Starting your emergency fund

November 19, 2013

Emergency funds are usually separate from general savings for holidays and other life events. You wouldn’t want to pay for that car tire whilst foregoing your Bali vacation.

 

By Diana ChaiThere will definitely come a time when life will just happen. Living paycheque to paycheque will surely lead to difficulty when a sudden car repair, hospital bill or purchase comes up. For such instances, having a savings beyond that for retirement and vacations will be helpful.

Why you need one
As the name states, the fund is for an emergency! And having one will definitely save you money and a lot of stress. Many people are ill prepared for life’s little hiccups and when something does happen – they turn to credit cards and personal loans. The added debt at best will cost them exorbitant interest but at worst – may spiral into a debt cycle they are unable to escape.

Emergency funds are usually separate from general savings for holidays and other life events. You wouldn’t want to pay for that car tire whilst foregoing your Bali vacation.

The Basics
To get you started on building your emergency fund; these are some basic rules.

Start by saving 10% of your income. Granted, 10% is harder for someone on a salary of RM1500 than for someone on RM3000 but endeavour to hit the 10% mark anyway. But honestly, the key is to save something. If you can’t meet 10%, go for RM100 a month.

If 10% from the get-go on salary day is too scary a number; spread the amount over the month. For instance; if you earn RM3000; 10% is RM300. Divided over a month, it’s RM10 a day. So, start by saving RM10 a day, every day. The staggered payments make it easier to swallow and you will still end up with the same amount at the end of the month.

Put it in a savings account and not in a safe at home or under the bed. Most savings accounts will give a minimum 2% interest on your savings. This is better than having your fund grow nothing else but mould.

Don’t apply for an ATM card. ATM cards will only help you give in to the urge to withdraw the money. Save the RM8 fee and don’t get an ATM card.

Optimise Savings
Once you have at least RM1000 in your emergency fund; it’s time to get more serious about saving.
Start shopping around for savings accounts with better interest rates. The fund is still for emergencies and at the time you’ll want easier withdrawal so avoid fixed deposit accounts. Savings accounts have limited interest rates but with some digging you may find one giving perhaps an extra 0.5%. It may not seem like much but when your pot grows; it can make a nice difference.

Revise saving levels with every increment. As your salary increases: look to increasing the percentage you save. Saving at an income of RM5000 is easier than on RM3500 so look to increasing to perhaps 15% or even 20% if you can manage it. If you don’t like percentages, increase it by RM50 or RM100 when you can.

Automate savings. Though you can start this at the get-go; it’s sometimes helpful for some to start slowly. The daily method will not work on automation. But once you are comfortable with saving – start an auto-deduct plan with your bank to funnel your savings straight into your savings account. Of course, you can always start with automated savings to help ensure you don’t slack off from the beginning.

Unlike general savings; your emergency pot doesn’t need to always grow. Keep it at RM3000 or RM5000. You’ll only need to restart saving if you’ve used the money. It’s important to remember that an emergency fund is just for emergencies and should not take the place of regular savings.
This article brought to you by Diana Chai of RinggitPlus.com. We believe all Malaysians should have access to free, accurate and independent personal finance information.

A beginner’s guide to medical insurance

November 18, 2013

There are several types of insurance available on the market, but what do they all cover?

 

By Eugene Chua
There are several types of insurance available on
 the market, but what do they all cover? SaveMoney.my explains medical insurance, which should be noted is separate from life insurance or personal insurance.

What is medical insurance?
Medical Insurance functions as a form of protection to cover unforeseen expenses arising from illness, injury or accidents – which can be very expensive, especially if hospitalisation and/or surgery is required. Getting the right Medical Insurance also ensures that you won’t have to fret about the cost of seeking treatment during an emergency. In addition, it also provides you with a stream of income while you undergo treatment.

There are 4 major types of medical policies:
Medical Card/Health Card – covers hospitalization and surgical benefits
36 Critical Illness or Dread Diseases Insurance – a lump sum benefit
Disability Income Insurance – stream of income when you are unable to work
Hospital Income Insurance – provides a specified sum of money on a daily, weekly or monthly basis if you are being treated in a hospital

Where can I get medical insurance?
Medical Insurance products can be found at insurance companies and banks. Pos Malaysia also provides Hospital Cash Income Plan too.

