By Ali Ismail,
Updated April 16, 2017
I know our whole Jordan blog section is about 3D animation and VFX, but I thought this would be a useful addition since we advise aspiring artists to consider working globally which will involve receiving money online and I do regularly get asked the question of: so how do you get paid?
I have tried almost every way to receive online payments since then and a number of banks, and will finally answer this question:
What is the best way to receive money online in Jordan?
Different websites or clients will have different payment methods or preference, here are your options:
1- Wire transfer
A lot of websites have this option, they understand that not everyone can withdraw easily from Paypal and they will usually enable you to receive money directly to your bank account.
To make it worthwhile though, you better be receiving something bigger than 500 $. I consider wire transfer to be the best option for receiving large payments (by large I mean anything more than 3,000 $).
Even if the website or service doesn't put this as an option in the payout settings, if you are a seasoned seller or you expect receiving large amounts you could try contacting them and they might make an exception for you and hold the money until a certain limit is reached to make it feasible to process your bank wire manually.
Fees: sending bank and receiving bank fees could go up to 50 JDs/ 65 $ for the process.
Time: about 3-4 business days (consider the overlap in holidays, Friday,Saturday and Sunday)
At the time of writing this, you can't withdraw money from your PayPal account directly to your bank account BUT you can withdraw it to a visa credit card!
-Issue a visa credit card, If you are not "officially" employed like most Internet gurus are, you can make a security deposit of the amount of the card (usually 110% the amount).
-Link the credit card to your PayPal account and confirm it.
-Withdraw money to the card (daily limit is 500 $)
-Spend the money using your credit card or transfer it your bank savings account.
This method is great, especially for receiving small payments (50-500$). For larger payments though it can be somewhat of a problem because you are limited with a daily card withdrawal limit of 500$ which means for example, that if you receive a 10,000$ payment through PayPal, to withdraw this money into your account; you would need to login into PayPal every day, for 20 days and withdraw 500$ each time! which can be quite a hassle and cost you 100$, not to mention the delay.
Generally speaking, if each month you receive less than 3,000$ then a PayPal account connected to a credit card would be the most preferable way.
Fees: 5$ for PayPal to withdraw a daily maximum of 500$ + currency exchange commission by the bank for receiving the money in your card.
Time: PayPal will receive the money instantly but it will take 3-4 business days to withdraw the money to your credit card. When you want to finally withdraw all the excess money in your credit card to your savings account, please contact the bank and let them do it, do not do it online because they might otherwise charge you for withdrawal fees.
Note: There is one bank in Jordan I am not going to mention the name of; which "claims" to have a PayPal option where you can withdraw directly to your account. I have gone to that bank and wanted to deposit money and open up an account, they have been wild enough to ask for my house ownership deed and employment proof just to open an account!
I cannot verify if you can actually withdraw PayPal money from that bank but I most certainly doubt if that service functions or how many people actually use it.
Yes, some websites can offer the option of a check, I could be wrong but I think you pay less fees than wire transfer if the one sending the check don't charge for mailing it, but it really takes a very long time to cash it.
I tried it and I would not recommend it at all.
I was gullible and unfortunate enough to have used this service, I had no idea about it's origins and it sounded too good to be true. I mean finally a way to receive money directly to a "special" credit card which you can withdraw money from any ATM in the world, right?
Too good to be true I am afraid! This is not the place, but before even considering it, I highly recommend you double check Payoneer founders and background.
If that is not enough, maybe this would dissuade you: The fees are astronomical! and you can only withdraw a maximum of 250 JDs from any ATM! paying a lot of fees for the currency exchange.
It can probably only be good for online purchase if you receive small payments, but even then they have a hefty yearly renewal fee.
Use PayPal for smaller payments and wire transfer for the really big ones.
From my personal experience I have found the PayPal funds withdrawal to a Visa card to be the best option. Especially if what you are receiving are micro payments from multiple websites, you will control when and how much you withdraw to your card.
If you have ever used a Jordanian credit card to buy things on-line you will know that usually there is an exchange rate commission and you end up paying extra (i.e. 100$ after exchange magically becomes about 103$, according to my bank). Having a PayPal account is awesome for buying from websites that accepts it because you just receive the money and buy things without ever having to pay any banks any commissions.
And to my surprise, when you receive money to your credit card (PayPal withdrawal) you get a very fair exchange rate that is the same as exchanging JDs to USDs without having to pay the on-line buying exchange rate commission, at least with one bank I am using.
If you have any experience on this whole subject, or feel there is anything I need to correct. Please leave a comment and I will update this blog.
Happy money receiving :) and all the best of luck with your on-line store or service!