I have accumulated some funds in Paypal account, from selling stuff in eBay and Yahoo Auction sites.
For us in Singapore, it is quite easy to transfer funds through one of the local bank, namely DBS, POSB, UOB or OCBC.
I have not tried foreign banks in Singapore, I think should be OK.
Before you initiating the transfer, do take note of the following:
1. Minimum withdrawal amount for Singapore Dollars is SG$15.
2. There is no withdrawals fee for SGD$200.00 but withdrawals fee for $199.99 or less is charge $1.00
3. The funds will be available in your local bank account between 5 to 7 business days, if there is not problem.
OK, I will show you the step by step to withdraw funds from Paypal account
First Step, you need to add a bank account information. Your local bank account must be a Singapore Dollars account. Enter your name exactly as it appears on your bank account statement.
Institution Code is refer to ACH Bank Code, where major bank code for banks in Singapore as follow:
DBS / POSB: 7171
Standard Chartered Bank: 7144
Is not possible to list all bank code here, if you want to know the bank code of banks in Singapore, just leave me message, I will help you to find out.
Also, note that Branch Code for all POSB account is 081 (regardless of branch location).
Step 2. Make sure your bank information is enter correctly, otherwise, you will be charged a SG$9.00 return fee. Once you verify that the information is correct, click Add Bank Account to continue.
Step 3. Now, you can start transfer funds from your Paypal account to local bank.
Step 4. Enter the amount you want to withdraw and and transfer to which bank account. Verify the information is correct, click Submit.
Step 5. Transaction details shown that funds withdrawal is completed.
Next, just wait for the fund show up in my bank account.
Now, got money to spend 🙂