How much does it cost?
Insurance companies and banks provide a few plans for you to choose from, based on your budget and needs. Of course, the longer the list of medical coverage provided, the higher the premium (insurance fee) will be. Aside from this, the premium will also vary based on other factors such as your age, occupation, health record, gender, and whether you are a smoker or non-smoker, subject to underwriting. As expected, those with a higher risk potential will be charged with higher premiums. From our research, the premium for a medical card is basically charged based on the age of your next birthday and it will be increased with age upon renewal.

Medical card / Health card
Government hospitals offer emergency and essential medical care but there is usually a long waiting list. Possession of a medical card will be able to give you more choices to both government and private hospitals. A medical card can also help you prepare for costly expenses and ensures comprehensive coverage in medical, surgical and hospital costs, ambulance fees, and other related medical charges.Things to be aware of:
Panel hospital A panel hospital is the hospital collaborating with the insurance company. All the expenses incurred by the insured are directly payable to the hospital from the insurance company; you do not need to worry about preparing and submitting claims. Depending on the insurance company, the number of participating hospitals varies. Choosing a medical card with more participating hospitals benefits you better, as you will have more choices in the time of emergency.
 
Co-insurance
Some medical cards practice co-insurance, meaning that you’ll have to pay a certain amount of the medical fees, normally at 10% – 20% of the total medical fees incurred, while the balance will be paid by the insurance company. Another similar option is Deductible per disability, which is also the amount you have to bear before the insurance providers pay the claim for you. The difference is that deductible per disability is a stated amount (not a percentage), and only the amount exceeding this deductible amount will be payable by insurance providers. guide on medical insurance in our next piece!
Eugene Chua is the Finance Editor at SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.

Financial leaks to plug

November 5, 2013

Here are some ways your money may be leaking out from your wallet and how to plug it.

 

By Michelle Brohier
With the rising cost of items and other financial burdens to worry about, it’s easy to believe that there is little you can do about the dwindling amount of money you have at the end of each month. But there are actually a number of expenditures that can be avoided. So if you’re determined to make each and every ringgit you spend count, here are some ways your money may be leaking out from your wallet and how to plug it

Anxiety spending
You’re stressed out, tired and in desperate need of some cheering up. So you think of the easiest way out: buying happiness through splurging on expensive meals, a couple of drinks at the bar with friends, or even on a new item you like. While they may work in cheering you up for a short while, spending based on your mood is a surefire way to end up with massive debt for things and experiences you don’t even remember why you wanted.

Look into inexpensive ways to handle your stressful days, like staying home to watch a movie or have friends meet up at cheaper places. While entertainment and keeping yourself happy is important; if you aren’t careful, the added bills and debt can be a lot more stressful than the guy who accidentally shredded your work documents.

Hidden costsYou’ve been buying many items that you believe is saving you money as they were on sale, there was a bargain or even a special promotion. But then you realise you didn’t need half of it and probably won’t use the rest. Sometimes, you may find you were duped by a ‘good deal’ that wasn’t so good after all.

Take your time to find out how much the item you want really costs by looking out for possible taxes or fees that may come along with it. Don’t buy anything out of impulse, and do as much research as possible for there may be ways to cut down on those hidden costs. Items on sale that requires you to make more purchases to obtain a discount may not be worth the extra spent, especially if you end up buying items that you never use.

Indiscriminate parking
Parking can be a real pain here in Malaysia, and in order to save time and even money, double parking or even illegally parking seems the only option. But parking this way brings a lot of risk, with the possibility of your car getting scratched or dented, getting summoned or worse, being towed away.

If you receive a summons, it would cost you many times more than parking legally. If your car gets damaged, you will also have to pay to fix it and the inconvenience of retrieving your towed car would also cost quite a bit. So take that extra effort and look for a proper parking spot even if it means having to walk a little further away.

Rarely used services
You spend hundreds of ringgit on your postpaid phone service, on cable TV, gym memberships or even on some subscription magazines. But you don’t use your phone much, barely watch TV, have lost interest in the magazine and let’s face it – you’re never going to the gym again. There’s probably hundreds of ringgit being wasted right there. While they may be useful occasionally, it’s burning a hole in your pocket when it isn’t in use. Cancel it all and before signing-up for something again, make sure you are committed to making full use of it!

Plugging these financial leaks can save you a lot of money, but it can only be done if you make a conscious effort to know where your money is going.

