If there is one question that has ramped up during these Covid times, it’s how to get paid online and what’s the deal with Paypal in Trinidad and Tobago?
You might recall in March that I had some news about Visa taking a decision and Paypal responding by blocking push payments or deposits to Visa Enabled cards for the Caribbean. Now that message is still coming up for MANY people across the region.
From my personal correspondence with Paypal, they have been addressing this on a case-by-case scenario. If you are someone experiencing issues from receiving international clients, you need to report the error message to Paypal and their account specialist will review your account to rectify the issue.
So without further adieu, let’s break down the Paypal payment process for us here in Trinidad and Tobago.
What You Need
Here are all of the things you need to receive money from Paypal if you are in Trinidad and Tobago:
- Visa Debit card from JMMB, Venture Credit Union, PSCU Credit Union or a Visa Credit Card from ANY bank except RBC. (Linx Visa Debit Cards CANNOT be connected to Paypal…Look for Linx Logo on Visa Debit cards)
- You need to ensure that your Paypal account is a Trinidad account. When registering, look at the bottom right-hand of the page and look at the flag to ensure you see Trinidad and Tobago. *If you created a US Paypal account and used a US address, you will need to close it and Paypal doesn’t allow you to transfer the money out of that account. Count that as a loss.
You can receive money internationally regardless if your account is a personal or a business account in Paypal.
JMMB and the banks listed only give out their Visa Debit cards when you open up personal accounts with them, so keep that in mind. The account can either be a Personal Chequings or Savings account to receive the Visa Debit Card.
Paypal usually takes a $5usd fee to manually deposit the funds to your account but because of Covid, they are waiving that fee. The processing fee is currently at 5.4% per transaction in USD.
Most people either have instant deposits to their JMMB or VISA cards, that show up within minutes or Paypal has put their account on a 30-day hold before releasing the funds. This is completely up to Paypal and their reviewal of your account.
Paypal also reserves the right to not grant you access to receiving the funds at all, so try doing a small test amount to see if they give you access to receive those funds.
Paypal also does a free 1x Per Month transfer to your bank account that happens on the first of every month. This is what they called their “Automatic Transfer”.
Using Wise With Paypal
You can also use the Virtual Bank service Wise to receive money from PayPal. Wise will allow you to connect its virtual account to PayPal, it will receive the money from PayPal to the Wise wallet and then wire transfer the money to ANY bank account! If you want your funds to go directly to your business account, this is the best option for you.
It doesn’t matter if the account is a Chequings or Savings, Wise will wire transfer the money to any account with any bank.
Here’s how it works!
- You will need to create a Personal Wise account, do not use a business account as it has not rolled out in the Caribbean.
- Fill out all the information for the Personal Wise account and it will ask you to pay a registration fee of $20usd with a credit card or you can wire transfer the funds from your bank. You will get the money back after registration.
- Wise will allow you to sign up for an account in almost any currency but for standard use, sign up for a USD account.
- Wise will give you the Bank Info with a routing number and account number. Take that information and add it to the bank account section in PayPal. When adding the account, if PayPal says that “You need help adding this account to PayPal”, then you will need to CALL them and ask them to have the account added. If you message their chat team, they will not add it, you must CALL them.
- Get the SWIFT code for your local bank or Routing number and register the bank account to Wise under the Recipient section. This is the local bank account that Wise will deposit the funds into.
- All of the fees are listed on Wise website and the funds take about 2-4 business days once you withdraw from Wise, to show up in your local bank account.
You can check out a video of the process here —> Wise & Paypal in the Caribbean.
That’s all you need to receive money from Paypal in Trinidad and Tobago.
I hope this is the missing link for some of you to finally get passed the hurdle of receiving payments online or from international clients.