Entries Tagged as 'PayPal Malaysia'

Top Up Your PayPal Account using Malaysian Bank Accounts

You can now top up your PayPal account using your Malaysian bank accounts. Best of all, the funds get transferred instantly when you do this online!

At the time of writing, this top up feature is enabled for the following 6 local banks:

  • RHB Bank
  • Maybank(M2U & M2E)
  • Public Bank
  • Bank Islam
  • CIMB Bank(CIMB Clicks & CIMB Biz Channel)
  • Hong Leong Bank

Top up Cost
Cost of top up is RM 2.00 per transaction except if you are transferring funds from your RHB bank account.

How to Top Up and other FAQs
Go to this website for more steps to top up your PayPal account using your Malaysian bank account.

PayPal Rejects Fund Withdrawals to CIMB

If you have recently added your CIMB Bank account with PayPal, beware. If your routing code was incorrect, you may be charged RM 15 for each failed withdrawal and your funds returned to your PayPal account.

When PayPal first allowed withdrawal to Malaysian local banks, the routing code or swift code for CIMB was incorrect. It is supposed to be CIBBMYKL and not BSNAMYK1 which is for Bank Simpanan Nasional. For the list of MEPS Bank Routing Codes, you can read this blog post of mine.

Malaysian banks accepted by PayPal

Below are Malaysian banks which are accepted by PayPal. The list include a number of foreign banks with branches in Malaysia. The “MEPS Bank Routing Code” and “Bank Name” are required when you add a bank account in your PayPal account.

Bank Name MEPS Bank Routing Code
AFFIN BANK BERHAD PHBMMYKL
ALLIANCE BANK MALAYSIA BERHAD MFBBMYKL
AMBANK BERHAD ARBKMYKL
BANK ISLAM MALAYSIA BERHAD BIMBMYKL.
BANK KERJASAMA RAKYAT BERHAD BKRMMYK1
BANK MUAMALAT BERHAD BMMBMYKL
BANK OF AMERICA BOFAMY2X
BANK SIMPANAN NASIONAL BSNAMYK1
CIMB BANK BERHAD CIBBMYKL
CITIBANK BERHAD CITIMYKL
DEUSTCHE BANK DEUTMYKL
EON BANK BERHAD EOBBMYKL
HONG LEONG BANK BERHAD HLBBMYKL
HSBC BANK MALAYSIA BERHAD HBMBMYKL
MAYBANK (MALAYAN BANKING BERHAD) MBBEMYKL
OCBC BANK (M) BERHAD OCBCMYKL
PUBLIC BANK BERHAD PBBEMYKL
RHB BANK BERHAD RHBBMYKL
STANDARD CHARTERED BANK MSIA BHD SCBLMYKX
THE ROYAL BANK OF SCOTLAND BERHAD (RBS) ABNAMYKL
UNITED OVERSEAS BANK UOVBMYKL

PayPal Funds Withdrawal to bank account is cheaper than withdrawal to credit or debit card

For countries besides the United States, PayPal generally charges lesser for withdrawal of your PayPal funds to your local bank account in comparison to withdrawal to credit or debit cards. Below is a brief comparison for Malaysian PayPal users.

Withdraw to Credit or Debit cards Withdraw to Malaysian Banks
Maximum Daily Limit USD 500/day Unlimited
Withdrawal Fee RM 20 / withdrawal or USD 5 / withdrawal depending on currency Free for RM 400 or more. RM 3 / withdrawal for amount lesser than RM 400.

To learn more on withdrawing your PayPal funds to you local bank account, read my blog post here.

Withdraw PayPal Funds to Malaysian Bank Accounts

I grinned when I successfully added my Maybank current account to my PayPal account.

The following are steps to add any of your local bank accounts (savings or current accounts) to PayPal for future withdrawal purpose. [Read more →]