Hassle Free & Free PayPal Withdrawal To Malaysian Bank
November 9, 2009 – 9:09 pmAfter about a week since PayPal allowed Malaysians to withdraw funds directly to our local bank account, bypassing our VISA debit or credit card, I finally tested it out. I decided to link my HSBC (Malaysia) bank account to my PayPal account since it is the least used bank account that I have. I certainly do not feel comfortable linking my primary bank account to PayPal, if you know what I mean. As mentioned in an earlier post, there is no verification required to link our bank account to PayPal.
On the morning of 4th Nov, 2009, I initiated a withdrawal of US120 to my Malaysian bank account. At that time the USD-MYR currency exchange at 3.42948 according to XE.com’s live rates but PayPal offered 3.34091. The difference was only 0.08857, just about what we get withdrawing to a VISA debit or credit card, except that withdrawing directly to a bank account is free for withdrawal of MYR400 and above.
My withdrawal if USD120 worked out to be MYR400.19 so my transaction was free. I received the money in my HSBC account on the evening of 6th Nov, 2009, which means it took less than three business days. Withdrawing to a VISA debit or credit card normally takes 4 days, even if it’s on a weekend.
I think this move by PayPal would help encourage more people to trade internationally since it is no longer a problem to withdraw funds that were previously locked in PayPal.
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