This is the Most Wonderful News to all Internet Marketer or Internet prenuer in Malaysia!!
Recently I got a few queries on how to open a Paypal account for fellow Malaysian. I am sure the questions came at the right moment at the right time! The reason being is that Paypal only recently allow Malaysian to withdraw their Paypal money into the local banks. In fact Paypal allow Malaysian to withdraw the Paypal money to 21 different banks in Malaysia! This is definitely a very good news for Malaysian who wants to set up his or her online business or e-commerce site.
To touch on the history of Paypal in Malaysia:
1. Paypal was opened to Malaysian in year 2004 but one can only fund their account using credit or debit card, but there ie no withdrawal function for Malaysian (FUNNY ISN’T?);
2.Paypal allow withdrawal to debit or credit card since year 2007.
3. Paypal allow withdrawal to local bank account since end of Oct 2009!
I just made a simple video to show how to open a Paypal account for Malaysian. It is by all means a very straightforward approach. No rocket science involved. Of course there are a few important points one has to take note:
a).You have to know what account you want to open, i.e. Personal, Premier or Business.
b). Malaysian still unable to upload fund to Paypal using local bank transfer. Credit card is the only way for Malaysian to transfer money to their Paypal account. However, there is no problem to transfer fund back to local bank accounts.
To compliment the video, I also present you a write up and graphic illustration on how to open a Paypal account in Malaysia:
1. Sign up through Malaysia Paypal site: www.paypal.com/my
2. Click on Sign Up and choose the Type of Account you intent to have.
3. Enter your personal info to sign up for Paypal, inclusive of Email Address to receive and transfer money, name, date of birth, address, business details (Business account), phone number etc.
4 . Create account and being logged in the Paypal account automatically. You will be presented with a Fund Your Account page by credit card. Unfortunately, in Malaysia, you can only fund your Paypal account using credit card. You will not be able to fund your account using local bank. Anyhow, you can choose to skip this page and fund your account when you need money in your account.
5. Go to the Paypal Overview page and click on Profile. In the Overview page, you will see that the primary currency is Ringgit Malaysia.
6. Click on the Profile tab on the top. You shall see three main profiles of yours, i.e. account information, financial information, selling preferences. Make sure you key in your bank account info so that you can withdraw the money to your bank account. This is also to safeguard your money because if your account were hacked, the hacker cannot withdraw your money to his bank account.
7. Key in your Bank details. The MEPS code of your bank is provided for you by Paypal.
8. After adding your bank account. Please log in your email account to verify your email registered with Paypal in order to use the services of Paypal
That is all for this time. I will add some posts on how to withdraw money to your bank account in the near future.
Feel free to contact me if you have any query.
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