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Paypal Now in Egypt

Paypal Now in Egypt

Paypal has finally launched its experimental services in Egypt. If you go to Paypal website, you will notice that now in the country dropdown list they have added Egypt, you can bring it up if you press E while selecting countries. Paypal earlier in 2013 announced that it is going to start its services in Egypt and Lebanon. However at the time of writing of this blog (April 11, 2013), they have just added Egypt and Lebanon is yet not there in the country dropdown list, seems the Egyptian revolution gave us an edge over Lebanon 🙂 Paypal is world’s largest payment processing system to receive and transfer money online, to buy things from Amazon and eBay and to maintain your personal or business account for money transactions. Even though Paypal claims it has low fees but still be ready to pay for about 4% on each transaction. That is what global commission they charge and I am still not sure what they are going to charge in Egypt. Egyptians have long been waiting for Paypal to start its services in Egypt. There was a severe gap for online payments when it comes to eCommerce in Egypt. Persons and businesses used other ways to transfer money using bank accounts, business accounts, and other options like 2OC, Skrill (moneybookers) etc. Now you have another option to monetize your blog and do online transaction securely using your Paypal account. On Paypal you can create either personal account that has limited functionality and limited quota that you can send or receive. Business account in Paypal gives you better options to send or receive money in Egypt. However business Paypal account in Egypt will require more documentation and you will need to provide commercial registration and other legal documents to prove that you own a legal entity in Egypt. But if you plan to do larger transaction, I will advise you to open a business account. One thing I noticed while experimenting Paypal personal account today that at the end in terms it says, you agree to an account that is eligible ONLY to send money. This means that as of today, you can NOT use Paypal to receive money in Egypt, which is still bad. I am not sure if this is a temporary thing or it will be the same going forward like many other countries. For example couple of weeks back, I tried to send money to a Paypal account in Maldives and this is the message I received “Currently PayPal accounts in Maldives are only able to send payments. This recipient is not eligible to receive funds” It’s very much possible that Egypt is going to be treated the same way like Maldives and several other countries where they are able to get your money outside your country but they dont allow you to receive money online.  To me it doesn’t sound good, all the excitement that I had when I heard that Paypal has started its services in Egypt has gone away. What’s the benefit if I cant monetize my blog, or cant receive money from Google adsense or from my web designing or SEO clients from USA and UK? I guess we all need to wait and see how it goes, but it definitely is not good with the current economy situation to just send the money and not receive it, could be potentially harmful for business owners and beneficial for those want to transfer their money out. What do you guys thing? Please comment below with your thoughts on it. I will be writing more once i have more details or if there are any other changes that i see in Paypal Egypt. IBIS Web Design provides eCommerce solutions for small to medium enterprises. Please read details of our eCommerce solutions here.