Tuesday, August 14, 2007

My VMI experience - Part Three

In Part Two of my VMI experience, I blogged about purchasing my VMI card. In Part Three here, I use the VMI card to make my first withdrawal.

My VMI card came by PosLaju the day after Michael mailed it out. Extremely efficient, both Michael and PosLaju! Inside, I found the VMI card, terms and conditions and instructions on how to confirm registration of the card online. When you purchase the VMI card from the reseller, you have to provide your personal details to them so that they can register the card for you online with VMI and email back to you the online confirmation. Once you have your physical VMI card with you, you will need to log-on to the VMI website and do a very simple confirmation with the confirmation number in the letter under the card. Once you have confirmed with this number, VMI will prompt you to choose both a password (6 digit) and PIN number (4 digit) that will be used in future to access your accounts. These are very important numbers, so don't forget it!

Upon confirming my VMI card, I logged into PayPal and added my VMI card as my US bank account. It went smoothly, and I transferred an initial sum of USD70 to try it out. Why USD70? Because I wanted to withdraw USD50 as an experiment, and you need to keep USD10 in your VMI account at all times, and USD10 to cover the cost of miscellaneous fees. The account will be credited with your transfer within 2 - 3 working days and it should be noted that no matter how much you transfer at any one time, VMI charges a transaction fee of USD3. Also, when you withdraw your monies from the ATM, VMI also charges a flat fee of USD5 so you should think carefully when you actually decide to make a withdrawal.

I made my transfer on Sunday night and checked my account on Thursday and voila, my money was there. On Saturday I headed to the ATM machine at CIMB Bank and with great anticipation, used my VMI card to withdraw RM170 or approximately USD49+, just under USD50. And yes, it worked! I couldn't believe I was holding on to the crisp new ringgits earned from my part-time blogging.

So yes, VMI does work for me (and well, I might add!) and I'll be using this in future to withdraw my earnings. If you're thinking of getting the VMI card yourself, be sure to read and understand the fees as well as the terms and conditions.

For an excellent pictoral step-by-step guide of how to add VMI to your PayPal and the withdrawal process, please visit Hong Kiat's blog here.

2 comments:

Giddy Tiger said...

Excellent review of the VMI card - I am SO much more informed now. There are so many additional charges involved though, with the withdrawal and the transfer...I'll have to think twice about using this.

What if you want to transfer $$ from VMI to your CIMB bank account? Is there a charge incurred?

rinnah said...

giddy tiger: Thanks! I hope it was helpful in assisting you to make up your mind.

I think I covered your question in our chat just now, right? *grin*