Malaysians can now withdrawal Paypal balance into their local bank accounts.
Just noticed today that there has been a policy change in Paypal to allow Malaysians to withdraw their balance into the local banks in Malaysia. Previously, there were only 2 ways that Malaysians could withdraw their balance from Paypal. Either withdraw to a US bank for free or withdraw to a credit/debit card for a fee of US$5.
With the additional feature, it has now made it easier for Malaysians to bring their money back from Paypal.
Below are some of the details for withdrawal to Malaysian Banks:
Withdrawal of RM400 and above – Free of commission.
Withdrawal below RM400 – RM3.00 commission.
In the event if the money cannot be transferred due to wrong bank info, there will be a return fee of RM15.
It takes 2-3 business days for the money to be credited to the local bank (also depends on the local banks).
Name on the local bank account must be the same as the name registered with paypal.
Surprisingly it takes a shorter time to get the money credited into the local bank compared to a US bank which takes 4-5 business days.
Information required to register your local bank account with Paypal:
- Bank’s Name
- MEPS Bank Routing Code (routing codes for Malaysian Banks are available in Paypal’s website)
- Local bank account number
So far I have been withdrawing to my US bank account and today I have just tried my first withdrawal to my local bank account to test it out. Hopefully it works out fine.
*** Update (6 Nov 2009) ***
Received my money in my Hong Leong Bank account exactly 4 business days without any charges by the bank. If you have tried using other banks, appreciate if you could update with a comment to share…..