Emporium Blog

Paypal now allows or so it seems, for Malaysians to withdraw their funds via credit-card management system. Namely the Visa and MasterCard machinery.

This system is often put into place when negotiations with the banking or financial body in certain country failed to make any progress. It is a last ditch effort made to enable users to transfer funds without being subjected to the rules and regulations set by the regulatory body. In Malaysia, that body is called Bank Negara.

If you log on to your paypal account, click on “Withdraw”, you will now see two options. The “Transfer funds to your card” is a newly added feature. It costs 5.00USD per transaction with a limit of 500.00USD.

Initial attempts to withdraw funds this way have not been successful. I am using credit cards issued by the local banks. I made a quick call to their customer service asking for clarifications. Their credit card officer revealed that all local banks have barred this kind of fund movement also used by online sports betting bookies.

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I used to be a chain smoker. I started smoking since college, partly due to peer pressure and I thought it is cool to be seen with a cigarette. Boy, was I wrong.

Movies and unrealistic advertisement back then depicts smokers as idol and cool dude. I still remember the advertisement where the bald eagle of America flying over the outback plains. Two cowboys then emerges and brew coffee on a bonfire while smoking. Smoking represents the free spirit, peace and style. That is the power of advertisements.

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Paypal users in Malaysia have been subjected to unfair policies since 10th May 2007. There has been no news on whether this policy will be permanently imposed on us.

However, there are a few ways to have a proper functional Paypal account. VMI Bank Account is one of them. It is discussed and proper instructions can be found at hongkiat.com, a fellow blogger who are kind enough to share the knowledge. However, there are a lot of fees that are imposed on the VMI Bank Account that makes it not quite worthwhile for small timers.

The other more desirable way, in my opinion at least is the E*Trade Checking Account.

Account Features

• Free, unlimited online bill payments
• Free ATM/Visa® Debit card
• Unlimited Debit card and check transactions
• Free initial checkbook order
• Online images of cleared checks, deposited checks, and deposit slips
• FDIC insurance to at least $100,000

Account Minimums

• $100 minimum initial deposit required
• No account minimums are required to maintain this account

Costs and Fees

• No monthly account fees

The E*Trade Checking Account can be applied through mail. Application forms can be printed online. The whole process is simple and takes less than one week if proper documentation is submitted. A photocopy of your Passport and MyKad is the only requirement needed for identification. Activation is standard procedure as normal for use in Paypal.

I believe there are other ways but E*Trade Checking Account is the best so far. If you have differing opinions, please share. There have been many ebooks written on this subject since and payments are often required for the information. Heaven forbids if anyone were to copy and turn this into an ebook and charges for it.

I hope this article will not be misused by crooks that Paypal wanted to rid by implementing the said policies, else more drastic actions are in store for us.

Happy Paypalling!