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Visa Debit Card, Receiving funds via PayPal in Trinidad

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby sMASH » November 3rd, 2019, 10:53 pm

Phone Surgeon wrote:Anything transferred to a credit card would be like paying money to the credit card. If you try to withdraw then you getting hit with cash advance fees
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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Sinz » September 24th, 2020, 3:09 pm

Good, assist me if you can please,

I have funds which are to be be transferred to me (in USD), and one of the methods of transfer is PayPal. How easy is it for cash to be transferred and cashed out locally? I bank with FCB and also have a VISA card (not prepaid) in their name.

Thanks in advance guys.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Duane 3NE 2NR » September 24th, 2020, 3:39 pm

Sinz wrote:Good, assist me if you can please,

I have funds which are to be be transferred to me (in USD), and one of the methods of transfer is PayPal. How easy is it for cash to be transferred and cashed out locally? I bank with FCB and also have a VISA card (not prepaid) in their name.

Thanks in advance guys.

You can have the person transfer the funds to your PayPal account.
The funds will show immediately in your PayPal, however you will have to wait 30 days for the funds to become available.
Once the funds are available you can withdraw the funds to your FCB VISA credit card. This costs US$5 to withdraw up to US$500 per day. Or you can wait until the 1st of the next month and PayPal will automatically withdraw ALL your available balance to your FCB VISA card at NO charge.
It will show as a charge back to your credit card.
Last i checked you will need your bank routing number to add your T&T bank account to PayPal - not all T&T banks work, if any at all.

Payoneer.com lets you add a T&T bank account and withdraw your funds to it, it works just like PayPal.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Sinz » September 24th, 2020, 4:06 pm

Duane 3NE 2NR wrote:
Sinz wrote:Good, assist me if you can please,

I have funds which are to be be transferred to me (in USD), and one of the methods of transfer is PayPal. How easy is it for cash to be transferred and cashed out locally? I bank with FCB and also have a VISA card (not prepaid) in their name.

Thanks in advance guys.

You can have the person transfer the funds to your PayPal account.
The funds will show immediately in your PayPal, however you will have to wait 30 days for the funds to become available.
Once the funds are available you can withdraw the funds to your FCB VISA credit card. This costs US$5 to withdraw up to US$500 per day. Or you can wait until the 1st of the next month and PayPal will automatically withdraw ALL your available balance to your FCB VISA card at NO charge.
It will show as a charge back to your credit card.
Last i checked you will need your bank routing number to add your T&T bank account to PayPal - not all T&T banks work, if any at all.

Payoneer.com lets you add a T&T bank account and withdraw your funds to it, it works just like PayPal.


Thanks so much for the info Duane.

Is a routing number a requirement to transfer the funds from my PayPal to the FCB card? Or is that just for PayPal to my bank account? And if it's the case for the former, that would mean that Payoneer will be the only option available, correct?

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Duane 3NE 2NR » September 24th, 2020, 4:16 pm

Sinz wrote:
Duane 3NE 2NR wrote:
Sinz wrote:Good, assist me if you can please,

I have funds which are to be be transferred to me (in USD), and one of the methods of transfer is PayPal. How easy is it for cash to be transferred and cashed out locally? I bank with FCB and also have a VISA card (not prepaid) in their name.

Thanks in advance guys.

You can have the person transfer the funds to your PayPal account.
The funds will show immediately in your PayPal, however you will have to wait 30 days for the funds to become available.
Once the funds are available you can withdraw the funds to your FCB VISA credit card. This costs US$5 to withdraw up to US$500 per day. Or you can wait until the 1st of the next month and PayPal will automatically withdraw ALL your available balance to your FCB VISA card at NO charge.
It will show as a charge back to your credit card.
Last i checked you will need your bank routing number to add your T&T bank account to PayPal - not all T&T banks work, if any at all.

Payoneer.com lets you add a T&T bank account and withdraw your funds to it, it works just like PayPal.


Thanks so much for the info Duane.

Is a routing number a requirement to transfer the funds from my PayPal to the FCB card? Or is that just for PayPal to my bank account? And if it's the case for the former, that would mean that Payoneer will be the only option available, correct?

