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PayPal is Now Officially in Malaysia

Posted on October 29th, 2009 in Effective and Efficient, Malaysia Personal Finance, Technology |

logo-paypalFinally, 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

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!

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!

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…





You might want to read these too... Comments
  • chinseng
    Thanks for the info... I'm going to cancel off my debit card today hahah!
  • Yeah, no more reason to have a Visa Debit card now.
  • rem
    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.
  • 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?
  • The Account Number required by PayPal should be your Savings Account Number.
  • James
    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 ?
  • James
    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 ?
  • 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
  • James
    Ya....my NRIC have that christian name. Really need help here.
  • Finally!
    But 1 question. If my Paypal is in USD, who is going to do the conversion to MYR? Paypal, or my bank?
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