This is the most exciting news ever happen to Malaysia e-commerce scene. The long wait is finally over. Now you can receive or pay anyone in Ringgit Malaysia via PayPal; the popular online payment gateway based in USA. On top of that, you can withdraw the balance in your PayPal account to all banks in Malaysia. No more currency conversion loss, no more long journey to Singapore to open up Singapore bank account, no more exorbitant fee when withdraw to Visa card and no more long wait to receive the money in your bank.
Activating Ringgit Malaysia
So how do you take advantage of this exciting new feature? For existing PayPal user in Malaysia, log in to your PayPal account and go to Profile > Currency Balances
Select “Malaysian Ringgit” from the drop down menu and click on the “Add Currency” button. If you want to use Ringgit as the default currency for sending and requesting payments, select “Malaysian Ringgit” from the list and click on the “Make Primary” button.
Congratulation! Now you are able to send and receive payments in Ringgit Malaysia.
Generally, there are 2 different rates of transaction fees for accepting payment to your PayPal account.
1. Domestic payment rate (buyer from the same country): Starting at 3.4% + RM2.
2. Cross-border payment rate (buyer from other countries): Starting at 3.9% + RM2.
Withdrawing PayPal Balance to Malaysia Bank Account
Before this, the balance in your PayPal account is probably kept there to pay for your online purchases because it was troublesome and expensive to withdraw it out from PayPal. Right now, you can withdraw it directly to your bank account in Malaysia. It only takes 2-3 business days and free for withdrawal more than RM400. First, you need to add your local bank into PayPal. Go back to Profile > Bank Accounts. Click on the “Add” button and you will see this form:
On that page, enter your bank account details. Here are the explanations for each fields…
Country of bank: Select Malaysia
Bank name: Enter the name of your bank. If you are not sure, click on the “Details” link of “MEPS bank routing code” and find your bank name there.
MEPS bank routing code: Click on the “Details” link to find the code of your bank.
Account number: Enter your account number here. No space, no dashes. Only numbers.
Re-enter account number: Re-enter the same number as above to prevent mistake.
Please note that the name of the bank account holder must be same with the name of your PayPal account otherwise your withdrawal will not be successful and you will have to pay RM15 for the return fee. To confirm the name of your PayPal account, please go to My Account > Overview.
It will take 2-3 Business Days for your withdrawal request to complete.
If you withdraw more than RM400, it is FREE! Otherwise, you have to pay RM3 withdrawal fee. Minimum withdrawal is RM40.
View latest rates at https://www.paypal.com/my/cgi-bin/webscr?cmd=_display-withdrawal-fees-outside
The instructions and examples shown here are for PayPal Business account holder. Personal and Premier account holders may have different steps and fees.
Sign Up for PayPal Account Now
If you have not sign up for PayPal account yet because of the previous shortcomings, then wait no more. With the full support for Malaysian merchant, PayPal has become the most attractive option for accepting online payment. Not only it is recognized Worldwide, it offers the cheapest rate compare to other payment gateways. We hope this will accelerate the development of e-commerce in Malaysia.
If you plan to sell online and accept payment from your customers via PayPal, please consider our Hosted E-Commerce Shopping Cart package. Our shopping cart solution fully supports PayPal with multiple currencies.
Even if you do not wish to sell online, you should also consider sign up for a PayPal account for online shopping. PayPal offers different types of account to cater for different needs such as…
- Personal account – For individuals who shop online
- Premier account – For individuals who buy and sell online
- Business account – For merchants who use a company or group name
Click on this banner now to sign up for PayPal account…