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Is PayPal trying to cheat Malaysian users?

So I decided last night that it was the time for me to withdraw my PayPal funds via the bank facility that they have provided. In case you didn’t know already, PayPal has now allowed direct withdrawal of funds to Malaysian banks. However, I noticed that the exchange rate for RM from USD in the PayPal system is significantly lower than the current currency exchange market rate.

Here is the currency rate as determined by PayPal when I used their internal currency converter from USD to RM.

Compare this with the current currency exchange rate as determined by the market rate at the time (using Google Calculator). The same amount was inputed for both currency exchange tools.

You will notice there is a significant difference between the two. The margin is really too significant to ignore. I do not think that banks in Malaysia will offer the very low exchange rates that PayPal offers currently to its users. Is PayPal trying to cheat its Malaysian users by marking up their exchange rates for the RM currency? Perhaps it would be a good idea to withdraw directly to a debit card from now on, as the exchange rate for a debit card is determined by VISA and not PayPal.

42 Comments

  1. kasmin
    kasmin February 27, 2010

    hurmm.. look like true… but maybe it just a charges of their service..

  2. alantanblog
    alantanblog February 28, 2010

    It’s NOT cheating!

    Even bank to 2 different rate(Buy/Sell) when deal with USD

  3. giorgia
    giorgia January 11, 2011

    i don’t think it is cheating, but just a charge of their service

  4. baldy eire
    baldy eire July 17, 2012

    I’m selling something for the first time on ebay and I’m trying to figure out how i receive the payment. I know i can link my checking account to my paypal account but will paypal charge me for selling and if so how much? Any info on paypal and how it works would be useful.

  5. Kaden
    Kaden July 20, 2012

    I’m selling something for the first time on ebay and I’m trying to figure out how i receive the payment. I know i can link my checking account to my paypal account but will paypal charge me for selling and if so how much? Any info on paypal and how it works would be useful.

  6. veemodz
    veemodz July 20, 2012

    What’s the difference between paying online through a checking account’s debit card and paying online through PayPal? What are the PayPal advantages over the internet paying methods existent before PayPal came along?

  7. encyclopath
    encyclopath July 20, 2012

    I am unsure whether to use PayPal for eBay and would like to but i have heard that they can be unreliable, doing things such as freezing accounts, withdrawing money without your permission, etc. Is any of this true? Would you recommend using PayPal?

  8. Smashing Pumpkins
    Smashing Pumpkins July 20, 2012

    Which type of paypal account should I sign up for – personal, premier, or business? I plan on buying and in the future selling some items of Ebay.

    Also, does paypal take any type of a commission when you sell something and the money goes into your paypal account?

  9. Con Orpe
    Con Orpe July 20, 2012

    What is paypal exactly??? I got $100 gift card for christmas and I wanted to buy victoria secret exclusive clothing off of ebay. The girl that is selling it says she excepts paypal. But what is paypal? Can I use my gift card through paypal?

  10. Goe122
    Goe122 July 24, 2012

    What’s the difference between paying online through a checking account’s debit card and paying online through PayPal? What are the PayPal advantages over the internet paying methods existent before PayPal came along?

  11. Sriram R
    Sriram R July 27, 2012

    How do i view ”transaction ID” on paypal?

  12. JackReynolds
    JackReynolds July 29, 2012

    What’s the difference between paying online through a checking account’s debit card and paying online through PayPal? What are the PayPal advantages over the internet paying methods existent before PayPal came along?

  13. forahobby
    forahobby August 3, 2012

    Some publishers that wanted to publish my books only accept and pay with paypal. I tired to open paypal account as a Niegria but met the hurdle of rejections. Please, what can I do?

  14. Jon P
    Jon P August 8, 2012

    How do i view ”transaction ID” on paypal?

  15. uberfailz
    uberfailz August 9, 2012

    What’s the difference between paying online through a checking account’s debit card and paying online through PayPal? What are the PayPal advantages over the internet paying methods existent before PayPal came along?

  16. Arminator
    Arminator August 9, 2012

    I am a teenager and I just made a paypal account and I don’t have a bank account or a credit card. I have a website that gives free money and I have enough money to redeem it on paypal. I want to use paypal to buy things from ebay but to do that I have to verify my paypal account. Is their anyway to verify it without having a bank or credit card. I need it really badly please help me out.

  17. Rassling Fundamentals
    Rassling Fundamentals August 10, 2012

    How do i view ”transaction ID” on paypal?

  18. ouch
    ouch August 12, 2012

    How do i view ”transaction ID” on paypal?

  19. shahedC
    shahedC August 16, 2012

    So I bought something on ebay but I wasn’t satisfied with my purchase so I returned it. I just got an email stating that my payment has been refunded through Paypal and was given the receipt number and everything. But the problem is, I don’t even have a Paypal account! So I decided to make a Paypal account but now I don’t know what to do to put the money in there because my balance still says $0.00. Can someone help me please?

  20. apleaforbrandon
    apleaforbrandon August 22, 2012

    So I bought something on ebay but I wasn’t satisfied with my purchase so I returned it. I just got an email stating that my payment has been refunded through Paypal and was given the receipt number and everything. But the problem is, I don’t even have a Paypal account! So I decided to make a Paypal account but now I don’t know what to do to put the money in there because my balance still says $0.00. Can someone help me please?

  21. Jeff
    Jeff August 22, 2012

    I made a paypal acount, i already did all this stuff at the website
    i gave my bank imformation and all that.
    but on my paypal website is says that my balance is 0

  22. Scott Bull
    Scott Bull August 26, 2012

    I traveled and came back to the US, with a bunch of currency from Trinidad, Costa Rica and the Dominican Republic. How can I get the best exchange to US Dollars, as close as possible to the going exchange rate?
    I traveled and came back to the US, with a bunch of currency from Trinidad, Costa Rica and the Dominican Republic. How can I get the best exchange to US Dollars, as close as possible to the going exchange rate?

