New Withdrawal Process for Taiwan customers is official launched

Due to regulatory changes in Taiwan, effective March 31th we are changing the way you can withdraw funds from your PayPal account.

We are happy to announce that we have partnered with E.SUN Bank to create a new way to get your funds into your bank account faster. Effective March 31th, our partnership with E.SUN Bank can enable you to withdraw both New Taiwan Dollars and US Dollars into your E.SUN Bank account through E.SUN Global Pass.

New Withdrawal Process

In order to use the E.SUN Global Pass for withdrawal, you will need to have an E.SUN Bank account and ensure that you have enabled the E.SUN online banking service, and link your PayPal account through E.SUN’s online banking service website.

Here’s how to get started:

  1. Open an E.SUN Bank account (TWD or USD bank account, depending on which currency you wish to receive) and ensure that you have enabled the E.SUN online banking service. You can visit E.SUN’s website for more details.
  2. As from today, you can log in to E.SUN online banking website and access the PayPal withdrawal service, E.SUN Global Pass. Follow the instruction to link your PayPal account. (We suggest you use Internet Explorer 8 or above and turn off the pop up blocker to prevent account linkage failure.)

Please note that the name registered on your E.SUN Bank account must match the name registered on your PayPal account. You can visit E.SUN’s website for more details.


FAQ

Why are you adding the bank withdrawal function?

Due to regulatory changes in Taiwan, PayPal needs to make some changes to the withdrawal process. 

Why are you partnering with E.SUN Bank?

Due to regulatory changes in Taiwan, PayPal is making changes to the withdrawal process. We are partnering with E.SUN Bank as it is a trusted local bank which is a leader supporting the growth of eCommerce in Taiwan. Our partnership with E.SUN bank will mean that you can withdraw both New Taiwan Dollars and US Dollars into your bank account through E.SUN Global Pass.

I recently signed up with PayPal, what should I do if I need to withdrawal funds?

Effective March 31, you will need to have an E.SUN Bank account to withdraw funds from your PayPal account. Please open an E.SUN Bank account (NT Dollar or USD, depending on the currency you wish to receive) now and enable online banking service and log in to your E.SUN online banking and link your PayPal account through E.SUN Global Pass.

I already have my E.SUN bank account linked to my PayPal account, will this impact how I withdraw funds?

From 31 March, you will need to enable the online banking service of your current E.SUN bank account, and link your PayPal account to your E.SUN bank account through E.SUN Global Pass to withdraw funds.

How do I set up an E.SUN Bank account for withdrawals?

Open an E.SUN Bank account and enable E.SUN’s online banking service. Please visit E.SUN’s website, or contact E.SUN Customer Service at 0800-30-1313 (landline) or (02)2182-1313 (mobile). Press 2 then 0 to connect with E.SUN’s representatives.

What is the most important tip I need to know while opening an E.SUN Bank account to withdraw PayPal funds?

The name registered on your E.SUN Bank account must match the name registered on your PayPal account. You can help prevent linkage failure by making sure your bank information is correct.

Example: If your PayPal account name is “Wang XiaoMing”, but you use your Chinese name “王小明” to open an E.SUN Bank account, you will not be able to link the 2 accounts.

What is the fee for withdrawal of US Dollars to E.SUN US Dollar bank account?

There will be a 2.5% fee for the withdrawal of US Dollars to your E.SUN US Dollar bank account.

Example: Assume you would like to withdraw USD 200 to your ESUN US Dollar bank account,

PayPal Withdrawal Fee: $200 x 2.5% = $5

Amount you would receive: $200 – $5 = $195

What is the fee for withdrawals from other foreign currencies to NT Dollar?

The currency conversion fee remains unchanged at 2.5% added to the exchange rate. For details, please refer to the User Agreement

Example: Assume you would like to withdraw €100,

Foreign Exchange Rate: 37.39 (includes 2.5% added to the exchange rate)

Amount you would receive: €100 x 37.39 = NT$ 3,739

What is the fee for withdrawal from NT Dollar to NT Dollar?

Presently, there is no fee for the withdrawal of TWD to your E.SUN TWD bank account, and we will keep you informed if there is any change.

How long does it take to withdraw funds from my PayPal account to my E.SUN Bank account?

Please allow 3- 5 working days for the bank to process the transfer and for the funds to appear in your E.SUN Bank account.

Are you offering extra benefits for using the new service?

The E.SUN Bank withdrawal service E.SUN Global Pass enables users to withdraw funds in both New Taiwan Dollars and US Dollars giving users more choice.

Given all these changes, are my funds are still safe and secure?

PayPal does not reveal any of your financial information to recipients. Only you can initiate transactions, and PayPal sends an email to you whenever funds are transferred from your PayPal account.

Will there be more changes to the withdrawal process in the future?

PayPal is, and will continue to be, committed to complying with all applicable laws and regulations in every jurisdiction that we do business in. We will keep our customers informed when there is a change to the process.