Malaysian can withdraw PayPal funds to local banks for FREE. But the exchange rate from USD to RM is low. I checked it just now.
Only 1 USD = 3.32498 MYR. Come on. Bank Negara Malaysia Ringgit Foreign Exchange Rates shows 1 USD = 3.4050 MYR on 30 October 2009. Why PayPal exchange rate is so low? You will loss RM801 RM80.10 for 1000 USD-MYR conversion. That’s a lot!!!
Anyway, will check the exchange rate again next few days. See is there any improvement. 
Tags: Bank Negara Malaysia, exchange rate, Malaysia, MYR, PayPal, RM, USD
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So a debit card is still preferred, huh? Or even better, a US bank account?
The low exchange proves the old proverb, “there’s no free food”.
Because it looks like there’s a hidden fee of approx. RM20 (which seems to increase for about RM10 for every additional USD 100) when withdrawing to a local M’sian bank account…
- well I meant, the fee is for USD 200 withdrawal.
It is 1 USD = 3.33066 MYR on 31 October 2009. A little bit higher.
agree. Its still low..
Yup. It is 1 USD = 3.33180 MYR on 3 November 2009. Still way too low.
1 USD = 3.34094 MYR on 4 November 2009.
I suppose that is for PayPal?
Google says 1 USD = 3.43049 MYR
Yup. I want to keep track of PayPal exchange rate.
1 USD = 3.32385 MYR on 5 November 2009.
1 USD = 3.32158 MYR on 6 November 2009.
1 USD = 3.31367 MYR on 9 November 2009. It is getting lower and lower.
Haiya… really low la. Google says 1 USD = 3.38050 MYR.
1 USD = 3.29239 MYR on 10 November 2009. A new low.
It is RM80.1 loss for USD1000 conversion and not RM801 as posted on your Oct 30 blog post.
USD1000=MYR3405 (Bank Negara Rate)
USD1000=MYR3324 (Paypal Rate)
Haha… Thanks for the correction. My head must have some issue back then. So simple math also can count wrong.
Check the latest exchange rate in paypal… 1USD = RM3.3 .. its KILLING!!!
shouldn’t the rest of it goes to paypal?
bnm has nothing to do with it.
just my guess..
Yaya. PayPal controls it, not BNM.
What do you expect? After all, PayPal isn’t an non profit organization. I bet that’s the method they use to profit from the so called “fee less” banking transfer to our local bank for any amount more than RM400.
I think using debit card also subjects us to the same low exchange rate by PayPal.
if I have another way, never using Paypal, fake exchange rate! while in Vietnam 1USD = 19400 VND, but Paypal covert such as 1 USD = 18241 VND ~!!! OH MY … they seems steal 1159 VND for one small buck, but see 100 USD = 115900 VND, 1000 USD = 1159000 VND .. big business
How to check current paypal USD to MYR latest exchange rate?
URL?
http://www.google.com/finance?q=USDMYR