If you been searching for Paypal stuffs and happens to read about problems like difficulty in opening a Paypal account in Malaysia, well those write up belongs to history now.
Beginning 14 October 2009 onwards, not only you can open a Paypal account here in Malaysia, you can even accept payment in Malaysia Ringgit. And is good news means you can do local and foreign business using your Paypal account.
The icing to that is now you can withdraw money from your Paypal straight into your local bank account for free.
Here is how you can link your local MEPS account with your Paypal and get zero withdrawal fee when you withdraw from Paypal.
Login to your Paypal Account, go to "My Account"
Move your cursor to "Profile" tab and select "Add/Edit Bank Account"
Look at MEPS bank routing code, click on “Details” it has lists of banks name and their bank code assigned by Paypal to banks in Malaysia. Select the code and enter the bank’s name accordingly.
Enter your bank account code and that’s it you’re done. Now you've link your MEPS accounts with your Paypal.
Here are list of bank in Malaysia that you can link with your Paypal together with its routing code.
Bank Name and Routing Code
MEPS Bank Routing Code
|AFFIN BANK BERHAD ||PHBMMYKL |
|ALLIANCE BANK MALAYSIA BERHAD ||MFBBMYKL |
|AMBANK BERHAD ||ARBKMYKL |
|BANK ISLAM MALAYSIA BERHAD ||BIMBMYKL. |
|BANK KERJASAMA RAKYAT BERHAD ||BKRMMYK1 |
|BANK MUAMALAT BERHAD ||BMMBMYKL |
|BANK OF AMERICA ||BOFAMY2X |
|BANK SIMPANAN NASIONAL ||BSNAMYK1 |
|CIMB BANK BERHAD ||BSNAMYK1 |
|CITIBANK BERHAD ||CITIMYKL |
|DEUSTCHE BANK ||DEUTMYKL |
|EON BANK BERHAD ||EOBBMYKL |
|HONG LEONG BANK BERHAD ||HLBBMYKL |
|HSBC BANK MALAYSIA BERHAD ||HBMBMYKL |
|MALAYAN BANKING BERHAD ||MBBEMYKL |
|OCBC BANK (M) BERHAD ||OCBCMYKL |
|PUBLIC BANK BERHAD ||PBBEMYKL |
|RHB BANK BERHAD ||RHBBMYKL |
|STANDARD CHARTERED BANK MSIA BHD ||SCBLMYKX |
|THE ROYAL BANK OF SCOTLAND BERHAD (RBS) ||ABNAMYKL |
|UNITED OVERSEAS BANK ||UOVBMYKL |
Just to recap some of the common FAQ on withdrawal fees.
What is the withdrawal fee like?
Withdrawal to bank account in Malaysia is free of charge for withdrawal amount of RM400 or more.
Anything below RM400, a fee of RM3 (three only) will be charge.
Take note also, Paypal has state clearly that “If the information in your withdrawal request is incomplete or incorrect, PayPal will return the withdrawal amount to your PayPal account and charge a return fee. Your card issuer might charge additional fee”
A Return fee of RM15 will be charge if payment cannot be made to your MEPS account. (Take note of bank name when you enter its name for the first time and remember to update your information in Paypal in case there are any changes to your local banking account.)
Minimum withdrawal to bank account in RM is RM40.
Withdrawal to card (debit or credit), it has to be in USD (as of Nov 2009). Things may change in future, so keep an eye on this development.
Fee is USD5 (Five only) per withdrawal and minimum withdrawal is USD10, Return fee if incurred, is USD10.
Other related Paypal post: How to Open and Verified Paypal in Malaysia