Did you hear the news? It’s true, that you can WITHDRAW your cash to your VISA DEBIT or CREDIT CARD. But don’t get your hopes and rush to the bank yet, there are a few catches.

First : US Dollar Based Withdrawal.
Second : USD5.00 Withdrawal Fee
Third : Proceeds will be less 2.5% at your bank.
Forth : Prevailing Visa + Bank Commission of 2.0% is imposed before conversion to Ringgit
Fifth : Takes 7-14 BANKING DAYS TO CLEAR
Last: NOT ALL CARDS CAN BE CREDITED INTO.

Let me put it blindly. Your Nex-G Card , SmartPurse and HYIP Cards prepaid debit cards issued by AMBank, EON Bank, Affin Bank and other banks which has your name NOT-EMBOSSED ON IT are not allowed to be transferred into. This is a statement issued to Resellers and Retailers running the APS EMV programs, which these cards are issued to.

BSN MATRIX CARD which is a Visa-Electron cannot have credits into their card as it’s powered by Affin Bank’s Backbone. Nor REFUNDS can be issued to these cards. The merchant terminal will say OK with Approval Refund Credit codes, but the proceeds will not go to these cards. Thus why Expanded Use number cannot go thru with these cards.

Banks which I am given a green light to credit thru are as follows:

RHB Bank (7 days)
CIMB Bank & Southern Bank (12 days)
Citibank (14 days)
HSBC Malaysia (6 days)
United Overseas Bank (12 days) - NO DEBIT VISA ELECTRON

These banks have said NO as they will not process refunds which originating funds did not originate from them.

Standard Chartered Bank *(DEBIT CARD MAY WORK)
BANK SIMPANAN NASIONAL BSN CREDIT & MATRIX
MBF Cards (Pending)
AM Bank (some reported unable to do so, Prepaid cards are NOT ALLOWED to have REFUNDS)
AFFIN BANK (as their issuer platform is in UK, and does not allow due to BNM Rules)
BANK RAKYAT
BANK ISLAM (ISLAMIC Regulatory, as funds may be not from Islamic Sources)
Al-Rahji Bank (Due to Islamic Terms)

Others…. this is something that may be interesting.

Thai Based E-Purse from 7-11 Shops are NOT ALLOWED to be refunded thru.

MayBank Singapore Mastercard Electronic allows REFUNDS and CREDITS, but you have to chase after them.

NET PROCEEDS will be about as follows:
Example : you want US$100 withdrawal with min $10 amount, and max of $500 a day

You have to withdraw a total of $105 from your paypal.
100-2.5-1.75=95.95USD = Approx RM316.

So effectively,you will get smacked RM40 / US$12 or about 12% in terms of fees, minimum.
That excludes processing time of as early as 14 banking days from the minute you say withdraw to the funds showing in yr credit card.

But then, better than going about the bush and get smacked with heavy withdrawal and card fees like Accend Card or VMI??That on top of $5 monthly fee.

If you still want a card like so… a Visa Debit Card, let me know.Just pay for the direct cost and postage.

THIS DOES NOT APPLY TO SINGAPORE ACCOUNTS!