What should I know about withdrawing money from Paypal as a Mauritian resident?
At the time of writing, only MCB allows you to do that through Juice.
- You have to specify the amount to be withdrawn in USD and that will be converted to Mauritian rupee.
- If your Paypal account is in another currency, your withdrawal will be converted to USD first and then converted again to local currency (you will incur double conversion fees)
- A fee corresponding to 1.5% of the transaction amount shall be applicable with a minimum of MUR 100.00 for each transaction
- You will get the money in your bank account within 3 days
Read the MCB Paypal Juice terms & conditions
From what I understand, with MCB Juice, you should be able to withdraw money from Paypal without any problems. I haven't tried it yet but that's something on my TODO list.
I suppose the problem you will face with is you'd lose on currency conversion. If someone is sending you US dollars, your MCB account will be in Mauritian Rupee, so they will convert using their own exchange rate (which could be lower than other places).
The other thing you need to remember is that any form of income is taxable.
What 's your reason for wanting to withdraw money from Paypal?
friends have send me money in currency. I need that money in currency. else i'll have to rebuy currency so it's going to be a lost of money for me
Then you'll have a open a bank account in that currency and link it to your Paypal a/c. I'm not sure whether that's possible though, so give MCB a call and see if they'd allow this.
On second thoughts, you could open a Paypal account in the chosen currency provided you're buying things online. Maybe worth a shot?
actually I tried to do it with a prepaid card in currency by MCB but it's still not working. MCB tell me it works. Paypal say the same thing. SoI asked this question to see if other people have been through the same issues as me