Any extra\/hidden charges you\u2019ve not covered?<\/li>\n<\/ul>\nI totally understand that everyone will be extra careful when it comes to monetary matters especially when it\u2019s online transaction. Well, to answer these doubts together I\u2019ve 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.<\/p>\n
<\/p>\n
Transferring from PayPal to VMI Bank Account<\/h2>\n
![](\"https:\/\/assets.hongkiat.com\/uploads\/paypal\/vmi01.png\")
<\/p>\n
I transferred $500<\/strong> from PayPal to my VMI Bank account on the 27th March 2007 and there is no extra charges<\/strong> from PayPal.<\/p>\nReceiving money in VMI Bank Account<\/h2>\n
![](\"https:\/\/assets.hongkiat.com\/uploads\/paypal\/vmi02.png\")
<\/p>\n
Money was sent from PayPal on the 27th and received in VMI on the 30th. Transaction will require at least 3 working days<\/strong> along with $2 as transaction fees<\/strong>. I\u2019ve made a $500 transfer and received $498<\/strong> in VMI.<\/p>\nThe Currency Rate<\/h2>\n
One thing I like here is the US Dollars \/ Ringgit Malaysia currency rate is still doing at 3.5<\/strong>27 even though a lot of banks has dropped to 3.4. Always perform a currency conversion check before you do a transaction<\/strong>. My remaining $498<\/strong> will give me about RM1756<\/strong>.<\/p>\nKnow the cost, Plan your withdrawal<\/h2>\n
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<\/strong> ($498-$10) and that\u2019s about RM 1721.00<\/strong>. This leaves you with 2 options:<\/p>\n\n- Withdraw RM1500 with ($5\/RM18 transaction fees)<\/li>\n
- 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.<\/li>\n<\/ol>\n
Its not worth withdrawing small amount (RM150) when transaction fee is standard, I personally don\u2019t 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\u2019t, CIMB don\u2019t but Maybank yes.<\/p>\n
Summary<\/h2>\n
Here\u2019s a roundup.<\/p>\n
\n- Transfer $500 from PayPal to VMI Bank Account, deducting $2 transaction fee, you left $498.<\/li>\n
- Assume you need at least $10 in your bank account, you eligible to withdraw $488<\/li>\n
- Each withdrawal will cost $5, you have $483 to withdraw.<\/li>\n
- $483 x 3.527, you have RM1703 to withdraw. <\/li>\n<\/ol>\n
How you withdraw is entirely up to you, but remember each transaction cost you $5\/RM18. I suggest you do it in bulk.<\/p>","protected":false},"excerpt":{"rendered":"
I\u2019ve been asked quite number of times even after I\u2019ve 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\u2019ve not covered? I totally understand that everyone will…<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3411],"tags":[62],"topic":[4523],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"\n
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