This article brought to you by Michelle Brohier from RinggitPlus.com. We help you get more for your money; be it from banking products to lifestyle tips. Check out our banking product comparator or just drop by for informative reads on everything money.

Top tips for saving money on flight bookings

September 11, 2013

           

Here are some top tips to help you reduce the costs of flying.

By Hann Liew

 

Planning on going for a holiday? A few things to consider are where you want to go, how to get there, and whether you can afford to do so! Nowadays, budget airlines (and their threat to regular airlines) have made flying the easiest and often cheapest way to travel, especially if you’re headed overseas. But sometimes when you see some of the charges that crop up, it doesn’t seem like such a ‘deal’ anymore. We at SaveMoney.my understand this pain and have come up with some top tips to help you reduce the costs of flying.

Tip 1 – Book in advance
Unless you are booking package holidays, book flights early. Business travelers will often pay top dollar at the last minute, so airlines hike prices closer to the day. Therefore try to book your flights as soon as possible which could save you hundreds of Ringgit per flight.

Tip 2 – Use a credit card associated with an airline
By using a credit card that offers benefits when flying with a particular airline, you get to save money in a couple of ways. First, some cards earn you extra points or miles when purchasing a ticket. For example, the Maybankard 2 American Express Credit Card gives you 5x points and cashback on a weekend (of course, you have to remember to only buy your flights on a Saturday or Sunday!).

Meanwhile, some airlines might charge you a ‘card handling fee’ or ‘card processing fee’ for Visa, MasterCard or American Express credit cards. However, some airlines waive these fees if you use a related card (such as AirAsia and their BIG prepaid credit card) which means you can avoid paying this additional credit card charge – extremely handy if you are a frequent traveler.

Tip 3 – Be careful of travel insurance Protection is never a bad thing, though insurance policies sold with flights are often overpriced. Sometimes the cost of your insurance can be more than 2 or 3 times the cost of your flight so think about it! SaveMoney.my’s advice: you can usually get travel insurance for a fraction of the cost elsewhere.

Also beware of certain airline sites that have it set as a default and require you to un-check a box (or something similar) in order to remove the policy. Before purchasing your ticket, always ensure that you are paying the right amount.
Tip 4 – Avoid seat selection / Plan your baggage allowance
If you are not fussy about your seat, avoid paying the ‘additional fee’ for seat selection. Some airlines can charge up to RM50 per seat booking so do be aware of these charges.

If you intend to have check-in luggage, make sure you plan in advance how much you will need to check in. If you think you may need to bring oversized items or extra kilos on your way, make sure you book it in advance, otherwise having excess baggage not included in your ticket at the airport can raise astronomical charges.

Now enjoy your holiday, knowing that you have saved money!

Hann Liew is the Founder and Editor-in-Chief of SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time, painless) savings in their daily banking, technology and lifestyle spending habits.

PayPal – A guide to using PayPal in Malaysia Part 2

PayPal – A guide to using PayPal in Malaysia  Part 2

Paypal : Features and Benefits

PayPal has quite a few advantages, like these :

Easy Access

The attractiveness of using Paypal is that you can shop online with peace of mind : You can pay for purchases and send money from over 190 countries and regions! Another plus is that recipients don’t even need a PayPal account – they can sign up when they receive your payment. PayPal is accepted by thousands of businesses worldwide and is the preferred payment method on eBay. Also, it is very fast and simple to sign up for Paypal. You can use your account within minutes of signing up.

Safety

Paypal emphasises safety of data and none of your financial details will be exposed to the merchant. They claim to prevent identity theft by :

• Using state-of-the-art technology and fraud prevention models to help stop cyber crime.
• A team of over 2000 specialists worldwide including former law enforcement officials who work together with agencies around the world to prevent fraud and identity theft.
• Paypal verification system. Many account holders have verified their accounts and established an identity with Paypal.

What about your purchases? Yep, PayPal guarantees protection of your purchases as well. Paypal guarantees 100%  protection against unauthorized payments sent from your account. This is done so because Paypal sends an email confirmation of every account transaction. If you receive confirmation of a transaction you don’t recognize, their 24/7 customer support team will help you sort out the situation. If you report an unauthorized transaction within 60 days of the transaction, Paypal will cover the full cost.
Paying with Paypal also gives you access to a dispute resolution forum called Resolution Centre. There, you can file claims against these items :

• A physical good that you paid for but never received
• A physical good you purchased on eBay that is significantly different than what was described in the listing.

