Some Malaysian has been running high and low on the pretext Paypal is having problems with Malaysian as the country is classified as high fraud and for some other securities treat reasons which is not disclosed.
Yes, there are such an incidents years ago, as I see it. During that period of difficulties many genuine Malaysia online marketers, netrepreneurs were badly hit.
Without the largest online payment processor on your side, Malaysian are for sure losing out in competitiveness. But as of 2009 onwards (thats when I get to know on online markerting and Paypal), Malaysia is already off the Paypal high risk countries list long time a ago.
Not only Malaysian is able to open Paypal account right in here in Malaysia long ago, from 14 October 2009 onwards, Paypal is able to receive Malaysia Ringgit as holding currencies.
That’s good news for lots of Malaysia netrepreneurs.
A notice was issued on 10 September 2009 by Paypal for Malaysian users.
Here is the excerpt of the notice:
Beginning Effective date: October 14, 2009, the PayPal User Agreement, Payments policy and buyer protection policy will be modified to include several new currencies as holding currencies and add additional withdrawal countries and the related fees and charges have been modified to include these new currencies. New currencies include: Filipino Peso, Taiwanese Dollar, Thai Baht, Malaysian Ringgit, Argentinean Peso, and Brazilian Reais. Bank account withdrawal countries being added include Vietnam, Malaysia, Argentina, and Brasil. Several of these currencies are restricted currencies and not all PayPal features will be available with regards to a restricted currency and not all customers will have access to restricted currencies.
In addition, for Malaysian resident customers, PayPal has made specific modifications to the User Agreement as required by Bank Negara Malaysia regarding your rights as consumers in Malaysia accessing the PayPal services.
The governing law section of the User Agreement applicable to Malaysian residents has been modified as follows:
“For Malaysian residents who register for the PayPal service with a Malaysian address, this Agreement is governed by and interpreted under the laws of Malaysia as such laws are applied to agreements entered into and to be performed entirely within Malaysia.”
In addition, PayPal is required as a designated payment instrument under Malaysian law to provide the following useful information to Malaysians:
Malaysian customers of PayPal can contact BNMLINK and BNMTELELINK for information, inquiries or redress in the areas of conventional and Islamic banking, insurance and takaful, advisory services for small and medium enterprises, foreign exchange administration and other matters under Bank Negara Malaysia's jurisdiction.
The contact details for BNMTELELINK are:
Jabatan Komunikasi KorporatBank Negara Malaysia
50929 Kuala Lumpur
Tel: 1-300-88-5465 (LINK)Fax: 03-2174 1515
BNMLINK and BNMTELELINK operating hours are from:Monday - Friday, 9.00 a.m. - 5.00 p.m.