If you are using PayPal, I believe you should receive an e-mail from Paypal saying that they will terminate personal payment service in Malaysia starting 4th June 2013.
This is not a good new for those who are using PayPal to transfer personal funds to your friends and relatives inside or outside Malaysia, but I wonder how many people did this. However, the good new is, you still can receive personal payment from outside Malaysia.
PayPal stated that they decided to terminate personal payments in Malaysia as part of their business strategy to focus on commercial transactions, but I believe the reason is to stop people from selling PayPal funds.
For more information kindly read FAQs from PayPal regarding this matter below.
Malaysian Paypal users are now allowed to top up & send Paypal money via Malaysian bank account. This services is the outcome of collaboration between Paypal and RHB Bank.
RHB is the first bank in Malaysia to allow their customers to use their checking or savings account to instantly top-up a Paypal account or send money to anyone with email address via Paypal.
RHB customers also have a shopping site called WorldMart that provides special PayPal merchant deals to users of this new top-up service.
Top up Paypal account is FREE for all RHB customers and the process is done via RHB Bank online banking.
RHB Bank recently launch 2 new VISA debit cards namely Cash-Connect & My-Cash-i VISA debit cards. Previously RHB Bank have similar debit card but with Mastercard logo. With the new offering, customers will be able to choose either Debit Card with VISA or Mastercard logo.
What interest me regarding this debit card is the VISA logo which I hope support PayPal fund withdrawal. Cash-Connect VISA debit cards will be link to the Conventional Current or Saving account while My-Cash-i VISA debit cards will be link to similar Islamic accounts.
Together with the launching, RHB Bank offering 2% cash rebate for any transactions made with the card. Maximum cash rebate entitlement per account is RM30 per month. This promotion will ends 31st March 2010. After the promotion period the cash rebate will be reduce to 0.5% on all transaction.
As announce earlier on the policy changes, finally Paypal user from Malaysia is able to withdraw their Paypal fund to their Malaysian bank account. This is indeed the most wanted feature dream by them.
Paypal withdrawal to Malaysian bank account will be completely free of charge if the withdrawal amount is equal or above RM400.00 but there will be a nominal fee of RM3.00 if the withdrawal amount is less than RM400.00. The withdrawal will take 2 to 3 business days to be reflected in the bank account. I expect that Paypal is utilizing MEPS network for the fund transfer.
If your Paypal fund is in other currency other than Malaysian Ringgit, Paypal will automatically convert it for you with 2.5 percent exchange fee.
Some of Malaysian Paypal user may have received an email from Paypal regarding changes on Paypal policy. Among the changes are, Malaysian Ringgit is now one of the holding currencies in Paypal. However it is only restricted to Malaysian user. Paypal finally manage to obtain Bank Negara Malaysia approval to allow Malaysian Ringgit as one of holding currencies in Paypal. Together with Malaysian Ringgit, Paypal also includes Philipino Peso, Taiwanese Dollar, Thai Baht, Argentinean Peso and Brazilian Reals as holding currencies.
One of the most exited changes for Malaysian Paypal user is, now they are allow to withdraw Paypal fund to their local bank account (Malaysian Bank). This is the most wanted Paypal features by Malaysian. Not just Malaysian will enjoy local bank account withdrawal, user from Vietnam, Argentina and Brazil are now eligible too.