All the mystery surrounding the ’secret’ of withdrawing from Paypal has finally put to sleep. Forget about the elusive ‘e book’ teaching you how to go around the Paypal system. When I first started receiving funds to my Paypal around a month ago, I was one of the many clueless soul searching high and low in the forum for solution. As usual, there’s more confusion than solution.
Anyway, since Paypal announced last week Malaysians can now withdraw their money to their credit/debit card, that has to be the best news. As far as I know, at the moment it’s just Visa. A fellow blogger had blogged Paypal rejected his Mastercard.
I’m testing water now by trying to withdraw a minimal sum. Paypal charges USD5 per transaction (min transaction amount has to be at least USD10). I’m just eager to find out how is my Maybank conversion rate. Has to find out if it’s really worth it in the long run.
I’m withdrawing into my credit card, so, I won’t be withdrawing the money. I’ll just use them up. For those who want to feel the money between their fingers, it does make better sense to get a debit card. Specifically, Visa electron debit card. Debit cards without the Visa logo is useless. (if you want to withdraw from Paypal) At the moment, the only bank issuing Visa Electron debit cards over here are Public Bank and United Overseas Bank.
Personally, I will just wait out to see how’s the transaction rate on my Maybank credit card. Either way, I’m not exactly bitching. I’m just relieved.
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At the moment, I withdraw through my sister’s bank account in Singapore. So, no plans to withdraw through Visa yet
Pablo _ Wouldn’t you lose more if you convert more? USD - SGD - MYR as opposed to USD - MYR?
Not really. Firstly, there are no fees involved (no USD5 fee). Next, the conversion is at bank’s rate from USD to SGD. Then when my sister withdraw cash, she goes to money changer to change to MYR which gives better rates compared to banks. That said, the amount which I transfer and withdraw has never been more than SGD800 in one go. So, the “losing out” on conversion is negligible.
Pablo - Really? As far as I know, conversion is first done by Paypal itself if you register with a Singapore a/c. Paypal insists on converting to SGD and remits the money in SGD. But then you have the benefit of having a sister residing in Singapore.
For us without someone getting the money for us in Singapore, registering with a Singapore a/c is not as beneficial. For example, I do have a Singapore ATM card. If I withdraw in Malaysia, the bank will impose a SGD3.50 charge apart from the lousy bank conversion rate from SGD to MYR. Sien.
I say! I typed wrongly. The conversion is at paypal’s rates from USD to SGD. Not much difference with bank’s rates in any event. And yes, it is beneficial to have a sister with a bank account in S’pore
Being reading a lot of your interesting comments on cakap tak serupa bikin and ah pek blogs. This is the first time I am coming to this blog of yours. Being reading your My All blog. Nice articles there too.
Yup, concerning the paypal exchange rate it is USD1 =RM 3.35 , not bad the rate. I have just drawn the maximum amount allowed after testing with USD 20 using Public bank Visa debit card . It takes around 5 days for the transaction. So happy that we Malaysians can now draw our paypal $$ too and enjoy the hard earned cash after typing away for those paid posts.
Mind I link you to my blog?