Where is my withdrawn money?

Anna179
Contributor
Contributor

I’ve withdrawn my Paypal balance on 19th May to my bank account in Viet Nam. It said that the process takes around 2-4 working days for the money to be transferred. However, I did not receive the amount as of today 25th May. After checking with my bank, they told me that I need the name of the Intermediary Bank and the transfer code to check as if they receive the amount or not. Could you kindly provide me with this information?

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kernowlass
Esteemed Advisor
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@Anna179 

 

Its only the 4th working day today so still may clear?

https://www.paypal.com/vn/smarthelp/article/FAQ538


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insas
Frequent Contributor
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PayPal does say ‘processed’ so that would mean they aim to process this payment 2-4 working days but since it is probably an international payment it would require your bank to receive it and then process. First it has to arrive in intermediary bank and then sent to clear into your bank then your account. This process takes longer. I would say it should arrive by the end of this week.
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kernowlass
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Esteemed Advisor

@insas 

 

Why is it an international payment?

The OP is in Vietnam and withdrawing to a bank account in her own country, nothing international about it.

Withdrawals take 1 day but may take up to 5 working days and its the 4th day today so she should get it soon. 


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insas
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@kernowlass Are you convinced PayPal has a bank account in Vietnam? In order for transfer to be domestic PayPal needs to have a direct link in any of Vietnam banks. Otherwise PayPal will choose intermediary bank that has access to one of Vietnam local bank accounts. For example one of Vietnam banks has link (accounts with each other) with lets say Lloyds Bank in UK then if PayPal has account there they transfer money through Lloyds UK for it to be transferred to the Vietnam bank they have account with and then that bank will transfer money locally to any bank within a country. Sometimes banks transfer through more than one bank in order to get money where it needs to go. PayPal only provides platform and you literally have virtual account but in order to transfer it in real money it has to leave at least one bank PayPal holds money in. Well, in PayPal world it would be a domestic payment as it kinda never left Vietnam but not in reality. Bank PayPal initiated money transfer from will class it as international payment. That is the reason why topic author got a question which intermediary bank was used so they can check.
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kernowlass
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Esteemed Advisor

@insas 

 

Except they are not 'transfering' money, the OP is just withdrawing it from her paypal BALANCE to her bank account.

The transfer has already been done.

Whatever you say its up to 5 working days as per the link for that country provided by paypal. 


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insas
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@kernowlass They are transferring money!!! Even if you call it a withdrawal. How do expect actually money appears on the account? PayPal is not a bank and they have only virtual accounts, but they have bank accounts in actual banks. When you link your bank account you actually link it to PayPal main account (could be Santander, Barclays,Lloyds etc.) so whenever you initiate a withdrawal it automatically connects to their bank account and notifies to send money to your your account and money leaves their bank account and appears on your bank account...thus clears PayPal virtual account. Even our instant UK transfer from our PayPal accounts is transferred via faster payment from PayPal BANK account. That is why you will get a msg that it is instant but might take 2hrs as this is what Faster payment promises. The same thing happens to any withdrawal in any country....actual money HAST to be transferred in order to appear on bank account.
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insas
Frequent Contributor
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They are transferring money! Even if you call it a withdrawal. How do you expect actual money appears on your bank account? PayPal is a not bank but it has bank accounts in many banks. So whenever you initiate withdrawal from PayPal account it automatically connects to PayPal account in of banks and sends a msg to transfer certain amount to stated bank account. For example instant transfer in UK - you click ‘withdraw’ in your virtual PayPal account which is not a real money and you automatically are triggering a money transfer from PayPal bank account to your bank account which is now a real money transfer. PayPal is only platform and does not hold actual money. Their banks do. So every single withdrawal and deposit is in reality money transfer.
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insas
Frequent Contributor
Frequent Contributor
@kernowlass Please do not argue on this. 8 years in bank overseeing money transfers and deffo know how this works. Also this is one of the reasons PayPal is getting lots of backlashes as their virtual world holds a lot of people’s money and every single technical glitch makes people panicking as PayPal is not overseen as banks are. Banks guarantee you will get your money but in PayPal world YOUR Paypal balance money technically is PayPal real money in one of their bank accounts. PayPal is basically built on trust. We have to trust PayPal but all these inconsistencies and these technical glitches makes this forum so busy as people simply do not get their money the way they would with banks but on the other hand PayPal is one of most easiest and cheapest ways. So pros and cons.
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kernowlass
Esteemed Advisor
Esteemed Advisor

@insas 

 

I don't argue, I posted a link with the facts.

If you want to argue with paypal then feel free to do so.

 

https://www.paypal.com/vn/smarthelp/article/FAQ538

 

 


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