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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Thanks for the info… I'm going to cancel off my debit card today hahah!
Comment by chinseng — October 29, 2009 @ 7:45 am
If you can use Paypal to withdraw money with such a low cost,then u dont want to use debit card la.i still use my debit,but perhaps less usage in the future.haha.no fee for a minimum withdrawal of RM400! what a great deal.hehe.later sure local banks cannot charge too high for debit card etc.
Comment by rem — October 29, 2009 @ 11:02 am
the account number that they asked us to fill in.. i m not sure which .. is it the number behind our atm card or is it our savings account number?
Comment by claire — October 29, 2009 @ 10:41 pm
The Account Number required by PayPal should be your Savings Account Number.
Comment by Yowchuan Lee — October 29, 2009 @ 10:57 pm
i have a question…… the surname thing if go wrong they will do any transfer. My name is James Lee Yew Meng. So what should i put in First Name ? Last name ? so that the name matches with our local bank to get the transaction going ?
Comment by James — October 31, 2009 @ 12:24 pm
i have a question…… the surname thing if go wrong they will do any transfer. My name is James Lee Yew Meng. So what should i put in First Name ? Last name ? so that the name matches with our local bank to get the transaction going ?
Comment by James — October 31, 2009 @ 12:26 pm
James, logically, your Last Name is Lee and your First Name could be James or Yew Meng. That, of course, would depends on what you filled in when opening your PayPal account.
In Malaysia, however, I am pretty sure that your Account Name is strictly tied to your NRIC, and it would a good idea to use that as the reference. The main issue is when PayPal links your PayPal fund to your Malaysian bank account, the 4 criteria must match- Bank's Name, Bank's MEPS Routing Code, Bank's Account Number and Your Name (as specified in the Bank).
Hence, if your NRIC only states Lee Yew Meng, then your First Name would be Yew Meng. However, if your NRIC states James Lee Yew Meng, I would suggest you contact both the Bank and the PayPal authorities to make sure whether your First Name is 'Yew Meng, James' or 'James, Yew Meng' or some other variations. Get a black and white response if possible, to avoid dispute later when the money is 'returned and penalized' due to transaction errors.
A Chinese Malaysian with Christian names in her NRIC might be able to help out here :-P
Comment by Yowchuan Lee — October 31, 2009 @ 1:52 pm
Yeah, no more reason to have a Visa Debit card now.
Comment by Yowchuan Lee — October 31, 2009 @ 3:11 pm
Ya….my NRIC have that christian name. Really need help here.
Comment by James — November 1, 2009 @ 1:47 am
Finally!
But 1 question. If my Paypal is in USD, who is going to do the conversion to MYR? Paypal, or my bank?
Comment by 1Malaysia — November 5, 2009 @ 11:14 pm
hanks 4 the info :) 1 question what is Bank's MEPS Routing Code and how or where to find it :) thank you :)
Comment by alvin — April 3, 2010 @ 4:32 pm
Alvin, here are some of the SWIFT codes (MEPS Routing Code) for some banks:
Comment by yowchuan — April 3, 2010 @ 4:51 pm
thank you :) mine is CIMB Bank Berhad = CIBBMYKL but if i stay in kota kinabalu does dat mean CIBBMYKK????
Comment by alvin — April 3, 2010 @ 4:58 pm
Nope, these codes are applicable nation wide.
Comment by yowchuan — April 3, 2010 @ 6:03 pm
i see thanks :)
Comment by alvin — April 3, 2010 @ 6:11 pm
This news will definitely give reinforced confidence to e-commerce entrepreneurs.
Regards,
Joe
Comment by paypal malaysia — June 9, 2010 @ 11:11 am
Thanks for your very precise and detailed guide on how to withdraw funds from Paypal to AlRajhi Bank.
Comment by Easylifehammocks — August 24, 2010 @ 5:42 am
Yup, I wrote the ‘AlRajhi Guide’ back when there’s no to link your PayPal account to any Malaysian banking account.
It won’t be long before Malaysian online businesses begin to enjoy all the convenience of electronic payment offered by PayPal. Something local e-payment solution providers should start looking into before their offerings become obsolete.
Comment by yowchuan — August 24, 2010 @ 5:50 pm