Great news for Malaysians. Paypal has now accept direct withdrawal of Paypal balance to Malaysian banks that use MEPS. This is a great news because previously Malaysians can only with withdraw their Paypal balance to oversea bank accounts or prepaid cards such as TuneMoney. The direct debit into Malaysian banks are possible because Paypal has integrated MEPS into their payment system. Even if your bank ATM card does not have the MEPS symbol, you might also be able to withdraw your funds because it seems like almost all banks in Malaysia are listed by Paypal.

Paypal fund withdrawal

Here are the list of banks being accepted by Paypal for direct debit:

1. AFFIN BANK BERHAD
2. ALLIANCE BANK MALAYSIA BERHAD
3. AMBANK BERHAD
4. BANK ISLAM MALAYSIA BERHAD
5. BANK KERJASAMA RAKYAT BERHAD
6. BANK MUAMALAT BERHAD
7. BANK OF AMERICA
8. BANK SIMPANAN NASIONAL
9. CIMB BANK BERHAD
10. CITIBANK BERHAD
11. DEUSTCHE BANK
12. EON BANK BERHAD
13. HONG LEONG BANK BERHAD
14. HSBC BANK MALAYSIA BERHAD
15. MALAYAN BANKING BERHAD
16. OCBC BANK (M) BERHAD
17. PUBLIC BANK BERHAD
18. RHB BANK BERHAD
19. STANDARD CHARTERED BANK MSIA BHD
20. THE ROYAL BANK OF SCOTLAND BERHAD (RBS)
21. UNITED OVERSEAS BANK

Withdrawal to banks in United States are free of charge but for banks in Malaysia, the withdrawal fee is RM3 if the withdrawal amount is less than RM400 but free of charge if the withdrawal amount is RM400 or more. This fee is better than withdrawal to prepaid cards where the fee is RM20 for every withdrawal. Minimum withdrawal amount is USD10 or RM40. Paypal had also noted that some banks might introduce additional charge for the transfer so you might need to check with your banks about that.

Here’s something even better, withdrawal to bank accounts will only take about 2-3 business days but withdrawal to card will take from 5-7 business days.

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