How to process paypal cheques?

July 5, 2008 3:14am CST
Websites like alertpay.com and paypal.com send you a cheque. Let's say I get a cheque delivered to my home. How do I deposit the money into my bank account? What details apart from my name are given in the cheque? How will the bank identify that I am suposed to get the cheque?
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1 response
• Philippines
5 Jul 08
If name on the check is exactly the same as your dollar bank account name, there should be no problem at all.
• Philippines
5 Jul 08
do i need to open a dollar bank account before i could encash my paypal earnings?
5 Jul 08
Thanks for the response!!! What is a dollar bank account? I am in India. Can I open a dollar bank account? Wont there be many people with same name? Is more security provided?
• Philippines
5 Jul 08
Personally, I have no experience yet on Paypal or Alertpay checks. However, a few times I've received check payments from other sites and I think, the general process is just the same. Anyway, recalling an article I've read before, when you request a check from Paypal, the check is processed and mailed to the address you have registered on your Paypal account within 4-6 business days. As for the actual delivery time, I guess, it depends on your location and your local postal service. (It takes about a month for checks from the US to reach my place here in the Philippines.) Checks are issued in US dollars and Paypal requires a minimum of US$150.00 for you to be able to request. I just don't know how much Paypal charges for this service. Once you receive the check, as it is in dollars, you have to deposit it to your dollar bank account. Inquire from your local bank how to open a dollar account. (In the Philippines, the initial deposit required to open a dollar savings account ranges from US$100 to US$500.) As your check will be issued to your Paypal account name, make sure that your Paypal account name is exactly the same as your dollar bank account name. Otherwise, that will be a problem towards the completion of that deposit transaction. Once check is deposited, your funds will be available to you only as soon as it is cleared with your bank. (Based on my experience, I had to wait a minimum of 25 business days before I finally got hold of my funds. So, there is a total waiting time of almost 2 months.) Hope this helps.
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