Disadvantages of Paypal

Fees and RestrictionsThe Underlying

There are nominal fees for several transactions offered by Paypal. Paypal fees can be considerably large if you transfer in large amounts (Business and Premier accounts). Hence, for small transfers, personal accounts may be best. While it is free for personal account holders to make or receive payments from other accounts, they have limits on the amount of money being moved. Business and Premier accounts have no such restrictions but are charged high transaction fees. Hence, Paypal takes a large percentage of the money being moved.

Locked accounts and rigid security measures

The US government has strict rules restricting the number of transactions through Paypal due to possible terrorist threats. If your account comes under the slightest suspicion, your account is immediately frozen. Paypal then has to conduct an investigation to verify the safety of your account and this could take a long time. Your money will then be frozen for a long period of time and Paypal is given complete control over your funds

Currency conversion

Payment in foreign currencies has to be converted to local currencies before transferring to your bank balance. You cannot set up a foreign currency account to avoid the conversion. These currency conversions  are carried out at credit card rates. Furthermore, Paypal’s currency basket is limited to 23 currencies. Some important currencies such as the Indian rupee are excluded.
Paypal is not supported in some countries especially developing countries where scams are prevalent.

Alternatives to PayPal for International TT - PayPal vs. Credit Cards

PayPal

With PayPal, you do not have to repeatedly key in personal details when making a payment or keep exposing sensitive financial details. This is because all your personal details are already stored on a security encrypted database with PayPal. When you pay using a Paypal account, you only have to log into PayPal and select the preferred method of payment. PayPal processes the payment without releasing any financial details to the merchant. This then proves to be safer, faster and easier.

However, there is still a possibility of theft or fraud occurring if cyber criminals are able to gain access to your PayPal account. Hence, it is advisable to have a unique password for your PayPal account in order to deter hackers.

PayPal though widely accepted, is still not accepted everywhere. There are some countries in which PayPal does not have its operations.

Credit Cards

Credit cards are accepted everywhere. Also, banks would normally have their own high level security systems to prevent theft and identity fraud. However, there is a thriving black market for stolen credit card data. If account, only online transactions can be conducted.
So what are the charges?
your credit card data is stolen, it can be used to conduct both online and offline purchases. With a Paypal

Below are a the international transfer fees for Malaysian banks :

Affin Bank

• Commission : No commission is applied for transaction amount more than or equal to RM5,000.00RM3.00 is applied for transaction amount less than RM5,000.00
• Cable Charge : Normal Telegraphic Transfer, RM30.00 is applied
• There is a maximum transaction limit of RM 5000 and each customer is limited to RM10000 a day.

Alliance Bank

• Telegraphic transfer in Foreign Currency, Payable overseas : Minimum of RM2.00 per telegraphic transfer for whatever TT amount plus cost of cable incurred
• List of cable charges:

Currency	Charges
USD	RM32.00
IDR, THB, PHP & BND	RM13.50
SGD	RM7.50
Other Currencies	RM25.00

Ambank

• Foreign Exchange/Conversion Fee is determined by MasterCard International
• Administration cost at 1%
• Retail Transaction Fee of RM1 per transaction

CIMB

• RM10 flat per transaction.

Hong Leong Bank

• Malaysia to Singapore : RM12 Per Item
• Malaysia to Other Countries : RM30 Per Item

Maybank

• Peninsular Malaysia :

Country	Charges
Singapore	RM10.00
Brunei	RM25.00
Other countries or TT covers via Singapore (excluding Foreign Worker's Telegraphic Transfer or FWTT)	RM25.00

• East Malaysia

Country	Charges
Singapore	RM15.00
Other countries or TT covers via Singapore (excluding Foreign Worker's Telegraphic Transfer or FWTT)	RM25.00
Brunei	RM6.00 or RM25.00 via online FTT system

Public Bank

• Outward Telegraphic Transfer in Foreign Currencies : RM2.00 for amount of RM5,000.00 equivalent and below plus cost of wire

RHB Bank

• Outward Foreign TT - Less Than RM5,000 : RM2.00 Service Charge (FREE for more than RM5,000)
• Cable Charges : RM25 via SWIFT / RM35 via TELEX

Alternatives to Paypal - Paypal vs. Western Union

PayPal and Western Union are different in their business models ;  Paypal tends to focus on online payments or e-business whereas Western Union focuses more on money transfers. Other differences include :

Methods of Transactions

To use PayPal, you have to have an account with them. However, Western Union can conduct transactions through agents. For example, CIMB bank has a tie up with Western Union for transfer of funds internationally.

