Paypal Withdrawal to CIMB Bank

CIMB Bank Logo

It has come to my attention of late that many Paypal users withdrawing to CIMB Bank (in Malaysia) is facing some problems, and most of their withdrawals were rejected and charged a fee of RM15 (for failed withdrawal).

This error is mainly due to incorrect MEPS routing code (SWIFT code).

Quick Info – the MEPS routing code or SWIFT Code is the bank’s identification code, which consists of alphabets and/or numbers. Some banks have all alphabets as their routing code, some others have a combination of alphabets and numbers.

The MEPS Routing code or SWIFT Code is required by most banks when making telegraphic transfers (or wire transfers), and is required by Paypal in order to withdraw funds to bank accounts.

Paypal incorrectly stated CIMB’s routing code as BSNAMYK1, which is actually Bank Simpanan Nasional’s routing code. CIMB’s correct MEPS Routing Code (SWIFT code) is CIBBMYKL.

So if you did experience this problem, please check your bank details with Paypal again. I’m sure 99% of cases of failed Paypal withdrawal to CIMB Bank is caused by this problem.

Apart from this problem, Malaysian Paypal users are “enjoying” the Paypal withdrawal to Malaysian bank facility as it has been a long awaited feature, and there hasn’t been any complaints. The fees are much lower  compared to withdrawing to a Visa debit card, and in most cases, faster (4 working days max).

So no more excuses not to sell online using Paypal for Malaysians 🙂