Transferring and Withdrawal money in Egypt !

[frodoe7]

I am a new user on Paypal , from Egypt !
when can i recieve money in my paypal account ?
and how to withdraw it ?!

[mfrna]

can anyone confirm success withdrwaing to any visa in Egypt?

[mabsam]

I am currently in the process. My bank of choice to attempt to resolve this is HSBC due to their quality stsndards and informed customer service. Apparently Paypal withdrawal to a credit card behaves like a refund making it theoretically impossible to fail unless it is intentionally stopped by local regulations. What I know so far is that cash withdrawals via credit card is limited even if you get the money. You will probably have to do shopping electronically. My credit card is almost here and will be able to resolve this once and for all. Stay tuned as well for the ultimate plan B on how to withdraw if Egyptian banks prove useless.

[mfrna]

Thanks Boss, best of luck. Please keep us informed of the updates 🙂

[SomeoneOnEarth]

Basically its seems to be an issue caused by the Egyptian Government, surprise decision making as always and the philopsholy of hestitation as usual by the government. However, PayPal shall explicitly enable Wire Transfer to all of the Egyptian Users. Wire Transfer will grant to all of us that the money will land at each user's bank account for slightly higher fee, that's totally accepted until another solution comes up. 

In the mean time, all the money that is locked in Egyptian PayPal accounts is a value loosing everyday, usually i save my personal savings in bank as they give you around 8-10% profit on your money annualy.

PayPal shall release our money through Wire Transfer regardless of the Egytpian's government **bleep**. I do receive Wire Transfers from 3 other payment providers for more than a year, it never failed, and i will never. Its just PayPal who is finding a benefit out of this delay 🙂

[mabsam]

Guys... it works... I'm so happy.

I finally got my HSBC credit card. I decided to withdraw my money first, so I can leave some space for the money I was going to send from paypal (they said it cannot hold any money over its limit, but that is also yet to be tested). It only took 3-5 days or so, until it registered in my statement.

So guys, ignore everyone, ignore the representatives, it works and they themselves don't know. It is confirmed.

MABROOK LE MASR  😄 😄 😄

[mfrna]

Thanks mabsam for the update, I had a visa with hsbc once before and overpaid my due amounts once or twice, and the extra cash was added to the credit limit .. so we should be ok transferring without prior withdrawal. however if you have confirmed that it can/can't be done for PP, keep us posted.

[mabsam]

I can't 😞 I'm not sure how much cash it can hold over the limit. 10%? 50%? 500%??? I'd rather take a precaution than take a risk.

So I'll just keep withdrawing from the ATM before I request a same amount to withdraw from my paypal, just to be safe 🙂

Dude... come on... I'm happy I could withdraw AT ALL at this point. Wallahy I was gonna open a bank account PHYSICALLY in another country to make paypal work....

Thank God....

[SomeoneOnEarth]

I'm very unpleased by seeing folks in Egypt are extremely satsisfed with "just getting things to work". No doubt both of you guys are receiving money on a personal scale, but if you could just stop for a moment and ask yourself. Why shall i be treated like this and obtain some kind weird Limited type Visa Card and withdraw my money into local currency through ATM while PayPal can just Wire Transfer my earnings safely and in secrue to my personal Bank Account or even send the money through MoneyGram, Western Union?

Simply there are so many disadvantages of receving your earnings on the new type of Visa Card that tends to be working in Egypt:

1) The Bank will charge you for 2.5% extra fee upon withdrawing your money.

2) You can only withdraw in EGP, so if you are having a business that runs based on foreign currency, you will never have the chance to obtain your money earned in USD / EUR.
3) Withdrawls are only avaialbe thoruhg ATM machines which is something not safe in an under developmnent country like Egypt, as most of the ATMs are not protected by a cup and you might end up being followed by someone threating you by a weapon asking to give him all what you got (as he saw you withdrawing).
4) Withdraw amounts are very limited based on the Credit Card type and the ATM provider, some ATMs allow up to 6000 EGP / day (around 800$) and others 8000 (around 1000$). If you are running a business with scale of 10,000 USD / month. Would you really take all above losses / risks to withdraw your money by visiting the ATM every month 5 to 6 times on different days? Wow Egyptians.

Just ask PayPal to enable Wire Transfer / MoneyGram / Western Union, and stop being happy by getting what just "works". Improve from the quality of Egyptian consumers so at least the producers can serve you in a better way.

[mabsam]

Nah we're used to circumventing beuraucratic **bleep**. And if I ever reach the point of making so much money that this starts to matter, it will be the time when I can afford to move elsewhere. For personal or small businesd level, this is as an amazing start as it can get in this hellhole. As your business and your needs grow, you can move elsewhere. Soon I will be able to open a foreign currency account, so that point won't even matter anymore. Finally, I'd rather keep my money in Euro on paypal than create any kind of investment certificate in EGP. I only withdraw what I need till I do that.

[mfrna]

I agree with you, however, there seems to be a problem, that PP automatically transfers money to your visa monthly if you don't withdraw them manually. at least that's what I understood from the help sections