Availability

Paypal is only available in selected parts of the world whereas Western Union is widely available (except in US sanctioned countries).

Cash Form (or others)

It is not possible to liquidate funds in your Paypal account into cash before transferring it to your bank account. However, through Western Union, your funds are easily available in cash form or any other preferred form.

Western Union – Charges

The transfer fee charges for Western Union are dependent on the different agents who might have different charges. For example, CIMB states that the service charges vary according to destination country, ranging from USD3.20 to USD110. Please check with the respective banks on their charges.

So Which one Helps me Save the Most Money?

You need to do the adequate research in order to decide what is needed. For example, if you are considering using Paypal for a small time business venture, it may be more expensive to use a business account because a large percentage is deducted each transaction and it is better to use the free transaction personal account. However, if you are using a money transfer, it may be cheaper to use a bank foreign TT service instead of Western Union because most banks charge a flat rate for wire transfers though they are slightly slower than Western Union.

It really depends what you are looking for. So, make sure to do the appropriate research before deciding on the service to use.

Six tips to combat the price hike on fuel

September 6, 2013

           

It’s been coming for a while, and now, it’s finally here.

 

On Sept 2, 2013, fuel prices in Malaysia rose considerably due to the reduction in subsidies by the Malaysian Government. As a result, both RON95 petrol and diesel now cost 20 sen more for every litre – which is an approximate 10% jump compared to the previous prices.
Whilst there’s no faulting the Government’s intention (which is to strengthen the nation’s fiscal deficit position by reducing fuel subsidies), there is no doubt that the price hike would affect the lives of Malaysians. For those who drive a long way to work or live on shoestring budget, that additional hundreds of Ringgit to fork out on fuel every month could even lead to drastic changes in lifestyle.
Nonetheless, the new fuel price is now a reality; and if this is affecting you in a big way, you will need to react accordingly to help ease the increased financial burden of owning and driving a car. Obviously, spending money to keep your car in tip-top condition and buying a more fuel-efficient car are some of the things you could do. But not everyone has the funds to do so over the short term.
In this article, we’ll explore some viable methods the Malaysian public can adopt to combat the recent price hike on fuel, without spending additional cash from your wallets:

1) Drive less aggressively
Everyone knows that aggressive driving (such as rapid acceleration and braking) uses more fuel, but what you may not know is that it could decrease your fuel efficiency by a whopping 33%!

According to the US Department of Energy, aggressive driving at highway and in town reduces your gas mileage by 33% and 5% respectively.

To put it in Malaysian context, you’ll be burning off RM24 for every 35-liter tank of RON95 petrol simply by driving with too much aggression on the North-South Highway!

What to do : Drive safer

Your Potential Saving : Up to 33%

2) Keep your vehicle within the speed limit
Most people have the perception that the faster you drive, the more you save. Whilst it is true to a certain extent, driving beyond the speed for optimal fuel economy (which varies from car to car) would result in the rapid loss of gas mileage. By constantly working your car beyond its optimum capacity, you also risk causing engine damages that will come back to haunt you financially in the future.

What to do : Observe optimum speed limit of your car

Your potential saving : Between 7 – 14%

3) Remove excessive weight from your car
Do you have a habit of keeping stuff in your car trunk? If you do, it might be time to start thinking about removing the heavier objects, such as your golf clubs or that baby stroller that’s been sitting there since your teenager was still a toddler. Based on official sources, every 100 pound (approximately 45 kilogram) reduces your fuel economy by about 2%. And guess what, the smaller the car model you own (which instantly relate to most Malaysians), the more that excessive weight is going to cost you!

What to do : Remove junks from your car

Your potential saving : 2% for every 45 kilograms of excessive weight


 
4) Maintain the tires at the right pressure
When was the last time you check your tire pressure? Last month? Last year? Never? According to the experts, you will lose 0.3% in fuel economy for every 1 PSI (i.e. the measurement unit for tire pressure) drop on the four tires of your car. Meantime, you will gain a lot more risks on the road simply by driving on improperly inflated tires. So for the sake of fuel economy and your own safety, check your tires!

