PayPal exchange rate is low

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.

PayPal_Exchange_Rate

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. πŸ™‚

  • Sally

    So a debit card is still preferred, huh? Or even better, a US bank account? πŸ™‚
    The low exchange proves the old proverb, “there’s no free food”. πŸ˜‰
    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…

  • Sally

    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. πŸ™‚

    • 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.

    • Sally

      I suppose that is for PayPal?
      Google says 1 USD = 3.43049 MYR πŸ˜‰

      • 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. πŸ™

  • Sally

    Haiya… really low la. Google says 1 USD = 3.38050 MYR. πŸ™

  • 1 USD = 3.29239 MYR on 10 November 2009. A new low.

  • leon

    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. πŸ˜›

  • Jeremy

    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.

  • Junie

    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?

  • NobleSpirit

    Paypal already gets its fees from every transactions, but more they make profit and they get greedier especially recent years significant amount of paypal’s shares purchased by china origin investors, customer service of paypal became so poor but rip off acts increased. By international law profit of remittance company (Paypal is a kind of remittance company too) should be only depend on the service but not ripping of the customer with currency exchange. However in many countries related authorities being bribed by paypal so they get away with their illegal acts. Paypal currently investing for big businesses, so every single cent they rip of from you they invest for weapons of mass destruction manufacturing in china, as some china origin paypal investors owners of missile factories same missiles being sold to Taliban and Al Shabab

  • Hye, may i know what is the latest exchange rate for 1USD to MYR??

    TQ.

  • dunk

    Hi,
    Sorry if this questions is out of topic. Just trying to understand more.

    So is it means that, any MYR to USD in PayPal exchange rate is higher than the *currency in the market value(*dont know what exactly called)

    But how bout sending money from USD to MYR in PayPal ?? is there will be charge higher too in the process of transferring?

    Thanks

    • Yes, withdraw money rate from PayPal (USD to RM) is higher compare to market money currency exchange rate due to PayPal charges extra hidden fee.

      • Jaclyn

        So consider it as Paypal tax? How to know whether how much hidden fee that Paypal charge?

        • Yup, something like that. Around 1.5% I think.

      • dunk

        So all charges is same for all banks or just specific only?
        Cheers.

        • Same to all banks.