Withdraw PayPal In Your Local Currency

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I did not withdraw my PayPal funds via my Public Bank Visa Debit card for a long time, for at least a month, I think, because I was waiting for the American Dollar to move a little higher. Yes, this is my low risk way of indulging in Forex. Anyway, I decided to withdraw yesterday morning, seeing that the current wave of credit crunch in the US will not be doing the Dollar any good, unless our own Ringgit goes ever weaker thanks to the current political turmoil in the country.

Anyway, I was taken by surprise that we are now forced to withdraw our PayPal funds in our local currency if going the Visa card way. For us, that would be in Ringgit. This means that when we initiate a withdrawal, PayPal will straight away convert our withdrawal amount (maximum withdrawal of US$500 per day in most cases) and convert it to Ringgit at their own LOWER USD/MYR currency exchange rate.

From what I see in other people’s experiences as well, USD5 has been deducted, as usual, but since it is now a Ringgit transaction, they will deduct MYR16 from our total withdrawal. From my own experience of withdrawing PayPal funds to my Visa card for the past year, I have always had a very good currency exchange rate. What Visa gave was just slightly lower than the CURRENT market rate.

In this instance, though, PayPal’s foreign exchange rate was 0.099 LOWER than the current market rate and that is A LOT of money! I certainly am not happy with this change.

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4 thoughts on “Withdraw PayPal In Your Local Currency

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