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:
I transferred $500 from PayPal to my VMI Bank account on the 27th March 2007 and there is no extra charges from PayPal.
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.
- Can you really withdraw from VMI?
- Have I really withdrawn before and how much?
- Any extra/hidden charges you’ve not covered?
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.
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.
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