A routing number is not needed to withdraw from PayPal to your FCB Visa card.
A routing number is only needed if you wish to wish to withdraw from you PayPal directly to your bank account - this is if you wish to receive the cash.
Payoneer lets you withdraw to your T&T bank account.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Sinz » September 24th, 2020, 4:20 pm

Duane 3NE 2NR wrote:A routing number is not needed to withdraw from PayPal to your FCB Visa card.
A routing number is only needed if you wish to wish to withdraw from you PayPal directly to your bank account - this is if you wish to receive the cash.
Payoneer lets you withdraw to your T&T bank account.


But if I transfer funds to my CC, I can always withdraw to an ATM. But I guess having it transferred directly takes away the extra step.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Duane 3NE 2NR » September 24th, 2020, 4:28 pm

Sinz wrote:
Duane 3NE 2NR wrote:A routing number is not needed to withdraw from PayPal to your FCB Visa card.
A routing number is only needed if you wish to wish to withdraw from you PayPal directly to your bank account - this is if you wish to receive the cash.
Payoneer lets you withdraw to your T&T bank account.


But if I transfer funds to my CC, I can always withdraw to an ATM. But I guess having it transferred directly takes away the extra step.

Withdrawing cash from your credit card is also known as a cash advance.
It usually has a much higher rate of interest than using your credit card for a purchase.
Be sure to read up on how your bank treats a cash advance before withdrawing cash from your credit card.
https://www.youtube.com/watch?v=VB76XHen4YQ

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby st7 » September 24th, 2020, 9:56 pm

Duane 3NE 2NR wrote:
Sinz wrote:Good, assist me if you can please,

I have funds which are to be be transferred to me (in USD), and one of the methods of transfer is PayPal. How easy is it for cash to be transferred and cashed out locally? I bank with FCB and also have a VISA card (not prepaid) in their name.

Thanks in advance guys.

You can have the person transfer the funds to your PayPal account.
The funds will show immediately in your PayPal, however you will have to wait 30 days for the funds to become available.
Once the funds are available you can withdraw the funds to your FCB VISA credit card. This costs US$5 to withdraw up to US$500 per day. Or you can wait until the 1st of the next month and PayPal will automatically withdraw ALL your available balance to your FCB VISA card at NO charge.
It will show as a charge back to your credit card.
Last i checked you will need your bank routing number to add your T&T bank account to PayPal - not all T&T banks work, if any at all.

Payoneer.com lets you add a T&T bank account and withdraw your funds to it, it works just like PayPal.


Thanks for this bit of info, Duane!

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby The_Honourable » September 24th, 2020, 11:07 pm

Duane 3NE 2NR wrote:Payoneer lets you withdraw to your T&T bank account.


Good posts, thanks Duane.

Quick question. If you have a US account with a local bank, and you withdraw US funds from Payoneer to your local US bank account, any issues?

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby De Dragon » September 25th, 2020, 7:10 am

Duane 3NE 2NR wrote:
Sinz wrote:
Duane 3NE 2NR wrote:A routing number is not needed to withdraw from PayPal to your FCB Visa card.
A routing number is only needed if you wish to wish to withdraw from you PayPal directly to your bank account - this is if you wish to receive the cash.
Payoneer lets you withdraw to your T&T bank account.


But if I transfer funds to my CC, I can always withdraw to an ATM. But I guess having it transferred directly takes away the extra step.

Withdrawing cash from your credit card is also known as a cash advance.
It usually has a much higher rate of interest than using your credit card for a purchase.

Be sure to read up on how your bank treats a cash advance before withdrawing cash from your credit card.
https://www.youtube.com/watch?v=VB76XHen4YQ

And with some banks, the interest kicks in instantly, unlike a purchase where you have some time beforehand.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Sinz » September 25th, 2020, 7:15 am

Ok ok I understand. Thanks a mil for the info guys. Much appreciated.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Duane 3NE 2NR » September 25th, 2020, 11:34 am

The_Honourable wrote:
Duane 3NE 2NR wrote:Payoneer lets you withdraw to your T&T bank account.


Good posts, thanks Duane.

