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One of the main concerns we’ve become aware of from many potential entrepreneurs is the use of PayPal in PNG. More specifically is the question of how “I can withdraw my money in PayPal using a PNG issued visa/debit card”.
The truth is, you can’t! (Well, at least for now until the situation changes – if it ever does!).
Is there a way around it?
Yes. But a little more difficult than one would think and it might not be available to all.
For those unfamiliar with Paypal and its relevance with PNG, Paypal, an internet payment system does not presently accept the PGK currency as a base currency in its system. In other words, those paying for goods and services using PayPal can only use AUD, USD or any other Paypal approved currency.
While you can open a Paypal account and link your PNG issued credit or visa debit card, the balance of funds you have in your PayPal account cannot be transferred directly to that linked PNG issued debit/credit card. This makes it almost impossible to withdraw your money and makes the whole idea of getting paid for your goods/services somewhat useless.
The only solution we can think of is to open an Australian bank account (or any bank account whether base currency is one accepted by PayPal). Once you have opened this account and get issued a visa or mastercard for that account you can actually link that card to your PayPal account and withdraw from it.
If you already have an overseas account with an issued visa/mastercard, you can actually use that card to withdraw here in PNG.
Sounds like a whole lot of hurdles to get through, and it is. But that is the reality of the situation.
The bottom line is, you can open a PayPal account and shop online using your PayPal account on shops that accept PayPal. But as a PNG entrepreneur with an online shop, you cannot withdraw funds received through your PayPal account unless you have a PayPal approved visa credit/debit card from which you can withdraw your PayPal funds from.
An example of how PayPal is being used on a PNG site can be viewed here. Add some items and see how it appears at checkout.
BSP is offering a solution to this through their IPG system. It doesn’t cost to apply but there are transaction fees should your application be approved.
Do you know of any other ways around it? Let us know by commenting below.