balance - you can use this $1.99 for any future purchases you make using PayPal! 3d. FYI, PayPal 'balance' is 'virtual money' - money that you can withdraw anytime to your bank account to convert to real cash or use anytime when you make a purchase using PayPal. Kinda like a stored-value-card system. 4. After 'verifying' your account, you would then receive my money, MINUS 2.2%+30cents of the amount I sent you. This is the PayPal admin fee. AND, this applies only to transactions in US dollars - I will be using the equivalent US dollar value to pay, as the admin fees are lower that way and my money does not have to go through disadvantageous conversion rates. 4a. To sum up, say i send you $X. $X minus 2.2% minus 30cents gets added to your PayPal balance. Get it? 5. Then, you would need to add a bank account to withdraw this money from your PayPal balance. The processing and verification of your bank account details would take about 3 days. 6. To withdraw money from your PayPal balance, you will incur another processing fee. For HK, this is HKD$3.50. Then the money enters your bank account. 7. The alternative is that you keep the money in your PayPal balance and use it for a future payment via PayPal. This would save the recipient of your cash on the PayPal fees (the 2.2%+30cents). Naturally, this seems quite an ardous route to receive cash - however, if you shop online and/or bid frequently at eBay, these steps will simply be something you will do sooner or later. -Aaron Edited July 29, 2004 by adhoc Share this post Link to post Share on other sites
fuwen 0 Report post Posted July 30, 2004 I was trying to figure out how to cash out money from paypal and now finally get the answer. But about the adding of bank account, not sure can POSB be the bank account. Not sure how a US base paypal can transfer money to a local Singapore bank accout? Share this post Link to post Share on other sites
Q00 0 Report post Posted July 30, 2004 You can use a posb account provided it is a credit/debit card...im using my debit card for my paypal account. Share this post Link to post Share on other sites
Absolute0 0 Report post Posted July 30, 2004 You can use a POSB account as long as it is under the exact same name as the credit card you used to register for the paypal account. i.e., if your Citibank/OUB/UOB, etc. credit card and POSB account are registered under the same name, it's fine. The funds will be transferred to your paypal account, and you would then have to withdraw it to your bank account as clearly stated in adhoc's post. Maybe that deserves a sticky since so many of us are using paypal to make online purchases and it isn't exactly an easy service to understand. Share this post Link to post Share on other sites
adhoc 0 Report post Posted July 30, 2004 you might want to know that there is a SGD$1 charge to withdraw money from your paypal balance to a singapore-based bank account. posb is fine. ANY bank will do, actually. Share this post Link to post Share on other sites
evil-zen 0 Report post Posted July 30, 2004 nope. I tried OCBC debit card (mastercard) and it doesn't work. So far i know POSB/DBS/UOB debit card can be used since it is a VISA. Don't understand why mastercard can't be used though. Share this post Link to post Share on other sites
Q00 0 Report post Posted July 31, 2004 My posb debit card is a mastercard... Share this post Link to post Share on other sites
evil-zen 0 Report post Posted July 31, 2004 (edited) oops sorry. I retract my last statement. I realised my previous OCBC card was a Visa Electron. Edited July 31, 2004 by evil-zen Share this post Link to post Share on other sites
