Part 2: Getting Your Money
Once you've confirmed with HSBC that the PayPal funds have been transferred to your credit card, you can withdraw your money via two methods:
1. Request for an overpayment check
2. Use HSBC VISA Credit Card's Cash Advance Feature
Method 1: Request for an overpayment check
An overpayment check is a manager's check in the amount of your advanced payment minus your outstanding balance. For instance, let's say you transferred PayPal funds amounting to Php2,000.00 but you have an outstanding balance of Php500.00 on your credit card bill. HSBC will deduct the Php500.000 outstanding balance from the Php2,000.00 PayPal withdrawal leaving you with an overpayment balance amounting to Php1,500.00 (which will be the amount that you can withdraw).
To request for an overpayment check:
Call the HSBC Credit Card Hotline (tel no: 85-800) to talk to a customer rep and request for an overpayment check. The request will take 7-10 banking days to process. Call them again after that time period to confirm whether your request has been completed. If completed, the customer rep will give you details on when, where and how to pick up your check.
Note: Overpayment checks have a Php75.00 fee which you will pay at the HSBC branch where the check is to be picked up.
Method 2: Cash Advance
The Cash Advance feature allows you to use your HSBC VISA Credit Card to withdraw cash from an HSBC ATM or any other ATM that is part of the PLUS network. Simply check if the ATM has the PLUS logo:
. You will need your HSBC VISA Credit Card's Cash Advance Pin, which is a 6-digit pin that is mailed to you a few weeks after you've received your credit card.
It's just like a loan that you can avail of directly from an ATM, which you can pay back on your next monthly credit card bill due date. But when you transfer your PayPal balance to your VISA credit card (which is credited as an advanced payment), it would be kind of like paying the loan first and then withdrawing the money at an ATM after.
So let's say you were able to transfer Php2,000.00 from your PayPal balance to your HSBC VISA credit card and you have no outstanding balance whatsoever. You can then withdraw that amount using the Cash Advance Feature, and once the cash advance transaction is posted on your statement, HSBC will simply deduct that amount from the Php2,000.00 you already received from PayPal so you don't have to pay for the cash advance on your next due date anymore.
Important notes:
- There is, however, a Cash Advance Fee of either Php300 or 3% of the amount withdrawn (whichever is higher). This fee will be posted on your next credit card statement. So based on the example above, you will probably want to withdraw a Cash Advance amount of Php1,700.00 instead so that you will still have enough funds for the Php300 Cash Advance Fee.
- There is also a Cash Advance Withdrawal Limit. Call the HSBC Credit Card Hotline (tel no: 85-800) to ask what your Cash Advance Limit is.
And that concludes this how-to feature. Personally, I don't see myself wanting or needing to withdraw my PayPal money from my HSBC VISA account very often. I use my credit card with most of my regular purchases anyway so I do see the value in just transferring the money from my PayPal balance to my credit card and just leaving it there to take care of my outstanding balances. Although for people who periodically have a significant amount sent to their PayPal accounts, I do see why they would want to withdraw the money; perhaps to invest it or to purchase other things that are normally not bought using credit cards.
Back to Part 1
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2 comments:
Thanks for the information. It's useful but no dollars coming in yet for me as am just starting. Can it be an IOU?
You're welcome! :)
Are you talking about my donation monkey? Hehe. That's cool, just tell other people about the article. :)
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