How to use PayPal with CIMB

This guide covers all you need to know to use PayPal with your CIMB account and card. We’ll also touch on some of the PayPal fees you should know about, and cover Wise as a smart way to avoid PayPal’s currency conversion costs when making international payments.

Sending money overseas with PayPal? Watch out for the exchange rates offered

Before we get started, let’s look at an example of the costs involved if you use PayPal and your CIMB account to send an overseas payment, using Wise as a cost comparison.

Check out this example: Sending 5,000 MYR (including the transfer fees) to your recipient’s account in USD

Provider	Transfer fees	Exchange rates	Recipient gets...
PayPal¹	0 MYR	Exchange rate PayPal decides (1 MYR = 0.2254 USD)	1,127.05 USD
Wise²	30.89 MYR	Real exchange rate (1 MYR = 0.235488 USD)	1,170.17 USD Send money

(June 11 2020, at 14:44(GMT+2))

You’ll notice that your recipient actually gets less with PayPal compared to using Wise. That’s in spite of the fact that PayPal offers international payments with no transfer fee.

This example highlights that there really is no such thing as a free international transfer. If a provider doesn’t charge a transfer fee, the chances are that the charge is just placed somewhere else - often in the exchange rate used.

In our example above, PayPal adds a markup to the exchange rate. This is pretty common, but makes it hard to see the real fee you’re paying for the transaction.

Wise on the other hand, uses the mid-market exchange rate that you’ll find on Google, and charges a transparent transfer fee. That’s easier to understand. Make sure you compare both the fees and exchange rates you’re offered by different providers before you choose how to arrange your international payment.

Send money to 70+ countries with the real exchange rate🚀

How do I link my CIMB account to PayPal?

Linking CIMB to PayPal should be pretty straightforward. Here’s what you need to do on the web:³

• Log in to your PayPal account and click on Wallet
• Select the button which says Link a bank account
• Follow the steps online to add all the account details, such as Bank name, MEPS routing code (CIMB: CIBBMYKL) and Account number
• Review everything and click Continue

Here’s how you can link your CIMB account in the PayPal app:

• Log in to your PayPal account and tap Wallet
• Tap the + icon next to Banks and cards
• Tap Banks
• Follow the instructions to add all the account details, such as Bank name, MEPS routing code (CIMB: CIBBMYKL) and Account number

Before you can get started, you may need to confirm your CIMB account with PayPal⁴. If this is required, PayPal will make 2 small deposits to your CIMB account.

You’ll then need to log into your PayPal account, and click on Wallet. Here you can select the CIMB account you want to confirm, and will be guided to enter the exact amounts of the 2 deposits which have been made. Once this stage is completed you’re good to start using your CIMB account with PayPal.

💡 A cheap and transparent alternative: Wise

Take a look at the low cost international transfers available from Wise, to see if you can save.

Wise uses low, transparent fees without any mark-up on exchange rates. You can send money overseas from Malaysia to 70+ countries with the real exchange rate.

With Wise you can also receive money to your own multi-currency account from the UK, US, Australia, New Zealand and any Eurozone country, as if you had a local account there. Hold dozens of different balances all in the same place, and switch between them using the mid-market exchange rate whenever you need to. You’ll only ever pay a low, transparent fee.

To send money with Wise,

1. Register for free
2. Choose an amount to send
3. Add recipient’s bank details
4. Verify your identity
5. Pay for your transfer by bank transfer or debit/credit card

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Join over 7 million customers and experience a cheaper, faster way to send money abroad. From Malaysia, you can send money abroad up to 4x times cheaper than banks.

How to transfer money from PayPal to a CIMB account

If you’re holding a PayPal balance, and are ready to transfer funds from PayPal to your CIMB bank account, here’s what you need to do:⁵

• Log in to your PayPal account
• Find the option Transfer to your bank, which is below your PayPal balance summary
• Choose how much to transfer, and click Continue
• Double check the details for your linked account are correct and hit Transfer

You can also withdraw funds to your CIMB card.⁵

• Log in to your PayPal account
• Click Withdraw Funds, which is next to your PayPal balance summary
• You’ll see a dropdown box, which says Transfer to - select the card you want to send money to
• Choose how much to transfer, and click Next
• Double check the details are correct and hit Withdraw MYR and amount

Withdrawing your balance from PayPal to CIMB should take between 1 - 3 working days. PayPal charges no fee for withdrawals of MYR 400.00 and above, and MYR 3.00 for any withdrawals less than MYR 400.00.

How to top up PayPal using CIMB

Adding money to your PayPal balance directly from a bank account may not be available in some countries.⁶

Some users in Malaysia report that transfers from a CIMB bank account to PayPal don’t work. However, you will need to test this feature yourself to see whether it works for you.

To add money from your bank account through your web browser:

• Go to your Wallet
• Click Transfer Money
• Click Add money to your balance
• Follow the instructions

Some users in Malaysia have had better results by linking their CIMB debit or credit card, and then using it to top up their PayPal balance.

To see if this method works for you, follow these steps to link a debit or credit card:

• Go to your Wallet
• Click Link a debit or credit card.
• Follow the instructions to link your CIMB card.

Whether you’re able to top up your PayPal balance or not, you can still make online purchases and send payments with a linked CIMB account or card.

Why can’t I use a CIMB debit card on PayPal? Did CIMB ban PayPal? Try this.

If you’re struggling to link your CIMB card or account to PayPal, you might be wondering: did CIMB block PayPal?

The good news is that PayPal and CIMB can be used together - although you might need to take an extra step with CIMB to get started. Usually, if you encounter a problem with your PayPal, it’s because you need to activate the “Card-Not-Present (CNP)” feature on your CIMB card to enable online shopping. If you don’t do this, the bank might limit online purchases with their debit cards for security reasons.

You can enable the Card-Not-Present feature through the CIMB OCTO app, or contact CIMB at +603 6204 7788 if you need help activating it.⁷

There you have it. All of your PayPal CIMB questions answered.

Don’t forget, if you’re a PayPal user, it’s well worth checking out the fees charged for some PayPal services. While PayPal is perfect for local online shopping, you might find you pay more than you expect to send money to friends and family abroad, or spend online internationally.

Before you use PayPal for cross border transactions, see if you can save with Wise.

Join 10 million people who get the real exchange rate🌏