Paypal Funds Direct Withdrawal with Coinstar Machine

PayPal has recently announced an expanded relationship with Coinstar, the maker of those coin-counting machines in the US, UK, Ireland, Canada, Puerto Rico and Mexico. Starting with a limited rollout in Texas, Northern California, and Ohio, customers will now be able to use these kiosks to withdraw money already held in their PayPal accounts. They’ll also be able to use the machines to deposit coins and paper currency into their PayPal account and send money to other PayPal accounts, the company says. Coinstar’s standard 9.8 percent fee is deducted from all coin deposits, and customers are limited to adding $500 to their PayPal account from the kiosk each month. The next time you need to withdraw money from your PayPal account, you might be able to simply head over to your local Coinstar machine.

Coinstar said it conducted a test of the new service in Dallas and found who users were receptive to it. Forty percent of kiosk users who took advantage of the new feature went back to use PayPal on the kiosk an average of two times a month. At this point, it doesn’t look like the functionality is widely available, however. Users can search Coinstar’s website to see if a PayPal-equipped kiosk is available in their area. Before heading to a kiosk to use the new service, users will need to enroll their PayPal account. I’m hoping that someday this machine will become available here in the Philippines as well. I’m sure many Filipino online freelancers like me will love this Coinstar Machine. Instant Paypal withdrawal!!

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