Tag Archives: local banks

PayPal is localized

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From now on,Malaysian PayPal users can add Ringgit Malaysia to be your primary currency instead of those international currencies we normally use and withdraw your PayPal balance to your local banks.

PayPal balance in RM Are you willing to get that?Actually it’s quite simple.After several clicks,you can get what you see here.

1.Click ‘Manage Currency’ and it will be switched into the following page.

Add new currency 2.Go to ‘Select new currency’ and tick the one you want to add and press ‘Add Currency’.

3.After that,you can see your newly added currency is in the list.

If you want to withdraw funds to your local bank account,you have to add the bank information in your profile.I don’t teach you here because it should be the basic of PayPal users.The fees for transactions and withdrawals are listed below:

Fees for transactions Fees for bank withdrawals I think the charges are quite fair.I’m thinking this maybe is a signal from Bank Negara(the Central Bank of Malaysia) for slacking some currency policy so as to attract more foreign direct investment.I love the move! :)

Fixed rate for Home Loan in all Malaysian local banks?

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I heard more and more rumors saying that since this November,all banks will start to offer the same rate for home loan.The new rate will most probably be Basic Lending Rate(BLR)-1.9%.

It’s said that because many banks currently provide lower and lower interest rate for home loans so as to get more customers,the profit margin has been less and less.All banks now tight up with an agreement that interest rate from home loan will be fixed and this could help the banks fairly share the market.

Till this point,no one confirm for the rumor yet and I hope that will never happen.If it really comes in some day,the consumer will be the only one who loses the benefits as the banks will not go to give any waive of legal fees etc.

I think competition should build up the ability of growth in a tough situation for companies,not build up the ability of transferring pains to consumers.So if the agreement exists,the bank that doesn’t join it ought to be the best local bank in Malaysia,does it? :)

 

*The current BLR is 5.55%.