I’ve made a withdrawal from Paypal to CIMB bank last week which was on the 29th January. From their website they state it will take 2-3 working days. Now take note that working days does not include Saturday & Sunday. So anyway, since I withdraw it on the 29th which falls on Thursday, I was like thinking maybe I will be able to get my funds by Monday. But unfortunately I never got it until today. Yes, it took me 6 working days to receive my funds from Paypal. However from what I was told, normally the first withdrawal takes a little bit longer. But once you withdraw the 2nd time it will be faster. So I’m not too sure about that, maybe will try and see how it goes.
Surprisingly when I opened up my account to check, it stated IBG Credit. So I guess it’s considered a local transfer rather than international transfer. Who knows, but I do get complaints from people stating that the exchange rate is very low. Yes, I do agree with that the exchange rates are not reasonable but I guess they pretty much included the transfer fees or bank charges that could incurred during the transfer. Never the less, I always tell people to set your own exchange rates. So normally when I sell stuff online especially in USD, I would charge my clients about 1 USD = RM3.1 or RM3.2. So at least when I do a conversion through Paypal it wouldn’t be so bad, but ended up earning a little bit from the exchange rates. So why are you complaining about? Banks exchange rates are not that good either, so you’ve just got to learn how to give and take.
Anyway, I wouldn’t want to go into more details on that. But here’s the proof of my withdrawal, and of course this time I need to clear a bit, because it’s a little bit sensitive showing how much I withdraw this time round. Hehehe. Anyway, I did another withdrawal as well on the 2nd of February to Maybank account, as I heard it was faster. Well, I’ll just wait and see.
Oh before I forget, the swift code for CIMB Bank is CIBBMYKL. Apparently previously Paypal made a mistake in placing the swift code information. Anyway, they have fixed it already and I was able to withdraw no problems. So don’t just sit there, start selling and get some extra cash for this coming Chinese New Year 😉