If there is one question that has ramped up during these Covid times, its 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 with 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 breakdown 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:
- Activate “Automatic Transfers” on your Paypal account. This can be done by speaking directly with a Paypal account specialist.
- Visa Debit card from JMMB or Venture Credit Union or Visa credit card. (Linx Visa Debit Cards CANNOT be connected to Paypal)
You can receive money internationally regardless if your account is personal or a business account in Paypal.
Paypal usually takes $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 does a free 1x Per Month transfer to your bank account that happens on the first of every month.
That’s all you need to receive money from Paypal in Trinidad and Tobago.
If you are using platforms like Squarespace, Wix, Shopify, you will need to use Paypal to process your payments or you can contact Social Pay in order to purchase the Payment bridge that would allow for payments using Wipay.
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.