Add New Currency Balance in PayPal to avoid Currency Exchange Losses

Many of us PayPal users have been using USD as our primary currency in our PayPal account despite not living in the US.

If USD is the only currency in your PayPal account and you plan to store Malaysian Ringgit or other currency balances separately from the USD balance, this article is for you to avoid currency conversion losses.

With the PayPal policy update on October 14, currencies such as Malaysian Ringgit, Philipino Peso, Taiwanese Dollar, Thai Baht, Argentinean Peso and Brazilian Reais have been offered as holding currencies in our PayPal account.

To add a new currency balance such Malaysian Ringgit in your PayPal account follow the following steps.

1. Log into your PayPal account.
2. Under “My Account” section, click on “Profile” link.
3. Under the column “Financial Information”, click on “Currency Balances”
step1_click_currency_balances

4. Next, select “Malaysian Ringgit” and click “Add Currency” button.

Add Malaysian Ringgit currency

5. PayPal will then acknowledge you have added a new currency balance. You can change your primary currency to this new currency while payments in USD will still be stored in the USD balance instead of being converted to your primary currency. The choice is yours. My primary currency is still USD while maintaining a Malaysian Ringgit balance specifically for any incoming payments in Ringgit. This will also mean, USD will be my primary currency for sending and requesting payments unless I change to send/request in a different currency.

Make Malaysian Ringgit a primary currency
6. Now, when you withdraw your “Malaysian Ringgit” balance to your Malaysian bank account (feature coming soon), or “Philipines Peso” balance to your bank account in the Philipines, you avoid currency conversion loss!

24 Responses to “Add New Currency Balance in PayPal to avoid Currency Exchange Losses”

  1. Wow….Not bad ya…. LOL gonna try it soon

    Thx for the infos!

  2. This sounds great but doesn’t seems to be useful for me, yet.

  3. Hi.. then do you know how to switch balance from USD to MYR?

  4. Hi Vin Chan. Do you mean you want MYR to be the primary currency and any incoming USD funds will be converted to MYR as well?

  5. Actually what I want is to convert between my existing funds. Is it possible? I read from PayPal website that we can do it under the “Manage Currency” part. However, the “Exchange Currency” as mentioned does not exist. Is it because we are in Malaysia? Thanks

  6. Hi Vin Chan. Thank you for your question. You will have to close the currency under “Manage Currency” and the funds will be converted to your main currency.

    If you maintain separate balances for currencies, any incoming payment of that currency will be deposited to that currency balance. If you receive payment in the currency you do not maintain in PayPal, you can set either to auto convert to your primary currency or “ask you first” on what to do.

    To set this, go to Profile –> Selling Preferences –> Payment Receiving Preferences –> Block payments sent to me in a currency I do not hold

  7. “If you receive payment in the currency you do not maintain in PayPal, you can set either to auto convert to your primary currency or “ask you first” on what to do.”

    Does that mean auto convert from any other currencies to MYR will prevent currency loss? If so, I will consider closing down all other currencies, and set it to auto convert to MYR when receiving $ in other currencies.

  8. Hi Jecky. No, auto-convert to your primary currency does not prevent currency loss.

  9. Very helpful article. Thx for sharing. ..

  10. so meanin if i have set usd as primary and myr is in my manage llist, if i receive funds in myr it auto go into my myr accout or usd account?

    or should i, change my primary to myr first then only get the person to send money to me??

  11. When you have MYR balance in your PayPal account, all MYR payments will be credited to this balance only. You don’t need to set your primary currency to MYR to receive MYR payments.

  12. very good infos..
    i have a question, relatively new to ebay and paypal..
    i got paypal invoice in USD,
    my paypal i choose USD and RM as currency..
    but my USD is not enough to pay the invoice..
    do paypal automagicaly convert my RM to USD when i pay?

    i’ve linked my maybank debit card, and recently i create RHB-Paypal.
    which of these two more convenient?

    ====================
    Malcolm:

    Yes, PayPal will convert the funds from RM to USD.

    I don’t have a RHB online banking account.
    For payment from your PayPal account, I suggest you link your Maybank Visa Debit Card to PayPal to fund payments. You will also need to increase your daily transaction limit at any Maybank ATM.

    From what I understand, RHB-PayPal allows you to send money from RHB online banking account to any PayPal account. So you can use both for payments depending on the situation.

  13. Hi Malcom,
    Thanks for the Info.
    After toping-up my PayPal account in MYR from my RHB account, I discovered I cannot convert currencies from MYR to USD (cos I have to trade online in USD). Is there a way around the situation?

    Thanks

  14. Hi Jay. The only way I can think of is you sell your MYR to someone and the other party sends you USD.

  15. Hi I have AUD as primary balance with funds in my paypal in AUD. I want to convert it to MYR because I want to buy some goods in MYR, however I dont have the option to convert it, its not on the list. What can I do?
    I dont have credit card access.

  16. Hi Jason. No, PayPal does not allow you to convert between your currency balances. You are not a licensed money changer.

    If you estimated your AUD is enough to purchase these goods in MYR, go ahead and buy. PayPal will convert for you.

  17. I am paying for 401 MYR, I have 140 AUD in paypal. When i press pay, i get..

    This transaction amount is greater than your available PayPal balance. To complete purchase, please add a credit or debit card.

  18. Hi,

    Just a quick question. I am paying for something in Philippine Peso but my primary account and balance is in USD. If I pay in USD will Paypal convert it into Peso?

  19. Hi khassim arimas. From what I understand, yes.

  20. If i have my paypal in USD and when to transfer it to my bank account in malaysia will paypal convert the currency to RM before transferring it to my bank account or will it leave it to my bank to do the conversion?

  21. Hi, my paypal balance is in MYR. I wanted to buy something from oversea sellers in USD or JPY. When i enter his email and the amount to make payment, it stated ‘this transaction cannot be completed’ I tried to change my primary currency from MYR to USD and JPY, i also tried to change conversion option to ‘bill me…’ but still the result when i enter the email and amount would be ‘this transaction cannot be completed?’ I do have RHB acc but the balance is not enough…that’s why i wanted to use my paypal balance…..what should i do ?

  22. Hi Jo, the bank will convert for you to MYR.

    Hi Mia, You can’t convert your MYR balance to a foreign currency. Since you do not have funds in USD or JPY, you have to pay using your credit or debit car via PayPal and the conversion can then be done.

  23. Hello, i’m troubling with this part: To set this, go to Profile –> Selling Preferences –> Payment Receiving Preferences –> Block payments sent to me in a currency I do not hold.

    I assume that paypal now as different layout from previous 2009 version. Can you show me where the block payment is?

    Thanks

    ============
    Malcolm:
    Profile –> My Selling Tools –> Block Payments

  24. If I have USD and Euro in my paypal, and I set my primary to ringgit.

    I want to transfer to my bank in Malaysia, will they charge me 2.5%?

    ===========
    Malcolm:
    I don’t think there is any other charge besides currency exchange if your withdrawal amount is X amount stated by PayPal.

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