Public Bank Visa Electron Limits PayPal Withdrawal to US500 Per Day
Posted on 31st July, 2008
Most Malaysian PayPal users are probably aware of the US500 daily withdrawal limit imposed by PayPal. It’s probably a non issue to the majority of users.
However what if the amount you want to transfer is larger than USD500? That’s what happens to me as I am trying to transfer some USD3000 plus to my Public Bank Visa Electron card.
I’ve started receiving payments to my PayPal account from the commissions I earn from MaxBounty. I opted for the PayPal payment because MaxBounty converted my commission checks into the equivalent Malaysian Ringgit but at a lower exchange rate than what I would normally get over the counter.
By the way, if you are interested in making money promoting pay per lead programs, MaxBounty is one network that you should consider. The payouts for certain campaigns are sometimes better than what you would get from other networks. They even have offers targeted to Malaysian. Personally, I’ve been making around USD500 monthly from MaxBounty, not much I know but good enough for a passively generated income.
Anyway, at first I wondered if there’s a way to lift the USD500 daily withdrawal limit if I upgrade my account from Personal to Premium. I did that but the limit remains in effect. I contacted PayPal and here’s their reply:
This is Michael, and I am honorable to assist you with your question regarding your PayPal account.
Upon your email, I understand you would like to lift the withdrawal limit on your account.
After checking your account information, I find it has been verified, which means there is no limit on it.
However, in accordance with local financial regulation of Malaysia, there is still a $500 USD daily withdrawal limit to withdraw funds to the Visa card on your account, which can not be lifted. Please kindly understand it.
On the other hand, if you have a US bank account, I suggest you add it to your account for withdrawal. And there will be no limit to withdraw funds to that US bank account.
I hope the above explanation would be helpful for you to better use PayPal. If you have further questions, please feel free to let us know.
Thank you for being part of the PayPal community.
PayPal, an eBay Company
So once I have upgraded my account to Premier, there’s actually no limit (even though I haven’t confirmed that card with PayPal) on the amount I could withdraw. Apparently the limit is imposed by Malaysia’s financial regulation so for the time being it appears that we are stuck with it.
In my case though, it’ll take 6 withdrawals to transfer the amount and will accrue (USD5 x 6) USD30 transfer fees in total. So here I am trying to transfer USD500 a day. I’ll let you guys know if the withdrawals are successful. It would take 5-7 days for each transfer to complete.
Talking about withdrawing your PayPal balance to Public Bank Visa Electron, there’s one last step you need to perform after your card is approved before you could do so. You would initially be asked by Public Bank to deposit RM25 into your account. If you do that and then try to add your card to PayPal you’ll most likely get the following error:
This credit card has been denied by the bank that issued your credit card. For details on why your card was denied, please contact your credit card issuer’s customer service department. Or, you may want to try adding a different credit card.
The reason is because in order to start transacting using your card with PayPal, you card balance has to be larger than RM25. If it isn’t, you would have to top it up over the counter of via an ATM machine. In any case, you should contact Public Bank customer service if you are still having problem.
Does anyone know of a Malaysian Visa card that doesn’t impose the USD500 daily withdrawal limit?