Dear members here, I'm here seeking for an advice.

I have been playing a game and earning virtual currency. Usually what I will do is sell the virtual currency in local market however I've found that if i sell them overseas, I'll make more money.

So here's the issue, I sell about 250 USD per month and the buyer will transfer the money to my paypal. Bear in mind that 250 USD in inclusive of transaction fees as well. My concern here is, paypal is relatively giving me low currency exchange being 100 USD to 399.20 MYR. While google is telling me 100 USD to 412 MYR.

My concern here is, since the conversion rate is bad in paypal, should i open a foreign currency account here? Or is there any other way for me that would reduce the loss on currency exchange?

If there are any details needed, probably i'll be making 2 transaction per year about 1500 USD each time.

Why don't you use transferwise? Can pm me for the referral code.

Forget about using PayPal or foreign bank account in Malaysia.
Open transferwise account.
Then proceed with opening of global borderless account.
Give the payer your USD bank account (virtual bank account from transferwise).
Once USD comes in, use transferwise to send money back to Malaysia.
You will get more that way.

Use PayPal transfer USD to transferwise, then use transferwise bank in converted MYR into local bank.

Don't advise people if you dunno about PayPal. PayPal can't be withdrawn to non MYR account even though it is USD currency.
.it must be converted to MYR upon you make
Withdrawal.

So in conclusion, don't use PayPal. It is suck and only used by scammers.

This post has been edited by jack2: Feb 4 2020, 04:58 PM

https://transferwise.com/gb/blog/withdraw-money-from-paypal
I am misleaded by this article if can't do so. Or maybe only certain countries/users can do so.

Anyway, TS please contact PayPal and Transferwise to get latest info on these if wish to do so. Otherwise, as advised, don't use PayPal if don't want to pay the currency conversion fees.

Malaysia Paypal is under Malaysia and once you do to the withdrawal, it must be converted to MYR and then to MYR banks.

I have USD bank account and try to attach the USD bank account to my paypal but it doesn't work.

Before you take all these Transferwise advises into consideration, try asking your existing customers if they're even willing to pay you via bank transfer or not first. If they only willing to pay via PayPal, then no need to think of any other option already.

Best answer.

USD1500 is peanut. Dont bother with USD acc opening.

PayPal won’t allow you to withdraw in USD.

Same thing in UK, can only withdraw in GBP, even with business accounts.

I was able to withdraw USD out to TransferWise last year.


But it looks like I can no longer do so


This post has been edited by kaiserreich: Feb 7 2020, 10:10 AM

No, since long time ago.

Yours is under Paypal Malaysia which has MYR currency top up from RHB Bank?