I got my Public Bank Visa Electron card early this month. The first thing that came into my mind was to withdraw my PayPal funds immediately. Just when I was about to withdraw my PayPal funds, I notice that my name printed on the screen (full name) doesn’t match the name printed on my debit card (partial name).
I looked for an option in the system to edit my name printed on the screen to reflect the one in my card. There isn’t such an option but I found something else instead. I noticed the phrase, “Expanded Use Number needed” for my debit card. I was worried that my withdrawal will be rejected if I do not complete the expanded use option first. That is why I postponed my withdrawal later.
A few days later, Joyce mentioned that her PayPal withdrawal was successful even without completing the Expanded Use process. That is when I immediately made my withdrawal.
I applied for Public Bank E-banking service and opened a savings account. That way, my e-banking application can be approved immediately. I was told that applying for the e-banking service for the debit card only may take weeks to complete. Anyway, the advantage of connecting the savings account and the debit card is that I can transfer funds from the savings account to the debit card (and vice versa) easily. To top it up, it is free of charge.
Withdraw PayPal Funds Into Debit Card Successful
To date, I have made two withdrawals from PayPal successfully. The first withdrawal was on the 12th November and the second one five days later. Both transactions were approved without any problems.
The conversion rate for the first withdrawal is 3.3068. That is very low. The conversion rate for the second withdrawal is 3.3285. The difference is about RM10.
Withdraw $500 Or Not To Withdraw?
Earlier, I read some concerns about withdrawing big amounts with a new debit card from PayPal. The advice given was to withdraw small amounts first and to make some transactions with the debit card before withdrawing. In my case, I made two big withdrawals without any problem.
However, as Hongkiat puts it, getting your PayPal account limited is like having chicken pox. You are sure to get it. Therefore, do not allow it to disturb you too much. Just withdraw your funds like how you would like to do it. It is advisable to withdraw a maximum of $500 each time (or as much as you have) to save on the $5 transaction fees incurred for each withdrawal. $5 is about RM17. Think about it.