Oct 27, 2009
PayPal supports Ringgit Malaysia (RM) – It’s Official!
Long awaiting rumor… Now it’s a reality. You hear it first here!
What are the implications for Malaysia Merchants (and the new countries PayPal starts supporting?). We cannot predict the future, but for every new market which PayPal enters, normally the e-commerce activity will spur as it has become really easy for businesses (esp small businesses) to start accepting online payment and thus making e-commerce a very practical and attractive channel for them to expand their businesses.
In the eye of PayPal, Malaysia has been perceived as a favorite cross-border trading (aka export) and our English based speaking crowd is seen as an advantage (when it comes to product content, still, need to sort out on “what to sell”). Will we live up to the expectation? Well, time will tell.
4 Important Key Takeaways:
- Malaysian Merchants can now accept payments in Ringgit Malaysia on their websites or online stores (on top of 22 other foreign currencies) – haven’t started selling yet? Sign up webShaper stores now, from as low as RM 1 per day.
- You can keep a MYR (Ringgit Malaysia) balance in your PayPal account now (Think of it like a multi-currency bank account)
- PayPal can now linked to a Malaysia Bank Account and You can easily transfer your funds over (Yet to be available, but soon since they already have the official rates published)
- Apart from Malaysian Ringgit, PayPal also adds in Philipino Peso, Taiwanese Dollar, Thai Baht, Argentinean Peso and Brazilian Reais. Learn more
Cost ($) of Doing Business with PayPal
How much is the transaction fee?
Transaction fees generally divided into Domestic Payment vs Cross-Border Payment
For Domestic Payment
3.4% + RM2 per transaction or below (for transaction volume less than RM12,000) – Learn more
For Cross-Border Payment ( fees for receiving payments from buyers outside Malaysia)
3.9% + RM2 per transaction or below (for transaction volume less than RM12,000) – Learn more
Withdrawal Fees (From PayPal to your bank account)?
If you withdraw more than RM400, it’s FREE! – Learn more
Minimum withdrawal amount?
Malaysian Ringgits (only for Malaysian users) RM40.00 MYR – Learn more
Other questions you might have in mind:
So does it mean PayPal is the only thing i need to start accepting online payment?
As easy and affordable as PayPal, it cannot do-it-all. First, you need to know exactly what market you are targeting. If you are targeting local online customers, it’s good to have a local payment gateway too (if budget allows, we normally recommend sign up both) as Malaysia Payment Gateways like iPay88 or nbePay both support Internet Banking Transfer which is not supported by PayPal (and very unlikely to be supported by PayPal in near future)
So this is governed by what law?
Well, of course it’s by Malaysia Law. Don’t even think about anything fishy apart from running a serious business. See the details here on PayPal Policy Changes.
“For Malaysian residents who register for the PayPal service with a Malaysian address, this Agreement is governed by and interpreted under the laws of Malaysia as such laws are applied to agreements entered into and to be performed entirely within Malaysia.”
Do you know we are the only one in Malaysia which has PayPal Certified Developer?
See our PayPal Certified Developer – Sunzi Lim listed on the PayPal Certified Developer List
Links from around the blogs
MalaysiaCrunch.blogspot.com – Breaking: PayPal in Ringgit Malaysia!
Adesblog.com – PayPal Accepts Ringgit Malaysia now
Matzis.com – PayPal Senaraikan Ringgit Malaysia
AnuarMazuki.com – Polisi Baru PayPal
Sifu-lan.com – Matawang Malaysia kini diterima PayPal? Betul ke?
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Bravo Zulu!
Question: What will be the transaction fees for payments in USD through PayPal for Malaysian PayPal accounts? Will it be the same as quoted above?
[...] posted here: PayPal supports Ringgit Malaysia (RM) – It's Official! | Sell More … Comments [...]
hi malcolm, for USD cross-border payment (Non US), PayPal rates you can refer to this link https://www.paypal.com/cgi-bin/webscr?cmd=_display-xborder-fees-outside&countries
[...] Overview of PayPal accounts – for the Malaysian context (Great FAQs answered!) [...]
Good news
Can we dump money into paypal account from our bank account? e.g. I would like to buy something thru paypal.
Thanks
Um just wondering what is the conversion rates when we withdraw Paypal UDS funds to our bank account? Can’t seem to find in th Paypal FAQ :-/
Hi PayPal Fan, the conversion rate, is NOT set by PayPal but your banks! Whenever you withdraw a currency which differs from your bank balance, it’s your bank job to convert it. that’s why you cannot find it on PayPal, check with you bank instead (forget not it fluctuates on a daily basis!)
One potential problem is the unmatched name appeared in your Paypal account and the one appeared in your bank account. Hopefully some knowledgable netizens are able to enlighthen us.
I will use my Public Bank Visa Electron debit card for now.
Conversion rate is set by bank? So Public Bank rate is low then?
http://spblogger.com/2009/10/30/paypal-exchange-rate-is-low/
[...] [...]
[...] See PayPal supports MYR – Ringgit Malaysia [...]
I decided to use my CIMB for my registration for premier. I don’t have a credit card number can i put an account number to sign up my registration.
If i’m not mistaken, we can withdraw from paypal but we can’t deposit money from our local bank…they doesn’t support that transaction…correct me if i’m wrong…
Yes Atiqah, you are right. at this point of time.
> Transfer money from PayPal to Your Local Banks (Maybank,PublicBank, CIMB etc) – OK
> Transfer fund from Local Banks to PayPal (to be spent shopping online), NOT OK
Like online shopping? Join us at http://www.MalaysiaOnlineStore.com
Gheee..i like online shopping, but own no credit card…thus my shopping is limited to local stores that accept payment via bank transfers.
Once the facility like ‘ Transfer fund from Local Banks to PayPal (to be spent shopping online)’, is made available…these fingers can become really really itchy..!
hi fm, so what do you buy online? (apart from air tickets, of course)
Never mind if you don’t have a credit card, have you tried using a debit card to shop online?