Sunday, September 30, 2007

Malaysians Can Now Withdraw Money From PayPal

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online purchases, using their PayPal accounts but unfortunately the funds accumulated there were not allowed to be withdrawn for local usage.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.

22 comments:

ジェイソン (Jason) said...

This is great news! I wonder if Paypal will work with Japanese bank accounts, too. It usually takes two weeks for me to go through the process of transferring money off Paypal to my Canadian bank account, then send it overseas....

Waliz said...

hi Nihal..long time no see..thanks for sharing this paypal stuff wth me..actually i never heard it before..now i know already..

NIHAL said...

Hi Jason,

It's been a while since I heard from you last, and I'm glad you're doing alright in Japan now.

Ya I can imagine, PayPal not supporting this feature at the country you're in, it can be really frustrating at times. But, it's really surprising that PayPal doesn't allow these feature for the Japanese?

NIHAL said...

Hello Waliz,

Thanks for dropping by :)

I'm glad that you found this useful and yes at the same time, there are people who already own PayPal accounts in Malaysia but are still unaware of this feature.

So, at least now you know right from the start, and if you ever decide to sell your own products at your blog, it's a good time to open a Paypal account now and you can sell them globally with no problems in receiving payments whatsoever.

darlene said...

thats great for you guys, as i find paypal very usefull at times specially my ebay shopping,..hee hee

Sharon said...

Nihal, that's fantastic.

This really gives Malaysians a chance to expand their financial lifestyles by being able to sell on line. Especially, when ebay only really promotes Paypal as the safe payment solution for buyers.

I guess we will be seeing a rise of net entrepreneurs from there.

Nick Phillips said...

Hey Nihal, that is indeed great news. My wife has been doing lots of paid postings and I guess that will suit her just fine :) Thanks for the info buddy.

Gerri said...

thats a good thing. they do need to make theier services more accessible to people in all parts of the world. a lot of people i know on the african continent are not able to do a lot when it comes to paypal and that really disadvantages then when it come to setting up money earning programs on their sites/blogs.

Emila Yusof said...

Hi Nihal, this is indeed great news! Now no excuse for me to belanja you hehe!

Menopauseprincess said...

That's pretty good news. I couldn't imagine not being able to withdraw the funds, how frustrating! I wonder what the reasoning behind the ban was in the first place?
As paypal is owned by ebay, I would think that they would want to make it as easy as possible for their system of payment to work globally.

NIHAL said...

Hey there Darlene,

I know what you mean, shopping at e-Bay can be really fun at times I must say. But alas, we get to enjoy the fruits of our labor by shopping locally now :)

NIHAL said...

Hello Sharon,

Ya I've been practically cracking my head thinking of a solution to access those funds and finally it happens!

Now, it's all up to the creativity of the locals here to grasp the available opportunity and make the most out of it.

If only I can figure out what to sell ??? ... Ah yes, your secret potion for the remedy of colds (no worries, I'll split the income 50 - 50 okay) *he he he*

NIHAL said...

Hey Nick,

That's the only thing till date I have yet to be a part of, paid posting ... maybe it's just me and my old fashioned ways *he he he*

Ya, I guess people who carry out a big part of paid posting jobs and those who do a lot of selling at their sites would be jumping for joy the most.

For me, I'm just glad that it's accessable to us now, that's already a huge relieve in itself :)

NIHAL said...

Hi Gerri,

Thanks for the visit, I really appreciate you taking the time to come by and leaving a comment as well. Ya, it's really sad when a country is not allowed access, and to think that we live in a modern society where everyone is treated equally ??? :(

So, I totally agree with you on this and how wonderful too as more people are bound to very happy with this news, Gerri ... PayPal has added another 26 countries into that same approved list, today. Now, how wonderful is that :)

NIHAL said...

Hi Emila,

Lama you tak visit I, I'm so sad lah :(( *he he he*

Of course this would make you very happy, you are definitely one of the best online entrepeneurs I know here in Malaysia (besides the darling we call Marzie !!!) *ha ha*

Jangan lupa datang ke rumah for Raya ok (tak payah bawa anything ... hmm, wait, on second thought, maybe a tote bag or a mug signed by you, pun boleh lah??)

NIHAL said...

Hi my dear Princess,

Hope you keep this a secret ... too many fraud cases!!! Ya, right. For I'm sure this happens in other countries as well.

But anyhow, let's put all that behind us, and let's look forward with dignity and pride as we take this path towards ... MAKING TONS OF MONEY YEEEHH!!! (Oops, sorry I just got carried away for a moment there, can't blame me coz we've been waiting for this for God knows how long now)

Have that fantastic week ahead, ya and see you soon :)

Marguerite Jasmin said...

That sure is good news for people in Malaysia who are doing business on the internet. Surely many Malaysian bloggers will profit from this. It gives me hope that one day people in Haiti will be able to open Paypal accounts.

NIHAL said...

Hi Marguerite,

It's so nice to hear from you once again :)

That would surely be the case I guess, we've waited far too long for this to materialize. Have hope people of Haiti, as the day with good news, will surely come one day.

Take care and all the best :)

Sharon said...

I am with you with the secret herbal potion for flu remedy .....

a leg of toad, monkey's hair, and god knows what else we can stir in it.

:)

NIHAL said...

OMG Sharon, the ingredients ??? We might be just heading towards creating the most innovative flu remedy the world has ever known !!! *HA HA HA*

Rolando said...

That's great news Nihal! Hopefully that will boost economy and of course make it easier to International buyers.

NIHAL said...

Indeed this is great news for all Malaysians, Rolando. We waited mighty-long for this, and I seriously hope that no one messes it up for us, all over again.

Next on my list ... what to sell???

Have a great week ahead, buddy :)