How To Transfer Paypal Money to Bank with ZERO Cost?

17 November, 2009 (16:53) | PayPal | By: AhTim

Finally Paypal support money withdrawal to Malaysia local banks in Malaysian Ringgit (MYR)! Further, the process fee is FREE if you withdraw more than RM400.

Before it support local bank, I used to transfer Paypal money to VISA credit card. It charged $5 (USD) per transaction that enough me go for a comfort dinner.

Add Malaysia Local Bank and Withdraw Fund

First you need local bank account information. Then login Paypal > “My Account” > “Profile” > “Add/Edit bank Account“.
Key in your bank account info accordingly. Make sure the MEPS bank routing code is correct (click “Details” to check). Finally, click “Add Bank Account” and you are done!
The withdrawal process is straight forward too. Select “Withdraw to Bank Account“, key in amount and withdraw. Noticed that the currency is slightly lower than market price.

Wait 2-3 business days for process and check your bank account. Paypal will charge RM3.00 for transaction less than RM400, which is also quite cheap.

My Two Cents

For Paypal Business account like me, you need to downgrade to Premier account first. Write an email to Paypal support their respond are extremely fast. (No surname, last name field when add Bank account for Business type)

With first email to request and second to confirm, I’m now on Premier account. Once add in CIMB Bank account, I requested a withdrawal of $300 USD (~ RM983).