Breaking: PayPal in Ringgit Malaysia!

Well, not really a breaking one if you have noticed the policy updates in your PayPal account.

For those uninitiated, PayPal has just introduced new currencies which included Philipino Peso, Taiwanese Dollar, Thai Baht, Argentinean Peso, Brazilian Reais and yes, Malaysian Ringgit! Nothing official from PayPal yet but if you have a PayPal account, you will be able to check the policy updates as below:

PayPal's policy updates on Ringgit Malaysia

You can now send and request money using Ringgit Malaysia.

Send money via PayPal in Ringgit Malaysia

However, withdraw funds to local bank account is still not available yet at the time of writing. Neither does adding funds from local banks.

Withdraw PayPal's fund to banks in Malaysia not available yet

Maximum transaction fees for domestic payments is 3.4% + RM 2.

Local transaction fee within Malaysia

Maximum transaction fees for cross-border payments is 3.9% + RM 2.

Cross-border transaction fee for Malaysia

Let's keep an eye on official announcement from PayPal, and hopefully we will be able to add or withdraw funds via local banks very soon from now.

This is certainly a great piece of news to stimulate e-commerce growth in Malaysia. Now, everyone can really buy and sell online!

UPDATE: It is now possible to link PayPal to 21 banks in Malaysia!

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