I’ve been asked quite number of times even after I’ve shown how we can withdraw from PayPal via VMI. Questions varies but most of them sounds like the following:
- Can you really withdraw from VMI?
- Have I really withdrawn before and how much?
- Any extra/hidden charges you’ve not covered?
I totally understand that everyone will be extra careful when it comes to monetary matters especially when it’s online transaction. Well, to answer these doubts together I’ve did a transaction on purpose last week and will list in details the steps, currency and extra charges involved. Hopefully this will help clear some clouds.
Transferring from PayPal to VMI Bank Account
I transferred $500 from PayPal to my VMI Bank account on the 27th March 2007 and there is no extra charges from PayPal.
Receiving money in VMI Bank Account
Money was sent from PayPal on the 27th and received in VMI on the 30th. Transaction will require at least 3 working days along with $2 as transaction fees. I’ve made a $500 transfer and received $498 in VMI.
The Currency Rate
One thing I like here is the US Dollars / Ringgit Malaysia currency rate is still doing at 3.527 even though a lot of banks has dropped to 3.4. Always perform a currency conversion check before you do a transaction. My remaining $498 will give me about RM1756.
Know the cost, Plan your withdrawal
Planning how much to withdraw saves you from extra costs. You will be charged for every transaction and query done at the ATM. Also, you must have at least $10 left in your bank account. If this is your very first transaction, you are only eligible to withdraw $488 ($498-$10) and that’s about RM 1721.00. This leaves you with 2 options:
- Withdraw RM1500 with ($5/RM18 transaction fees)
- Withdraw RM1500 with ($5/RM18 transaction fees), you left about RM201. Since another $5/RM18 transaction fees will be applied on the next transaction, you can only withdraw RM150 and have approximately RM33 left in account.
Its not worth withdrawing small amount (RM150) when transaction fee is standard, I personally don’t recommend it. You can leave the money lying inside VMI Bank account until the next transaction. Note: Not all banks allows RM1500 per withdrawal, I know RHB don’t, CIMB don’t but Maybank yes.
Summary
Here’s a roundup.
- Transfer $500 from PayPal to VMI Bank Account, deducting $2 transaction fee, you left $498.
- Assume you need at least $10 in your bank account, you eligible to withdraw $488
- Each withdrawal will cost $5, you have $483 to withdraw.
- $483 x 3.527, you have RM1703 to withdraw.
How you withdraw is entirely up to you, but remember each transaction cost you $5/RM18. I suggest you do it in bulk.
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Posted by hongkiat in Blogosphere, Make Money Online, PayPal , at 04.03.07
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Comments
Moses Francis April 3rd, 2007
Nice article yet again.
After reading yr previous post on VMI, i decided to take a try, no harm i guess..so i applied for the card and activated it, etc..and today i too decided to take out $500 and proceeded with it in paypal.
But it seems Paypal has now limited access to my account where i can’t sent money until i fax them passport/id/utility bill eventhough i’m already a Premier member.
However i think i’m an isolated case.
Replymenghua April 3rd, 2007
Nice one Hongkiat. Hey Moses, my account is in limited access as well. I HATE paypal man! What can I do if I don’t have a fax machine around huh??? Damn it.. getting more and more frustrated with it. The site seems to be loading super slow nowadays.. thanks to our Screamyx… zzz
ReplyMoses Francis April 3rd, 2007
Well menghua i dont have a fax too…i just emailed Paypal and they said they wanted all the documents otherwise account will be limited/closed.
I do have a shop near me that’s offering fax services,so maybe u can find a similar shop around yr area.
ReplyRonald April 3rd, 2007
hey, Moses. what do you meant by can’t sent money because of limited access? is there a problem already with the VMI card..Gooossh..I just applied it yesterday. Please gimme an update whether Malaysian can still transfer the paypal money to VMI card and withdraw them on our local bank..if not..RUGI USD50 for me to apply the card.
ReplyMoses Francis April 3rd, 2007
Hi Ronald, no i dont think there’s a problem with VMI, payapl is just taking this action to verify my account ..again.
Replyhongkiat April 4th, 2007
The way PayPal verify its users is way troublesome but at least safe. Most PayPal users that did not have their credit card verified + documents send over cannot send money. They can only receive money.
