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 (EMIs) 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-Ringgit currency 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.
