Paypal wrote to me but I don't quite understand
September 23, 2012 8:51am CST
So, this is what paypal wrote to me and I quite don't understand why I can't convert currencies balance in my paypal due to local foreign exchange regulatory requirements. Anybody understand please explain to me. Thank you. Dear Wong Choi Yee, Thank you for contacting PayPal Customer Support. My name is Dinesh and I am happy to assist you with your query. Firstly, I must apologize for the delay in responding to your email. Due to the high volume of contacts we are currently receiving, it is taking slightly longer than normal for us to respond to our customers. We thank you for your patience. I understand from your email that you have some concerns in regards to withdrawing your money. Upon review of your account, I can see that your PayPal balance has USD $7.00 (pending balance of USD $3.18) and MYR 10.00. Firstly, allow me to explain that you would not be able to withdraw any money that is pending or on hold in your PayPal account. Secondly, as you have 2 different currencies in your PayPal account, you would need to do 2 withdrawals; one for your MYR and another for your USD. Unfortunately you would not be able to convert the currencies in your PayPal balance due to compliance with local Foreign Exchange related regulatory requirements, conversion between Malaysian Ringgit and other currencies is not available. Kindly be informed that we have recently changed our policy update; you can now only withdraw a minimum amount of MYR $40.00 to your local bank account. Please do not hesitate to contact us if you need any further clarifications. Have a great day! It is my pleasure to assist you. Thank you for choosing PayPal. Your satisfaction is important to us. We welcome your feedback and hope you recommend us to your friends and family. Please make sure you have a valid mobile phone number on your PayPal account so that we can contact you if we need to confirm any unusual account activity and protect you from unauthorized account use. To add or update a mobile phone number is easy: Log in to your PayPal account, click ‘Profile’ near the top of the page, and then click ‘Update’ beside ‘Phone.’ Sincerely, Dinesh PayPal, an eBay Company Copyright© 2012 PayPal Inc. All rights reserved. Consumer advisory: PayPal Pte Ltd, the Holder of the PayPal™ payment service stored value facility, does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read the terms and conditions carefully.
23 Sep 12
for what i understood choy you can just withdraw your payments when you have 40$ in your account. bcs the currencies for your country are two different ones. so i guess you need to wait that your account has 40 dollars. just then you can withdraw it. thats so unfair i dont understand why not all countries work the same way. for other countries you can withdraw anytime but for yours it isnt like that. so sorry
• Davao, Philippines
15 Oct 12
You have set 2 currencies in your account so you need to withdraw 2 different withdrawals but due to currency regulatory board in your country you cannot withdraw you Dollar funds. You can withdraw only your Malaysian Ringgit when you have a minimum of MYR 40.00 If I were you a primary currency in your account which is MYR. All funds enter to your account will be automatically convert to your currency. Aside from that, you have a pending funds in your account. It will not be added to your total balance until you accept the funds. Be sure to check the funds if the source is verified user of Paypal. Otherwise, your account will be compromise.
• United States
25 Sep 12
Okay, this is what I got out of the response that you've gotten to your inquiry here. You are not able to withdraw your MYR balance because of the fact that it is not sufficient to transfer from your paypal balance to your checking account. Now when it comes to your USD balance, it looks like your country has recently placed a restriction on doing currency exchanges fromy USD to MYR. This is something that really stinks because it is basically saying that you have the money (but some of it has not been approved yet), however, you are not allowed to use your money.
25 Sep 12
It means that you have a pending balance. At the moment, this balance cannot be withdrawn because of its current status. Assuming I understood this right, out of the $7 you have in your balance, $3.18 is pending which is why you can't transfer all of it to your bank account. You can wait for it to be finalized (so you get the whole $7) or you could withdraw $3.82 now. Since Paypal does not allow MYR to be converted to any other currency, then you have to be able to reach the MYR 40.00 minimum payout so you can withdraw the MYR 10.00 that's currently in your account. I hope this helps.
24 Sep 12
I believe you are confuse with that $3.18, right? Maybe, the one that pays you add pending time before all clear. Its usually happen when you got paid for something that need to be tested. So that, if they got not satisfied with that thing. They could ask a refund to the Paypal. But I'm not so sure, maybe other Mylotters could give more explanation about it.
23 Sep 12
You have stuck in a very hard situation , now you won't be able to transfer your MYR balance as they have raised the limit to $40 and you have only $10. I would advice you to contact the person/site who gave you the payment in MYR and see if he could pay you in US Dollars , if yes return that payment and receive the money in dollars. This all has happen due to compliance with local Foreign Exchange related regulatory requirements, so we can't do anything in it.
23 Sep 12
It mentioned that the restrictions is due tó a local foreign exchange regulatory policy. So I guess the best thing you can do tó learn more about tris policy is check out the malaysian government's policy with regard tó this. I'm you'll be able tó find something online about this foreign exchange regulatory policy.