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Picpay Q&A
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Grateful
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PostPosted: Mon Sep 27, 2004 6:05 am Post subject: Picpay Q&A Reply with quote
INDEX HERE Related Topic..........Picpay 101
ANSWERS
PICPAY is a company set up by Pureinvestor to handle members deposits and withdrawals into PIPS, 5YTP and other ways to increase your financial security as they become available. You can wire funds from your bank account to your picpay account and you can use the funds in picpay to fund your PIPS, 5YTP etc accounts. When you have accumulated enough Available funds in your PIPS account, the only way you can access your AF is to first transfer it to your picpay account . When you have sufficient funds in your picpay account, you can then withdraw it to your bank account by check, wire transfer or your PIPS Debit Card. To apply for a PIPS Debit Card, follow the instructions listed here: Picpay 101 For more information on debit card applcation, check the picpay forum
Reminder: The Picpay login is working ok. ALWAYS write down the PIN or record it in some way. Picpay does not email Pins for confirmation.
At this time, due to fraud attempts, each withdrawal is checked manually. This process can take up to 10 days. Once your Picpay transfer is marked complete, it can take 1-5 days for the money to reach your bank.
There are two ways to open an account for a friend with your PIPS account. The 1st is the Pay It Forward Plan. The 2nd is to tranfer AF to Picpay, transfer from your picpay account to your friends Picpay account and he opens a new PIPS account using Picpay, it is simple and instant.
Passwords
When setting up a Picpay account you can have either the same name that is on your PIPS/5YTP or a different name. You should of course have different passwords.
When requesting a password, the answer to your secret question is case sensitive.
Few points to consider.
1. Please set your IE privacy settings to medium.
2. We have noticed that some security software like Zonealarm will interfere with picpay forum. Please have Zonealarm or any other security software settings to be change to accept cookies from authorised sites, in this case Picpay.
Debit Card & Withdrawal Lists
Picpay handles 1000's of withdrawals everyday, There are a lot of personnel that handle the verifications and some lists are processed faster than others so they are not necessarily processed in order.
Fees
PiPs to PicPay - 2%
0.50 charge fees from picpay applies when u:
1. Buy units
2. Transfer funds between picpay accts.
3. Buy PIPS account (paying with picpay)
4. Buy 5YTP at Pic Trust (paying with picpay)
5. Make a purchase of any new fund.
$30 for a wire transfer from your bank - Check with your bank.
5% for Credit Card to purchase units, this is charged by the credit card processor.
$25 for wire transfer withdrawal from Picpay to your bank, other charges may apply. HSBC charges $20 transfer fee to other banks. Some banks charges $12 to receive a wire transfer. Your bank my charge more or no charge at all. Just to clarify a point on wire fees, all bank fees from Malaysia are paid by Picpay, any additional fees that may appear are generally from the internmediary banks in New York, the amount of banking fees you get is dependent on the route the wire takes that is why members are finding a difference.
The Debit Card is now available, so all of this is a pretty mute point unless you are moving very large sums and $20 becomes insignificant in that case.
Withdrawals from PICPAY to the Debit Card cost a flat fee of $6.00.
The revenues from PICPAY also contibrute to the ROI's, the same as revenues from all companies in the PI Group.
Example of creating an account for a rich uncle, relative or friend to be:
$461 AF to your picpay = $451.78
Then transfer from your picpay to your uncle's picpay = $451.78 minus 50 cents = $451.28 in your uncle's picpay
Then your uncle uses his picpay to pay for his PIPS spot = $450.50 (78 cents left)
Putting picpay $ into picpay DOES NOT cost 2% - it's only funding picpay that costs 2% ie. non-picpay like wire etc into picpay $ in picpay a/c.
If you pay directly from YOUR picpay account instead of transferring to your uncle's picpay (and hence knowing his PIPS password etc) - it'll only cost $450.50 picpay or $460 AF instead.
MUCH cheaper than Credit Card $472.50
Bank wire would be $450 + $35 (depends on what your bank charges) + $4.00 for receiving bank = $489 Total.
Last edited by Grateful on Thu Apr 28, 2005 5:37 pm; edited 16 times in total
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