ReplyMoses Francis April 4th, 2007
Yeah..that’s the problem..i a;ready have a Premium account and have been verified before..now they want to verify again..aih
ReplyRonald April 4th, 2007
OIC..glad to hear that..i have a credit card verified account so i don’t have to worry..thanks for the update:-)
Replymenj April 6th, 2007
Moses, you are not the only one. I am experiencing the same problem with PayPal too. I’ve already faxed the utility bill and stuff but now they want proof of transaction. Sigh!
- MENJ
ReplyAdes April 6th, 2007
I sent all the files in a scanned form, the agent was kind enough to accept scanned images of the utility bills, ic…etc
It’s strange that PayPal has restricted some of your accounts… I have been withdrawing just fine.
ReplyMoses Francis April 9th, 2007
Yea MENJ, it’s problematic..i actually called their support team with Skype (cheaper) and they said that any account that has a sudden increase of income and money going out are gonna have “limited access”…i already faxed them but now they ask to faxed again..shhh
ReplyiCalvyn.com May 18th, 2007
weired guys… my account never verify before,just updated with credit card..i am still not verified account, but i able to receive and send money.
I have less money in my paypal..i will try to accumulated those money and withdraw 1 short…thank for ur solution…
Replyazrin May 18th, 2007
I used the E-Trade..no charges…and a real checkbook too.
Yeah.. the $1000 daily limit is a bore..but what to do…
NO FAX? use yr scanner…and if you have a MODEM (most laptop has it)..use it to FAX the documents over.. under PRINTER->MS FAX.
Yes…cards like VMI, CASHPLUS etc ..charges alot in the fees…plus 2.5% fee by Visa (PLUS) or Mastercard (CIRRUS) thus why I stick to my Etrade card.
And…according to Paypal..if I can show them a VOIDED CHECK…they will take it as real proof instead and the restriction will be at $20,000 per 120 days instead of the standard $1000 per 90 days for those E-DEBIT cards ..like MetaBank or so.
Oooh ..did I mention METABANK? Still charge alot though.
Best wishes
azrin @ http://www.azrin.net
PS:Don’t put yr eggs on one basket!
Replyyorgan July 1st, 2007
this is a question for those who have their paypal limited, did you verified your vmi account with the 2 deposits before attempting to withdraw?
http://www.advancelinepro.com
ReplyMatt anderson July 3rd, 2007
HI!
Replycan anyone send me a scan copy of any malaysian utility bill, actually i am out of malaysia right now and paypal want me to send the utility bill of my malaysian address, can anyone send me the format of malaysian utility bil(electricity bill)l , I will change it to my own address. you can hide your own details. please please help me out.
send me the scan copy at starapparels2 at g mail dot com .
also can anyone tell me does paypal really verifies the utility bill, or can i apply for a virtual office in malaysia who can also provide me utility bill under my name and address. please help me out.
Regards
LankenGate July 17th, 2007
What is vmi?Is it a bank account?
Replyfoshwa August 6th, 2007
it is a us based checking account, which you can use to take out funds in malaysia and another 210 countries which accepts maestro/cirrus.
VMI is the king of ATM Debit Cards. You can add the card to any site that allows you to add a US checking account. You can even add it to PayPal and withdraw your funds, as long as it has been VERIFIED previously.
Azrin was right when he said, dont put it under one basket, and by now, you guys would have known how hard it is to open a etrade account as it has moved to HK and they stop taking new applications in US.
i am actually offering the sales service and registration. i sell the cards for $32, inclusive of registration, processing and delivery..
if you live in and around KL, i will personally drive it to you.. and if oither states, i will send through Poslaju.
i provide my mobile, my landline, plus my company(sdn bhd) landline and address.
if you want to get one, do contact me..
Regards.
Replyfoshwa August 6th, 2007
sorry, my email is foshwa@yahoo.com.. my bad.. sorry ;-)
Replycaveman0202 August 23rd, 2007
any Malaysian bank offering debit cards with VMI?
Replynormala July 31st, 2008
i want to get vmi card but how can u teach me?
Replyevelyn October 23rd, 2008
can i use public bank visa electron debit card to withdraw money from pay pal?
Replywewrwr June 5th, 2009
HI!
Replycan anyone send me a scan copy of any malaysian utility bill, actually i am out of malaysia right now and paypal want me to send the utility bill of my malaysian address, can anyone send me the format of malaysian utility bil(electricity bill)l , I will change it to my own address. you can hide your own details. please please help me out.
send me the scan copy at thw9898@gmail.com .
also can anyone tell me does paypal really verifies the utility bill, or can i apply for a virtual office in malaysia who can also provide me utility bill under my name and address. please help me out.
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