Withdraw Money from Payal

@aeiou78 (3445)
Malaysia
April 21, 2011 8:38am CST
For my country, Malaysia, if I want to get free processing fee, I shall accumulate more than Ringgit Malaysia 400.00 in my paypal account to withdraw, else I shall be charged for Ringgit Malaysia 3.00. At the moment, I do have more than Ringgit Malaysia 400.00 in my paypal balance. But I am puzzled if I should withdraw my money at the present low exchange rate as below: $1.00 US dollar is about Ringgit Malaysia 2.975 Should I withdraw my money from paypal when the rate is higher? What were your withdrawal habits ?
6 responses
Polang
@tkonlinevn (6373)
• Vietnam
23 Apr 11
Papal's exchange rate is lower than fact exchange rate in my country. Example: exchange rate at our bank is 01$=20930VND but exchange rate at Paypal is 01$=20195VND. I lost quite much money because the differential exchange rate. But I can't do any things. I must accept it!
aeiou78
@aeiou78 (3445)
• Malaysia
23 Apr 11
Yes, you are right. I have the same impression too. When I make a payment to someone via the paypal, I suspect the the currency exchange rate is higher than the actual rate. When I try to withdraw the money from paypal, I suspect the the currency exchange rate is lower than the actual rate. However, these are the impression to me about the paypal. We are supposed to verify all of these doubts by vetting through all of the statements in paypal website.
Polang
@tkonlinevn (6373)
• Vietnam
27 Apr 11
If you have many transaction via Paypal with your customers, you should notice them that you'll get a bit money for exchange rate. If not, you must lost much money.
mukeshjagwani
@mukeshjagwani (50)
• India
4 May 11
boss i think you don have to wait withdraw now
aeiou78
@aeiou78 (3445)
• Malaysia
4 May 11
I understand that the amount of money in my Paypal account is not so large. However, I am just trying to have a habit to maximize my earning in whatever I am doing. Even though I am withdrawing my money now, I have no other usage or investment with those money. In addition, I am still depositing my online earning to my paypal account. For me, it is wise to be patient and wait for a while when I am comfortable with the exchange rate.
yspmyl
@yspmyl (3435)
• Malaysia
22 Apr 11
What I do is to wait until I have accumulated more than RM400 in my paypal account. Why let paypal earn the fee if you do not need the money? So, why not just let it be there and till you have enough to withdraw free from paypal? I am not a stingy type but I think if you think money is easy to earn, you can always let other to take certain part of your hard earn money. In term of the exchange rate, when come to the forex, it is always good to wait for higher exchange rate if you have a huge amount of money for exchange, or else you will not see much different.
aeiou78
@aeiou78 (3445)
• Malaysia
22 Apr 11
Yes, you are right. I were having the same concept as you. Now I have reached more than RM400.00 in my paypal balance and it is the time for me to withdraw. At the moment, the currency exchange rate is out of my expectation. All the while, it should be higher than now. However, I shall observe and withdraw my money as soon as I feel comfortable to it.
CTHanum
@CTHanum (8234)
• Malaysia
21 Apr 11
If you need to use it then you should withdraw the money. If you don't need it then you can keep it to buy things online or when the rate is higher.Both are fine.
aeiou78
@aeiou78 (3445)
• Malaysia
22 Apr 11
Yes, you are right. Those money can be reserved for buying online. Then I can save a lot for the exchange rate. If I don't use it for online buying, I should withdraw all of them to earn interest from my bank. As a normal personal member of paypal, I can not earn a single interest from paypal. Just wait for one or two weeks for me to observe the rate first. Thanks for your great proposal.
asliah
@asliah (11137)
• Philippines
4 May 11
hi, i think its more nice to withdraw money in our paypal account when the exchange rate become higher if you dont need the money as well,sometimes other people withdraw money because they need it.
aeiou78
@aeiou78 (3445)
• Malaysia
4 May 11
This is the main reason for me to keep and accumulate my balance in paypal account until I am entitled for Free of Processing Charges. ha! ha! I hope my decision is right to maximize my return from my hard works and efforts.
saqi78
@saqi78 (1402)
• Malaysia
21 Apr 11
Yeah, this is normally happen to me too, now a days you may have observed that the dollar rate is declining from couple of weeks, it was 3.05 and now as you said it is 2.97RM. I personally think that wait for some time, may be a week or so and see the rate daily then you can with draw, if it is going up then you can wait for some time but it all depends whether you need that money or not. If you need then you can with draw now...:) Look at the graph for some previous weeks http://www.exchange-rates.org/history/MYR/USD/G (Not a referral link dear Moderator) Have a nice day dear...:)
aeiou78
@aeiou78 (3445)
• Malaysia
21 Apr 11
Of course I don't need those monies yet. ha! ha! ha! I should wait for few more weeks to observe the exchange rates. For sure, there isn't any advantage to keep my money in paypal for too long. Moreover, we can not foresee the future of all online earning money system. They might turn into scam without any early symptom. Thanks a lot for you feedback.