Yeah… A great news for Malaysia PayPal users. Now you can withdraw PayPal funds to local banks for FREE. I have some funds in PayPal from ADSDAQ. Before this, I planed to use the fund to pay US hosting fee or buy online stuffs from US. But now no need to keep so much fund in PayPal already. I can withdraw them easily.

All the while, the only way to get PayPal funds out was using credit card or charge card. And there is USD 5 fee charges (RM20 now). But who want to withdraw to card when you can get it free (>RM400) or pay RM3 fee (<RM400) to local bank?

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I got the best Malaysia bank to deposit US cheque rate from LowYat website.

Hong Leong Bank:
RM50 + RM10 (courier) + USD75 (Citibank Delaware)

Maybank::
RM25 + USD10 0.1% of the cheque (min: RM25.00, max: RM100). USD15 + unknown charge from the overseas bank

Public Bank:
0.1% of cheque amount (min: RM20, max: RM100) Postage: RM5 Stamp duty: RM0.15

HSBC:
RM11

EON Bank:
RM10

CIMB:
0.1% charge (min: RM5, max: RM100) Postage: RM5 Stamp duty: RM0.15
Note: You can deposit your check to the home branch only. But, you can mail your check to your BCB account’s home branch for bank-in.

RHB:
Postage: RM5.00 Stamp Duty: RM0.15 Commission: 0.1% of your cheque amount (minimum RM 10.00 and maximum RM 100.00)

Standard Chartered Bank:
0.01% of cheque amount OR min RM 50.

Bank Muamalat:
RM5

Alliance Bank:
~RM70

Southern Bank:
RM30 + RM0.15 stamp duty.

Some of the process fees are cheap while some are very expensive. I have 3 bank account from the list above, Public Bank, Maybank and HSBC. Among 3 of them, HSBC processing fee is the cheapest ~ RM11. Why do I need to find the cheapest rate? I have a USD 20.63 cheque to clear. And I don’t want to waste the money for bank fee.

I bank in the US cheque in HSBC. It took exactly 1 month to clear the cheque. And charged RM 11.65 as processing fee. Hmm… I still prefer Western Union or PayPal payment. It is lot faster and easier. No need to show up at bank to get the payment. And no processing fee also…

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