Quick question. If you have a US account with a local bank, and you withdraw US funds from Payoneer to your local US bank account, any issues?

It will work but the fees are high from the local receiving bank in T&T.

csb time:
Someone sent me US$65 via Payoneer. Payoneer charged US$1.95 to receive and then charged US$1.26 to withdraw, no problem there.
But then my local T&T bank charged US$29 to receive the US$61.79 into my local USD bank account. No conversion to ttd was needed or done.

so from $65 only $32.79 was collected.

I’m sure it would make sense to use this for larger sums, as the fees will then be negligible in comparison. But for micro-transactions like this, it doesn’t make sense.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby neilsingh100 » September 25th, 2020, 12:24 pm

Duane 3NE 2NR wrote:
The_Honourable wrote:
Duane 3NE 2NR wrote:Payoneer lets you withdraw to your T&T bank account.


Good posts, thanks Duane.

Quick question. If you have a US account with a local bank, and you withdraw US funds from Payoneer to your local US bank account, any issues?

It will work but the fees are high from the local receiving bank in T&T.

csb time:
Someone sent me US$65 via Payoneer. Payoneer charged US$1.95 to receive and then charged US$1.26 to withdraw, no problem there.
But then my local T&T bank charged US$29 to receive the US$61.79 into my local USD bank account. No conversion to ttd was needed or done.

so from $65 only $32.79 was collected.

I’m sure it would make sense to use this for larger sums, as the fees will then be negligible in comparison. But for micro-transactions like this, it doesn’t make sense.

Looks like Payoneer sending the funds to the local bank via wire transfer so if this is the case does not make sense for small amounts. Which bank?

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Dave » September 25th, 2020, 12:24 pm

If they are flat fees then great, if a percentage then there's more to consider.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Duane 3NE 2NR » September 25th, 2020, 12:54 pm

Scotiabank
I believe it is a flat fee plus a percentage (maybe 3%)
What are standard fees for receiving USD funds into a local USD account via wire transfer?

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby neilsingh100 » September 25th, 2020, 1:05 pm

Duane 3NE 2NR wrote:Scotiabank
I believe it is a flat fee plus a percentage (maybe 3%)
What are standard fees for receiving USD funds into a local USD account via wire transfer?
Varies by bank but the following link (although from 2016) should give you an idea.
https://www.central-bank.org.tt/sites/d ... 9%202016_0.

Scotia Incoming wire transfer fees are $0-$35.00 $USD so the US$29 is most likely that.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby Duane 3NE 2NR » September 25th, 2020, 7:23 pm

neilsingh100 wrote:
Duane 3NE 2NR wrote:Scotiabank
I believe it is a flat fee plus a percentage (maybe 3%)
What are standard fees for receiving USD funds into a local USD account via wire transfer?
Varies by bank but the following link (although from 2016) should give you an idea.
https://www.central-bank.org.tt/sites/d ... 9%202016_0.

Scotia Incoming wire transfer fees are $0-$35.00 $USD so the US$29 is most likely that.

What varies the fees between $0-$35.00?

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby neilsingh100 » September 26th, 2020, 10:55 pm

Duane 3NE 2NR wrote:
neilsingh100 wrote:
Duane 3NE 2NR wrote:Scotiabank
I believe it is a flat fee plus a percentage (maybe 3%)
What are standard fees for receiving USD funds into a local USD account via wire transfer?
Varies by bank but the following link (although from 2016) should give you an idea.
https://www.central-bank.org.tt/sites/d ... 9%202016_0.

Scotia Incoming wire transfer fees are $0-$35.00 $USD so the US$29 is most likely that.

What varies the fees between $0-$35.00?
Have no idea but RBL & FCB charge around US$15 for an incoming wire transfer.

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Re: Visa Debit Card, Receiving funds via PayPal in Trinidad

Postby widdyphuck » October 8th, 2020, 10:26 pm

Is there any advantage to opening a US Bank account from Trinidad or will Payoneer work just fine?
Also is there a way to withdraw the US dollars from paypal and obtain it in US rather than TT?
If I have a US account will this work?

Also If making a payoneer account, do I set the currency to TT or US? Is there any benefit to registering an FCB account rather than a RBC account?

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