Finally, the wait is over!
If you’ve been using PayPal to transact your businesses, you would be glad to know that PayPal has finally opened up to withdrawal direct to Malaysian banks. This means you no longer have to ‘hack‘ your way through using Visa Debit cards.
Here’s the list of all the banks that is now supporting withdrawal from PayPal.
| Bank Name |
|---|
| AFFIN BANK BERHAD |
| ALLIANCE BANK MALAYSIA BERHAD |
| AMBANK BERHAD |
| BANK ISLAM MALAYSIA BERHAD |
| BANK KERJASAMA RAKYAT BERHAD |
| BANK MUAMALAT BERHAD |
| BANK OF AMERICA |
| BANK SIMPANAN NASIONAL |
| CIMB BANK BERHAD |
| CITIBANK BERHAD |
| DEUSTCHE BANK |
| EON BANK BERHAD |
| HONG LEONG BANK BERHAD |
| HSBC BANK MALAYSIA BERHAD |
| MALAYAN BANKING BERHAD |
| OCBC BANK (M) BERHAD |
| PUBLIC BANK BERHAD |
| RHB BANK BERHAD |
| STANDARD CHARTERED BANK MSIA BHD |
| THE ROYAL BANK OF SCOTLAND BERHAD (RBS) |
| UNITED OVERSEAS BANK |
And here is the list of MEPS codes:
Affin Bank Berhad = PHBMMYKL
Alliance Bank Malaysia Berhad = MFBBMYKL
Ambank Berhad = ARBKMYKL
Bank Islam Malaysia Berhad = BIMBMYKL
Bank Kerjasama Rakyat Berhad = BKRMMYK1
Bank Muamalat Berhad = BMMBMYKL
Bank of America = BOFAMY2X
Bank Simpanan Nasional = BSNAMYKL
CIMB Bank Berhad = CIBBMYKL
Citibank Berhad Malaysia = CITIMYKL
Deustche Bank = DEUTMYKL
EON Bank Berhad = EOBBMYKL
HSBC Bank Malaysia Berhad = HBMBMYKL
Hong Leong Bank Berhad = HLBBMYKL
Malayan Banking Berhad = MBBEMYKL
OCBC Bank Berhad = OCBCMYKL
Public Bank Berhad = PBBEMYKL
RHB Bank Berhad = RHBBMYKL
Standard Chartered Bank Malaysia Berhad = SCBLMYKX
The Royal Bank of Scotland Berhad (RBS) = ABNAMYKL
United Overseas Bank Berhad = UOVBMYKL
Here are a few screenies that you’ll see when setting up your bank account within PayPal.

Before this, PayPal charges 5.00USD for every transactions. Now, there will be no processing fee as long as you withdraw more than RM400. This is definitely great news for Malaysian PayPal users!

Be extra careful with the information you type here. Erroneous banking information can be 'expensive' since any returned fund back to PayPal will incur a penalty!
I have yet to make any withdrawals yet, so I am not sure if there are any caps to the withdrawal allowed by PayPal.
Now, integrating your e-commerce site with PayPal would make more sense. Oops, not such a great news for local payment gateway providers…
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