For Malaysians. Thanks to PayPal support for Malaysian Ringgit (MYR). Now you can withdraw PayPal money directly to any Malaysia local bank accounts!
Read on to find out how to do that.
A bit background…
In 2004, PayPal starts to accept Malaysian registrations. No withdrawal options for Malaysians that time.
3 years later, 2007, PayPal allows Malaysians to withdraw PayPal money to their credit card, debit card, or prepaid cards.
2 years later, in the middle of October 2009, PayPal started to support Malaysia Ringgit currency and updated the user policy (paypal login required).
Shortly after, the end of October 2009, PayPal officially allows PayPal money withdrawal to Malaysia bank accounts! A feature that we have waited for 6 years!
What’s the big deal?
Now, Malaysians can send & receive PayPal money in Malaysia Ringgit (MYR) currency, and withdraw PayPal money to local bank accounts!
Meaning, you can sell your stuff online and let PayPal handle the payment transactions, local or International! It truly opens a new door to Malaysia e-commerce business!
Note: Malaysians still cannot top-up their PayPal accounts from their bank accounts.
How to add Malaysia bank account to PayPal?
- Login your PayPal account. Under “My Account” tab, click “Profile” then click “Add/Edit Bank Account“.
- At the new page “Add a bank account in Malaysia“. You need to fill in your name, bank name, bank routing code, and your bank account number.
Updated: Don’t need to worry about the fixed “Surname” in the form. Just make sure your full name is included. The name’s arrangement (Surname Name or Name Surname) doesn’t matter. Click here for more information.
Tip: click on the “Details” link to find out your bank’s routing code
- After you are done, you will be asked to review the details. Click “Add Bank Account” button if everything is correct.
- You are done!
How to withdraw PayPal money to Malaysia bank account?
- In your PayPal account, click on “Withdraw” under “My Account” tab. Then, click “Withdraw to your bank account” link under the options.
Note: It will take 2-3 business days to process the PayPal to Bank transaction. Withdrawal over RM400 is free of charge. If less than RM400 is withdrawn, PayPal will charge you RM3.00.
- At the new page “Withdraw funds“, enter the amount in USD you want to withdraw and select the destination bank account.
Tip: Click on the “Currency converter” link to check the current PayPal currency conversation rate.
Click on “Continue” button to review your withdrawal information.
- At the next page, make sure everything is correct before you click on the “Submit” button.
PayPal charge RM15 if the funds are returned because your bank information is incorrect or does not match!
After you clicked on the “Submit” button. Your withdrawal request is pending to process.
- Wait 2-3 business day and the PayPal money should be in your selected Malaysia bank account! Cha-ching!
- “PayPal For Dummies” listing at Amazon.com
- “Pro PayPal E-Commerce (Expert’s Voice)” listing at Amazon.com
My two cents
PayPal is the most popular and most affordable online merchant service in the world. It is secure and safe.
It is FREE to set up a PayPal account to accept online payment (including credit cards). Fees are applied ONLY when you accept a payment.
Now every Malaysians can do e-commerce business at home, in your pajamas!
Click here to sign up your PayPal account, FREE.
Update: I have received PayPal money in my Malaysia bank account. Click here for more information.
Questions about PayPal? Ask in the comment and I shall reply you.