What to do : Maintain your tires at optimum pressure

Your potential saving : 3% for every 10 PSI



5) Don’t idle
Many Malaysian drivers have the habit of waiting in their cars with the engines switched on. From a fuel economy perspective, that is a serious No-No because fuel is constantly being burned when the engine is running (even though the car is not moving). According to the Consumer Energy Centre of the USA, you actually lose one mile (approximately 1.6 kilometre) worth of fuel for every two minutes you idle in your car. Additionally, excessive idling actually causes damage to your car engine components due to the build-up of fuel residues in the cylinders. As a general rule: if you’re going to idle in your car for more than 10 seconds, turn the engine off!

What to do : Do not idle in your car with the engine switched on

Your potential saving : 1.6 km worth of fuel for every 2 minutes you idle

6) Make full use of the privileges on your credit cards
If you’re old enough to drive, you probably own a credit card. And if you happen to be using certain credit cards that give you cash-back rewards on petrol (eg. Shell Citibank Gold Card gives you 8% rebate on Shell fuel, OCBC Titanium Card gives you 5% cash-back with major fuel brands etc.), it may be time to start taking advantage of these cards more consciously. In Malaysia, many people actually use their credit cards without being fully aware of the discounts and privileges they are entitled to. To find out if your card gives you any rebates on fuel, check out this handy online comparison table. If you’re still using a generic credit card with no relatable rewards, it might be time to switch to a new one.

What to do : Take advantage of cash rebate privilege on your credit card

Your Potential Saving : Up to 8%

Of course, the best advice of all is probably still this: start walking more and driving less. On behalf of all Malaysians: here’s hoping we won’t be faced with additional price hikes any time soon!

This article is brought to you by www.iMoney.my, a price comparison website dedicated to helping Malaysians make the best use of their money. They can be contacted at hello@imoney.my.

PayPal – A guide to using PayPal in Malaysia

September 2, 2013

 

By Eugene Chua
Online purchases and transactions have become an almost essential part of our daily life nowadays. However, many people still shy away from making financial transactions online, hesitating to share sensitive financial information through a medium that feels unsafe.
Fortunately, there are several companies or business models set up with the aim of curbing this suspicion and providing a safe, worry-free method for people to make transactions online. SaveMoney.my discusses one of the most commonly-known and popular business models, Paypal.

What is Paypal?
Paypal acts as a means of payment which links your bank account, debit card, and credit card; and stores all the relevant information. Instead of banking in cheques or money orders, you can pay through Paypal. But in order to do so, you must have a Paypal account. It is especially useful for customers who want to conduct international transactions since Paypal is widely accepted in the world of online shopping and is available across many countries.

Who is eligible?
To be eligible for a Paypal account, you must be 18 years and above, and a member of one of the countries listed on the Paypal Worldwide Page. Fortunately, Malaysia is one of them!

How do I set up a Paypal account?
Setting up an account with Paypal is completely free of charge. There are several simple steps to set up a Paypal account :
Go to paypal.com;
Click on the sign up link;
Provide a valid email address;
Choose from the 3 options available: Personal, Premium, and Business; and
Link your credit card, debit card, or bank account details to your Paypal account.
Note: A Personal Account is for individuals who shop online; a Premier Account is for individuals who buy and sell online; and a Business Account is for merchants who use a company or a group name.

How does Paypal work?
When you decide to make an online transaction, just select Paypal upon checkout, and log in to Paypal with your email address and password.

Paypal will then process the payment without releasing any financial details to the merchant. The sellers and recipients can choose to transfer funds from Paypal to either their bank account or credit card, or choose to use their Paypal balance to pay for their own transactions.

PayPal charges
PayPal does charge for online transactions, among other things:



Fees for Withdrawal from Paypal Accounts
Although setting up an account with PayPal is free of charge, do expect fees on the following:



Withdrawals from your PayPal account must meet the minimum amount.

If the information in your withdrawal request is incomplete or incorrect, PayPal will return the withdrawal amount to your PayPal account and charge a return fee. Your card issuer might also charge additional fees.

SaveMoney.my continues to explore the features of PayPal, so stay tuned!
Eugene Chua is the Financial Sub-Editor at SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.