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Paypal enables Money transfers to IBAN Bank Accounts in Cyprus  ( this)

An important management feature for ecommerce owners Paypal allows transfers to IBAN Bank Accounts in Cyprus.

 

Summary: An important management feature for ecommerce owners Paypal allows transfers to IBAN Bank Accounts in Cyprus.


Paypal enables transfers to IBAN Bank accounts in Cyprus

apparently at no cost.

 

An important management feature for ecommerce owners are the payment gateways installed on their ecommerce site that allow their customers to pay their purchases online.

One popular payment gateway used in Cyprus is Paypal as the Paypal business account eliminates the need for a separate merchant account. Until recently eCommerce owners, and we'd include here all  websites that allow receiving money online through Paypal, were obliged to transfer funds from and to their Paypal account through a connected Bank Card (Visa or other), transfers to and from bank acounts in Cyprus to Paypal were not allowed. Indeed Paypal offered this service only for their US clients and accounts.

Connect your Paypal account to your Cyprus Bank account 

Paypal has now enabled  Money transfers to IBAN Bank Accounts in Cyprus but only to your own accounts, i.e. Paypal business account owners still cannot pay suppliers into their accounts in Cyprus. You can replenish your Paypal balance or retrieve excess funds to your local bank account.  

How to connect your Cyprus Bank account to your Paypal business account 

Enable the New Paypal Interface in you Paypal Business account.

Click on the 'MONEY' on the top Menu

Add Bank Account

Paypal allows transfers to Cyprus Bank Accounts - for free

Enter the complete IBAN Number of your Cypriot Bank account (example: CY17 0020 0128 0000 0012 0052 7600)

Upon validation of the IBAN, Paypal will transfer 2 small amount (less than 1€ each) to your bank account that will be credited in a few business days.

Paypal validates your connected Bank account in Cyprus

The above image shows the 2 validation amounts sent by Paypal to your Bank account. The actual display may vary depending on your Bank.

When received, log into your Paypal business account and select (top right) 'Settings'

Banks (unconfirmed) click

Enter both amounts

The account is validated.

How to transfer money from your Paypal account to your Bank account in Cyprus

Transfer funds from your paypal account to bank accounts in Cyprus

It is rather easy to transfer Money from your Paypal account to your Bank account in Cyprus:

In your Paypal account select 'Money' (top Menu) then 'Transfer Money', the 'Balance Manager' function does not seem to be enabled.

Select the sending account and the receiving account as well as the amount and validate. That's it.

A transfer takes a couple of business days to be credited in your bank account at no fees. It seems to follow SEPA rules.  

Click to See more details here


PayPal is not physically represented in Cyprus and manages all support question from Ireland. You can get in contact with Paypal Ireland at +35314369111

 

 

 

 






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Author: Hartmut Clasen WSI
Hartmut is running EworksWSI in Cyprus. WSI is the #1 digital marketing company worldwide with offices in over 80 countries. EworksWSI Cyprus is well equipped to bring WSI's knowledge of global digital marketing trends to your business to achieve the best results in Cyprus. Eworks WSI provides webdesign, hosting, Search marketing like PPC and SEO as well as mobile marketing services in Cyprus.

7 Comments
Anonymous commented on 10-Feb-2016 07:50 PM Rating: 4 out of 5 stars
Hi there i would like to know if i could use my Hellenic Bank card its a MasterCard. when i put my info in at PayPal it dose not go mast the step after putting bank details.

EworksWSI Support commented on 10-Feb-2016 08:39 PM Rating: 5 out of 5 stars
Hi NicW, to link your Paypal account to your Bank account in Cyprus, you'd input the IBAN number of your account CY.... If you want to link a Credit card, Click Wallet at the top of the page. Click Link a payment method and select a credit or debit card. Should be working with a HB MasterCard.

Anonymous commented on 12-Feb-2016 02:22 AM Rating: 4 out of 5 stars
Good site! I love it!

Thomas commented on 05-Mar-2017 06:10 PM Rating: 4 out of 5 stars
Hello
I wonder northern cyprus banks IBAN begin with letters CY or TR I wonder this.

Thanks for answer
Kindest Regards

EworksWSI Support commented on 10-Mar-2017 10:41 AM Rating: 5 out of 5 stars
IBAN country codes correpond generally to the country code of the Banks SWIFT code. 'TR' in most cases for Banks present in the Northern part of Cyprus.

JP Georges commented on 13-Aug-2018 01:47 AM Rating: 4 out of 5 stars
Hello, does this still work? Is transferring from your personal CY PayPal account to your CY bank account still doable?

EworksWSI Support commented on 13-Aug-2018 09:54 AM Rating: 5 out of 5 stars
Hi JP Georges,
Yes PayPal executes money transfers from your business PayPal account to any IBAN Bank account in Cyprus. The IBAN account needs to be registered as Bank account in your PayPal account.
Best regards
Support
EworksWSI

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