Here is a great Online Business News for Malaysians. Paypal adds Malaysia Banks as a direct withdrawal option. Yes! You read that right. We Malaysians can now withdraw our Paypal funds directly into our local bank accounts. I have to say thank you to Gobala for this excellent Paypal news.

Up until now, we Malaysians can only withdraw our finds into credit or debit cards. Most would probably choose the latter as their means of withdrawals. However, not all debit cards can be verified by Paypal. We have the range of Al-Rahji, Public Bank and Maybank which are widely accepted. My Ambank and RHB debit cards failed the verification. Probably need to call the bank or something, which I have yet to do.

However, now that we can withdraw directly into our bank account, I don’t need to have a debit card. The best thing about this is it is cheaper than withdrawing to cards. Withdraw more than MYR400 and it is free, otherwise the charge is only MYR3. Compare that to the normal MYR20 fee for withdrawal to a card.

Let’s see now, no fee or just MYR3 against MYR20, which withdrawal option should I choose? Pretty obvious right?

It is also faster. The transaction takes about 2 – 3 days. As a matter of fact, that is even faster than withdrawing into US Bank accounts. This is certainly good indeed. We get to have access to our funds faster. Card withdrawals normally takes 5 – 7 days.

You will need your bank’s routing code. Have no worry. Paypal have included a reference to Malaysian bank’s MEPS Routing Code. Just click on the Details link beside the Routing Code field. I think they have covered all the banks in Malaysia in there.

What next for Malaysia Online Business? Add funds directly from local banks? Ahhh.. that would certainly be bliss. Until that day comes, we can still add funds from our cards, be it debit or credit cards. That’s already good enough for me.

So, are you running an online business? Have you added Paypal as a payment method? If not, I really do recommend that you head on over to Paypal and create an account.