Jun 1 2007

How Malaysians Can Withdraw Through Paypal

I first read about withdrawing through Paypal via Virtual Money Inc. (VMI card) from HongKiat’s blog as he has a very detailed write up which he shared with his readers.

This is a similar write up based on my own experience which I had earlier posted on my other blog. I wrote to Millie Luong, a Virtual Money master agent in USA and applied for the Virtual Money Inc. debit card. You need to email her some personal details as well as a scanned copy of your IC. Payment was USD28 via paypal, inclusive of the shipping charges. The card itself cost USD25 only. I opted for the cheapest shipping method as I was in no hurry to get the card. I received my card within 10 days.
The shipping options are as follows:
A) $3.00 shipping via regular United States Postal service (USPS), receive in about one and a half week
B) $8.00 shipping via USPS Global Priority, receive in about one week
C) $20.00 shipping via USPS Express, receive in about 3-5 business day with tracking
D) $40.00 shipping via UPS Express, receive in about 3 business day with tracking.

Do note that each Virtual Money debit card requires a minimum balance of $10.00 USD to pay for at least 3 months of your monthly fee of $2.70. On top of that, here are some of the charges that you should be aware of:

Basic ATM Fee Information:
Description Fee (USD)
Funds Deposit 2.00
ATM Withdrawal - 1.80
ATM Withdrawal - International 5.00
ATM Balance Inquiry/Denied Inquiry - 0.50
ATM Balance Inquiry/Denied Inquiry - International 0.50
Card to Card Transfer 2.00
Card to Bank Account Transfer 2.00
Bank Account to Card Transfer 2.00
Monthly Account Service Fee 2.70
Card to Check 4.95

Once you received your VMI card, you will notice that there is an access code attached behind the ATM card letter. Follow these steps to activate your card.

a) Go to

www.virtualmoneyinc.com to “activate” the card. You will find it in the lower left corner by “Resource Center” on the website.

b) Enter your card number, your registered Birthday, and use the 6 DIGIT activation code (listed above), also found on the letter behind the ATM card.

c) Once the card has been activated, you will be prompted to select first a 4 digit ATM pin number. Please remember this 4 digit ATM pin number that you will use to withdraw cash at the ATM machine only. There is no way to recover this 4 digit number, so if you forget it, you will need to replace your card.

Second, you will be prompted to change your 6 digit access code for online use. You have this ONE chance to change the 6 digit ONLINE ACCESS code.


Adding Bank Account To Your Paypal
1. Go to your paypal account and select “Add Bank Account”. Input the following:a. Bank Name: Southwest Bankb. Routing Number: 111900756c. Account Number: 8 + the last 9 digits of your card number. Example: If your card number is 6278 9510 1234 5678 Your account number would be 8012345678. It is IMPORTANT that you register this Virtual Money account as “Checking” and not savings.

2. I did a test run by transferring a small amount of USD11.88 and got it verified by paypal in 3 days. It took another 2 days for the funds to show up online in my VMI account.

3. I did another transfer with a bigger amount and after 5 days made my withdrawal through AmBank ATM. You can withdraw through any bank with the CIRRUS logo but some banks only allow max RM1,000 per withdrawal so, I chose one which allowed RM1,500 to be withdrawn in one transaction. Remember, withdrawal charges is USD5 per transaction and thus, it is more worth it to withdraw a bigger amount.

That’s all there is to it. Of course, there is a risk withdrawing this way. Short of opening an account in another country (S’pore for some), this is the only way I can manage to get my money. Try at your own risk ;) There is another way of withdrawing from paypal but since I am not using it, I will not post about it.

Finally, another advantage is you do not need to manually accept payment that comes in from the advertising networks on a daily basis. All you need to do it just sit back & check your account balance ;)

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0 Comments on this post

  1. A.I. Editor said:

    Hi, have you tried withdrawing your Paypal funds to your VMI debit card very recently?

    I have a VMI card since early last year but I am still scared to use it.

    Do you want to exchange links with my Movie Special blog?

    June 25th, 2007 at 3:12 am
  2. IMMomsDaughter said:

    Hi AI Editor - I’ve had no problem using my VMI card. Have made several withdrawals successfully :)

    I’ll link your Movie Special Blog to my entertainment blog http://myyakkityyak.blogspot.com.

    June 26th, 2007 at 5:15 am

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