Last night, I managed to withdraw another RM600 from my SouthWest Bank checking account using my Virtual Money Inc (VMI) card that I got recently. This time, I tried to withdraw using Public Bank’s Automated Teller Machine (ATM) with the Cirrus logo. And I was pleased to see the cash coming out from the ATM. So it really works for any ATM with the Cirrus logo.
When I had my now defunct Accent card initially, I could only withdraw from Bank Bumiputra or CIMB as it is now known as. Even though the terms stated that I could withdraw from any ATM with the Cirrus logo, I could not take out my cash from Maybank’s ATM though it had the Cirrus logo on it. And I could only withdraw my money using the defunct Accent card using CIMB’s ATM in University Science Malaysia.
So, if you still need to get your friends to withdraw the money for you using Paypal, my suggestion is to get a VMI card so that you can withdraw it yourself and don’t have to accept a lower exchange rate from the money laundering services. Even a difference of 0.2% lower rate can mean hundreds of dollars go into the middleman’s pocket and not your own if you are earning thousands a month. For example, if you earn RM4,000 a month in your PayPal, a 0.2% can mean RM800 less in your bank account and this money is channeled to be paid for the transfer services.
This makes a total of RM3,600 withdrawn using my new VMI card, as I have taken out RM3,000 just a few days ago. Do note that however, you need to have at least USD10 in your account and another USD2.70 for monthly charges with is quite reasonable to maintain the VMI card.
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