PayPal is widely used across the world. Even though it seems to offer all the services that are being offered by a bank, do note that PayPal is in fact not a bank.
It may not be very well known how to withdraw money from your PayPal account, given that PayPal users in Malaysia are able to actually withdraw their PayPal fund into their Malaysian bank account. With this facility or feature, using PayPal service is more than desired by most of the people.
What you should know ?
Do you know that you can actually make a PayPal withdrawal to your Malaysian bank account with completely free of charge, provided that the amount of withdrawal is equal to or above RM400?This is true indeed that it is completely free when you withdraw the mentioned amount. What if your withdrawal amount is less than RM400? What is the fee for it? Do not fret as the nominal fee is only RM3 if the amount that you withdraw is less than RM400. What about the timeline of the withdrawal amount to be reflected in your bank account? Well, it will only take within 7 business days. For cases in which your PayPal fund is not in Malaysia Ringgit but in other currency, bear in mind that PayPal will automatically make the conversion for you with about less than 3 percent exchange fee.
So, in order to withdraw PayPal fund to your Malaysian bank account, all you need to do is log in to your account and click on the Profile menu, followed by Add / Edit Bank Account. Click on to the Add button. Now, fill in all the required information and click on Details to look for your bank MEPS routing code. This is to ensure you have selected the right code accordingly. When you have chosen the MEPS routing code for your preferred bank, click Continue to proceed. At this stage, you need to review your details to ensure everything is in good order. Once your review is complete and good to go, click Add Bank Account.
Thereafter, click on Withdraw and then click on Withdraw to Your Bank Account. Remember to fill in the amount that you wish to withdraw and select your preferred Malaysian bank account. Once this is done, click on Continue to proceed. Review the information displayed to ensure the details are correct. Click on the Submit button when you are done.
That’s all you need to do in order to have a successful withdrawal from your PayPal fund to your preferred Malaysian bank account. As mentioned, your PayPal fund will be credited within 7 business days. You may confirm on this via your selected bank.
The rising popularity of PayPal has been mainly due to its ease and security that it provides. The easy set up and customization options that are available are really an upside for PayPal. With the convenience of fund withdrawal to Malaysian bank account, this is definitely an added feature for PayPal and beneficial for its regular Malaysian customers.