Was I pleasantly surprised logging onto PayPal awhile back and noticing that Malaysian members are now able to withdraw funds through local banks. Awesome! And it's about time too! Long overdue, in fact.
I just withdrew some funds and we'll know whether it works in a few days time. Will keep you posted, so be sure to check back if you are interested.
Below is a screenshot of the PayPal page that shows that you can Withdraw to your bank account through Banks in Malaysia circled in red. Click image to enlarge..
Processing only takes 2-3 business days and it's free if RM400.00 or more is withdrawn, otherwise a fee of RM3.00 will be levied if less than RM400.00 is withdrawn.
Looks like all banks are included. Below is the list. Click image to enlarge.
For years, Malaysian PayPal account members have been trying all sorts of ways to withdraw funds from Paypal. The only method that works before this new implementation is through the Debit Card system and that too only debit cards issued by two Malaysian banks work. One is the Public Bank Debit Card (which I'm using), not sure of the other other.
You can still withdraw funds into your card (debit card, that is) but processing time is between 5-7 days for a fee of RM20.00.
This new process must have been implemented shortly because I still had to go through the old method last month.
What can I say other than Hooray!! Indeed a small step for PayPal, a huge step forward for e-biz in Malaysia.
Anyone who intends to have any online business dealing would do well to have a PayPal account. Have you signed up for PayPal yet? Click here to sign up now.
Absolutely, paypal is convenient. I have one too.ReplyDelete
Btw, how come the fees are so high. I don't think ours have some sort of levies. It's all based on a percentage and 30 cents each transaction.
Oh yes this is fantastic news! Paypal should have done this sooner! : )ReplyDelete
Read about this earlier. :D Good right. Finally Paypal trust the banks in Malaysia. :)ReplyDelete
Ai Shiang, yeah, anyone who has business dealings online will need to sign up for an account if he hasn't got one yet and with this new feature, PayPal will see a hike in its membership.ReplyDelete
There's always been a withdrawal fee for withdrawing into a debit card - the only withdrawal method here then. The fee is USD5.00 thus that MYR20.00 equivalent, give or take.
I thought PayPal TOS applies across the globe. No?
Foong, it's never too late. I think they've been working with our govt all this while. Have you got an account yet? You can sign up from my site or from here. Make me some referral fee. Eh?ReplyDelete
Tekkaus, it's a win-win. I'm sure you have an account already, right? If not, you know what to do. Sign up from my site. :pReplyDelete