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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 🙂

Maybank Visa Debit Card can now be used for Paypal...

Maybank Visa Debit Card

Maybank Visa Debit Card

Say what? Seriously??

Let me type that again for you – Maybank Debit Card (also known as the Maybankard), can now be used to Withdraw Funds from your Paypal account!

Now I won’t be bold enough to say this (or type this) without proof, so check the proof below (snapshot of my Maybank account) :

snapshot-paypal-to-maybank1

snapshot-paypal-to-maybank1

Convinced? Want to give it a try? Let’s Go! Here’s how you can set your Maybank debit card to be able to receive Paypal withdrawals:

Step 1

Snapshot- MSOS link

Snapshot- MSOS link

Login to your Maybank2u Online account, and look for the “Maybankard Secure Online Shopping Registration” link (MSOS Registration).

Snapshot-MSOS fields

Snapshot-MSOS fields

Step 2
Complete the enrollment process by filling up the fields. Make sure that:
1. Password is 6-8 characters, must contain at least 1 number. Example of an accepted Password:  abcde1

2. Personal Assurance Message (PAM) does not contain any special character (dots, fullstop, comma etc etc). PAM is visible when you are about to complete payments/purchases online.

Step 3
You will land on the Maybank confirmation screen, letting you know that your Maybank Visa Debit card is ready to be used online.

Once you have activated Maybank Secure Online Shopping (MSOS) registration, you can add your Maybank Visa Debit Card to your Paypal account. Please ensure that you have around RM20-RM30 in your Maybank account before you add your Maybank Visa Debit Card to your Paypal account.

I’ll explain in my next post as to how to add your Maybank Visa Debit Card to your Paypal account, verify your Paypal account, and further use it for withdrawal and make online purchases.

UPDATE : Instructions on how you can add your Maybank Visa Debit Card to your Paypal account in my New Post

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