    I am exchanging the currency in New York.

    Also, compared to the listed exchange rates for these currencies, what percentage of the cash can I expect to get back when exchanging? for example, for one of the currencies the rate was approx. 34 units to 1 US$ on a particular day, yet a currency exchange place was offering 41 units to 1 US$. Is this a reasonable difference?

  23. Jeanelle the Retard
    Jeanelle the Retard August 27, 2012

    Paypal’s moneymarket interest rate is around 5% right now, which is competitive, if not just better than, local savings and cd rates. My temptation is to use paypal as a place to store some savings, like up to $8000 over the next year or so. I’m curious if others are doing the same? Are there any reasons not to? It’s still relatively liquid, right?

  24. homerliveshere
    homerliveshere September 9, 2012

    Im trying to open up and new bank account so half of my direct deposit can go in that and i can save. Anybody know what banks dont make u deposit any or not alot of money?

  25. mike s
    mike s September 9, 2012

    I’ve recently heard reports that individual banking transactions above a certain figure have to be notified by banks to the tax authorities. Is this true & if so, what is the amount?

  26. PIE BOY
    PIE BOY September 12, 2012

    How can you transfer paypal credit to another paypal account? What are the requirements and what is the process?

  27. Jonny
    Jonny September 16, 2012

    I have a friend who is a builder and would like to use me for his mortgage broker. I have no problem finding banks who will do financing for owner occupied builder programs, but nothing for spec homes. A lot of the banks offer spec programs on the retail side, but I’m having trouble finding it wholesale. Thanks!
    I do know what a spec home is
    My rep at Indymac said that they only do owner occupied construction, but maybe there is another dept she’s unfamiliarr with? I’ll ask her again. Thanks!

  28. Myles
    Myles September 24, 2012

    Years ago, banks would give a free gift, such as a toast machine or a piggy bank when opening up a new account with them. I notice that banks don’t do this anymore. They don’t give squat. Why is this?

  29. morbiusdog
    morbiusdog October 1, 2012

    The banks have been betting big on stocks, bonds, commodities and other assets. Trade gains will only last so long.

  30. che-che
    che-che October 18, 2012

    Right now, the ball is in the major banks’ court. These banks could be and should be lending money to small business most importantly and to consumers secondarily with lower interest rates and fewer restrictions. But they refuse to.

    This is causing Congress, the White House and the federal reserve to continue their own “easy money” policies which will reverberate for years to come, likely causing (among other things) higher taxes.

    Why are the big banks doing this? And, what needs to be done (other than what is being done) to get the big banks off their “assets” and lend more money where most needed?

  31. Ev dog
    Ev dog October 20, 2012

    I am trying to purchase a foreclosed home. I offered the bank the asking price for the home. The banks agent has yet to present the offer to the bank. He said he waits a week and then presents all offers.
    Isn’t that practice a little unethical? Is that the “norm” for foreclosure sales? How long does it usually take a bank to respond to an offer?

  32. Rishabh Bajpai
    Rishabh Bajpai October 21, 2012

    Banks are going to scramble in figuring out how to make profits since they made almost 40 billion last year in overdraft fees.

    If people now can go to the ATM or use a debit card and it will be declined – banks are going to lose serious profits.
    Imagine a bank not making $36 bucks each time you overdraw for 2 bucks.

    Will banks start charging for checking accounts?
    How will they make up those fees?
    Banks are not just going to sit there and take this – I know banks.

  33. Lucas H
    Lucas H October 21, 2012

    My husband and I are going to be first-time homebuyers and we would like to know what banks are the best for great rates. Also which banks are fair regarding fees and which provide the best services to first-time homebuyers?

  34. heavenly sword
    heavenly sword October 23, 2012

    If business partner of paypal using paypal’s web service in its website.If the web service is asking for username and password of its customer,how paypal can protect customers data from there Business partners?How soap transaction can take place between customers,paypal and its business patners?

  35. Phillip123
    Phillip123 October 25, 2012

    what banks are there and places that do home loans i need names so i can ring em and only places in austrlia

  36. airdogspace2
    airdogspace2 October 29, 2012

    I am in college and a server, but I need to change jobs for my schedule. I know banks ask for credit reports. Up until around 3 years ago my credit wasn’t very good. I didn’t know if that would disqualify me or not. I was just wonder what specifics they would be looking for.

  37. Erfan
    Erfan November 5, 2012

    The Bank of England is at odds with the Treasury over the future of commercial banks.The FSA wants bank to write living will. PM Brown wants banks to withhold their bonuses and use that money to lend it the citizens.

  38. turg143
    turg143 November 10, 2012

    My bank and paypal are already linked together, how would i deposit my paypal money in my bank checking account?

  39. Mistry
    Mistry November 11, 2012

    The banks are due to conduct another stress test on 2nd Marcch 2011, how would I find the results? I want to know the top 10 worst Spanish banks to invest with!

  40. have faith
    have faith November 12, 2012

    Is Capital One one of the best banks in the business? How does it compare to the other banks? It it top-notch or does it simply pale in comparison to the other banks?

  41. balinderk2000
    balinderk2000 November 16, 2012

    How do serveillance cameras at banks work overnight? Do they have people watching them 24 hours? or are they recording onto film and only reviewed if someone does somthing big like try to break into the bank or somthing?

  42. Erin
    Erin November 18, 2012

    Hi,
    Instead for transfering money (abount $100)between two banks and bank accounts would it be better to take the money out using an eftpos machine and then go to the bank and have them put the money into your account, rather than transfering the money between 2 different banks oneline. Would it be cheaper?

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