All Your Questions Answered
October 22, 2007 – 11:18 pm…… on withdrawing funds from PayPal to Public Bank Visa Electron Debit Card.
If you have been following my blog, I am sure that you know that I successfully withdrew my PayPal funds to my Public Bank Visa Electron Debit Card.
After my frustration in withdrawing cash over the ATM where I made the mistake of selecting FAST CASH instead of CASH ADVANCE, I went to open a Public Bank Savings Account. The minimum opening deposit is RM250 but you can always withdraw a maximum of RM249 at the ATM as soon as your ATM card is ready.
It took almost an hour to get my savings account ready where I was given a passbook (wah! They still have this. I have so many bank accounts, this is the only bank account I have that comes with a passbook!) and an ATM card where I went to change my PIN as soon as I got it.
I requested to have this Savings Account included in my internet banking account so that I could manage both accounts with a single online account. At the same time, I requested not to have these two accounts linked up so as not to risk whatever funds I have in my Debit Card.
This Savings Account was reflected in my internet banking account a few hours later. I did a trial transfer from my Debit Card to my Savings account. And there was NO CHARGE too and the RM100 that I transferred was reflected in my Savings account instantly.
So if you have been wondering if Public Bank Visa Electron Debit Card is for you, then here is the answer. Maintaining the card only costs RM24 per year but you will receive a cash back of 0.05% for every Ringgit you charged on your card. If you receive a cash back of more than RM24 for one year, it means that you don’t even have to pay for the service charge.
I am sure you know that PayPal will charge you US$5 per $500 withdrawal per day. This is 1%. Everything else is free. BUT you will be getting a lower currency exchange rate. Withdrawing to a Debit Card, you have no say what currency exchange rate you will be getting unlike withdrawal to a US Bank Account where you only withdraw when the exchange rate is more favourable PLUS you will get your funds based on real time exchange rate or even higher.
However, this option to withdraw to our Visa brand credit or debit card is way better than what we had previously.
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