This news can to me in an e-mail and I couldn't believe my eyes. I just had to immediately share it with all my Malaysian readers as well. That's right, Malaysians can now withdraw money from their PayPal accounts into our local Credit Card or Debit Card. This is indeed great news as we were previously unable to enjoy this very important feature. For many years now Malaysians were only allowed to sign up for an account and do the normal transactions like sending money and making online purchases, using their PayPal accounts but unfortunately the funds accumulated there were not allowed to be withdrawn for local usage.
The usual means of actually getting to enjoy the money from our PayPal accounts in the past was to purchase products online or in some fortunate cases (people who had relatives or close friends living abroad) to transfer the said funds to another persons PayPal account who resides in a foreign country and they then transfer it back to us through cheques, telegraphic transfer, money order and so forth. And there were those who also began to use E-Trade accounts as well to access these funds which they had in their accounts.
But all these were considered to be time consuming and not to mention risky at the same time due to the fact that they could get their PayPal accounts possibly frozen in the process if they were not careful. Now all this is in the past as PayPal has graciously lifted the ban and opened their doors to all Malaysians to have direct access to their funds. So, as long as you have a Credit Card, Debit Card (in some cases they're called Check Cards, ATM Cards, or Banking Cards) that shows a Visa logo, you'll be verified and only then be granted to have this access.
As with all foreign currency transfers, there are certain charges incurred for all this. PayPal is currently imposing a USD5 fee on each of those transactions and expect 5 - 7 days for them to process your withdrawals.
I am sure that PayPal's lifting of the ban on Malaysians will spur us all to do well as we are now in the same leagues with other top influential countries. My only hope is that this feature will be a long standing one and hopefully no Malaysian out there should jeopardize the facility provided by PayPal. So what are you guy's waiting for, sign up for a PayPal Business or Premier account and start accepting credit card payments instantly.
Updates (October 1st, 2007) :
Apparently it seems that Malaysia was not the only country allowed to withdraw money through local bank cards, but this same access has been granted to an additional 26 other countries as well. Countries such as Philippines, India, Thailand, Hong Kong, Indonesia, Israel, Turkey, Slovakia, Slovenia, Malta and so many more have also been given the big go ahead. To get a full picture on this, I highly recommend you make a trip over to the official PayPal site to see if your country is also listed into this same list.
The usual means of actually getting to enjoy the money from our PayPal accounts in the past was to purchase products online or in some fortunate cases (people who had relatives or close friends living abroad) to transfer the said funds to another persons PayPal account who resides in a foreign country and they then transfer it back to us through cheques, telegraphic transfer, money order and so forth. And there were those who also began to use E-Trade accounts as well to access these funds which they had in their accounts.
But all these were considered to be time consuming and not to mention risky at the same time due to the fact that they could get their PayPal accounts possibly frozen in the process if they were not careful. Now all this is in the past as PayPal has graciously lifted the ban and opened their doors to all Malaysians to have direct access to their funds. So, as long as you have a Credit Card, Debit Card (in some cases they're called Check Cards, ATM Cards, or Banking Cards) that shows a Visa logo, you'll be verified and only then be granted to have this access.
As with all foreign currency transfers, there are certain charges incurred for all this. PayPal is currently imposing a USD5 fee on each of those transactions and expect 5 - 7 days for them to process your withdrawals.
I am sure that PayPal's lifting of the ban on Malaysians will spur us all to do well as we are now in the same leagues with other top influential countries. My only hope is that this feature will be a long standing one and hopefully no Malaysian out there should jeopardize the facility provided by PayPal. So what are you guy's waiting for, sign up for a PayPal Business or Premier account and start accepting credit card payments instantly.
Updates (October 1st, 2007) :
Apparently it seems that Malaysia was not the only country allowed to withdraw money through local bank cards, but this same access has been granted to an additional 26 other countries as well. Countries such as Philippines, India, Thailand, Hong Kong, Indonesia, Israel, Turkey, Slovakia, Slovenia, Malta and so many more have also been given the big go ahead. To get a full picture on this, I highly recommend you make a trip over to the official PayPal site to see if your country is also listed into this same list.