Important Update: Currency Requirements for E-Money Transactions within Malaysia

Mohd Nasril Nizam Nordin, here's what you need to know.

Hello, Mohd Nasril Nizam Nordin Currency Requirements for E-Money Transactions within Malaysia We hope this message finds you well. We are reaching out to update you on an important regulatory requirement that affects e-money transactions within Malaysia. Under regulations issued by Bank Negara Malaysia, Electronic Money Institutions (EMI) like PayPal are required to process all e-money transactions within Malaysia in Malaysian Ringgit(MYR). Key Point: If you are a seller in Malaysia quoting prices to local buyers in a non-ringgit currency (e.g., USD, CAD, AUD) it is required by law that payments from buyers who are also residents of Malaysia must be received exclusively in Malaysian Ringgit. You may not receive non-Malaysia Ringgit from buyers who are also residents of Malaysia. What This Means for You: There is no action required on your part. Our system will handle the conversion process automatically, ensuring that your transactions are seamlessly aligned with regulatory requirements. This measure is intended to simplify your transaction process and currency conversions, so as to avoid any potential regulatory issues. We understand that changes like this may require adjustments in how you manage your transactions. We are here to support you through this transition and ensure that your business continues to operate smoothly. Should you have any questions or need further clarification, please do not hesitate to contact our support team at https://www.paypal.com/my/smarthelp/contact-us. Thank you for your immediate attention to this matter and for your continued cooperation. Help & Contact | Security | Apps PayPal is committed to preventing fraudulent emails. Emails from PayPal will always contain your full name. Learn to identify phishing Please don't reply to this email. To get in touch with us, click Help & Contact. Not sure why you received this email? Learn more Copyright © 1999 - 2024 PayPal. All rights reserved. PayPal Pte. Ltd. is (i) regulated as an e-money issuer by Bank Negara Malaysia and (ii) licensed by the Monetary Authority of Singapore as a Major Payment Institution under the Payment Services Act 2019. PayPal RT003025:en_US(en-MY):1.0.0:c871932cc55cd