It’s a hassle to transfer PayPal money for Malaysians. I do not know why it’s taking PayPal and the Malaysian banking authorities so long to provide this much needed service. It’s been quite some time since PayPal opened their regional headquarters in Singapore.

Anyway, I think the most hassle free way to transfer your virtual PayPal money into rock-solid bank notes is to simply head down to Singapore for a holiday, open up a POSB Bank account and then simply do a bank transfer to the Singapore bank account. I have done it and it’s completed really fast.

Here’s how. Head down to any POSB branch and open up a bank account. You can simply open a bank account with just a Malaysian IC. No need passport or any other crap. Cool right? Some features for you to consider with this POSB account - Internet banking and MasterCard Debit Card. I’m still waiting for my Internet banking package to arrive. But the MasterCard Debit Card is the single most useful piece of feature from my POSB account. It works exactly like a Credit Card and can be used online anywhere. It’s how I validate my PayPal.

I wanted this same Debit Card with my Maybank, but sadly they don’t provide it. Their Visa Debit Card can’t be used online. What crap.

Anyway, once you opened up your POSB Bank account, use the following details to key into your PayPal account. This is provided to me by a POSB Bank officer and it works perfectly fine for me.

Bank Name: DBS Bank Ltd.
Bank Code: 7171
Branch Code: 081
Account Type: Saving

The bank name is DBS because POSB is owned by DBS. Oh do note, if you are above 21 years old, you need to maintain a S$500 deposit balance else they will deduct S$2 per month (if I’m not wrong).

The entire process took about 3 working days before the money appear in my POSB account. Cool stuff I would say. Oh PayPal will deduct S$1 for bank transfer of less than S$200.

If you need to check your bank balance or report stolen DBS debit card, call this number: +65-6327 2265
And if you need to call PayPal for any reason, call this number: +65-6510 4650
Oh this PayPal number will be rerouted to a Shanghal call centre, so have fun talking there!

Don’t be discouraged to call the Singapore numbers listed above. It’s actually quite cheap to call Singapore. If you are on Digi, you can call Singapore for 18sen/minute. I’m not joking. This is serious shit. It’s cheaper than calling my neighbour on his mobile phone! I saw some adverts for Maxis and Celcom too, but I’m not too sure the exact price to call Singapore, but you can try for about 1 minute to get a rough gauge of the price. It won’t slaughter you, that’s for sure.

Hope this helps.

Tags: Debit Card, PayPal, POSB, Singapore, Transfer

This entry was posted on Thursday, June 18th, 2009 at 6:01 pm and is filed under Business, Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.