Paypal has recently implemented a new rule for withdrawing money. And this new rule is forced upon its customers. I could not find any new policy update announcement of this new ruling. They know this rule will be met with fierce objections, hence the reason the rule was implemented below the radar.

My primary currency in Paypal is USD. I’m from Malaysia, and I used to withdraw my Paypal funds to my credit card attached to my Paypal account. Last time, I would be able to withdraw in USD. My bank will then convert the USD to MYR at the prevailing market rate.

However, about one month ago when I made a withdrawal, I was forced to accept the withdrawal in MYR. Paypal will convert the money from USD to MYR at a very expensive rate. I lose more money when Paypal does the conversion compared to when my bank does the conversion.

Paypal converts my money from USD to MYR at a very expensive rate and forces me to accept this. There is no option to receive my money in USD.

I know Paypal wants to earn more profits. But certainly this is not the way. It is akin to stealing money from my pocket. Just because Paypal is a monopoly does not mean they can do whatever they want with their customers and take their money.

Paypal should instead let the customer choose during the withdrawal process whether he or she wants to receive the money in their primary currency or let Paypal convert to another currency.