Just Gotta Love Public Bank’s Visa Electron Debit Card
November 5, 2007 – 6:29 pmI’ve read so much about people facing problems withdrawing their PayPal funds to their Malaysian credit or debit cards. Some even had to produce documentation to the bank to prove that the funds is their own.
If you have been reading my blog, you will know that I have had a smooth transfer the first time a month ago.
When I made that first transfer of US$500, on 4th October, 2007 and cleared to my Debit Card on 9th October, it took a total of five days inclusive of the weekend. Now, there’s better news.
I initiated my second transfer on 2nd November, 2007 and received the funds to my card just now on 5th November, 2007. All it took was a total of three days. As you know, 3rd November was a Saturday and 4th November was a Sunday. This means that all it took was a total of ONE (and a half) working day.
For US$495, I received RM1,631.98. According to XE.com, USD1 = MYR3.35325, withdrawing US$500, I should have gotten RM1,676.62.
This means that for this transaction, I “lost” a total of RM44.64 or USD13.3126. This calculates to a “loss” of 2.7% of my US$500.
I think that this is a very good rate considering that my Bank has increased its currency conversion rate from 1% to 3% (a rise of 200%) beginning 5th November, 2007. Moreover, I get to check my account online and transfer the access funds from my debit card to my Public Bank Savings account straight away without even going to the bank or extra charge.
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