Oct 27, 2009 22
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?
Grow your business – Sell Online now with webShaper + PayPal
Yet to have PayPal Account? Sign up one now!
