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PayPal Currency Conversion Rates For Withdrawal to Malaysian Visa Cards

When PayPal began to allow Malaysians to withdraw PayPal funds back in early October 2007, the currency withdrawn to our Visa Debit Card or Credit Card was as it is. For example, if our PayPal balance to be withdrawn was in USD, that was the same exact currency and amount withdrawn to our Visa cards after deducting USD 5 per transaction. Visa does the currency conversion from USD to Ringgit Malaysia upon deposit.

Now, compare the 2 screen shots below.

Figure 1: PayPal funds withdrawal to Visa Electron in October 2007

The screen shot above was taken during my first withdrawal in early October 2007.  In the screen shot below taken today, it stated the funds will be withdrawn in MYR (Malaysian Ringgit or Ringgit Malaysia). Notice the difference between the two?

Figure 2: PayPal Converts USD to RM First Before Transfer to Visa Electron

This means PayPal is not giving Visa any chance to earn from currency conversion! Many have complained the conversion rates offered by PayPal are lower than retail rates. But I guess we have to bear with PayPal for now.

PayPal Customer Service Did Not Respond to My Email

Help! My PayPal account has been suspended! Just kidding :)

Just awhile ago, my blog reader by the name of Yap sent the following comment asking for help.

I recently withdraw funds from my Paypal account to debit card.
Transaction went smoothly the first 2 times.
The third time has been 8 business days but i still don’t see any funds deposited into my card.

What should i do? I have email Paypal customer center several times, no reply received.

Don’t be too worried Yap. [Read more →]