Can you disable the auto-withdrawal option?

Discussion in 'PayPal' started by Content Maestro, Feb 3, 2014.

  1. #1
    Funds from my Paypal account are automatically withdrawn into my linked local bank account after 24 hours. It takes almost 5-7 days for the money to arrive. Is there a way to disable this option, so that the funds remain in Paypal?
    Is there a way to convert Paypal funds into hard cash INSTANTLY?
     
    Content Maestro, Feb 3, 2014 IP
  2. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #2
    No you can't do that IMO.

    DON.
     
    deluxdon, Feb 4, 2014 IP
  3. Content Maestro

    Content Maestro Notable Member

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    #3
    Oh, OK.:( Thanks.

    I had linked my local bank account for Paypal verification. So, my Paypal account is verified.
    Now is it possible to unlink the bank account so that funds cannot be withdrawn into it?
    If it is possible and I unlink my bank ac, will my Paypal status go back to being 'unverified'?

    The only option I see is to transfer the funds somewhere else in less than 24 hrs, before they get automatically withdrawn.
    Anyways, is there any service (in India preferably) that converts Paypal funds to hard cash for a certain charge?
     
    Last edited by a moderator: Feb 4, 2014
    Content Maestro, Feb 4, 2014 IP
  4. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #4
    Whats the problem with paypal auto withdrawal ? Within 2-3 business days money is there in your indian bank account.

    DON.
     
    deluxdon, Feb 4, 2014 IP
  5. Content Maestro

    Content Maestro Notable Member

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    #5
    In my local Indian bank ac, it takes 5-6 business days. I guess it differs according to each bank.
    Actually I need some money urgently right now and the only source is funds I have in Paypal.:( That's why I am trying to find a solution for quick conversion to hard currency. Do you know any way by which this can be done?
     
    Last edited: Feb 4, 2014
    Content Maestro, Feb 4, 2014 IP
  6. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #6
    For a safe side it is always recommended that direct paypal withdrawal to your own bank account IMO.

    DON.
     
    deluxdon, Feb 4, 2014 IP
  7. Content Maestro

    Content Maestro Notable Member

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    #7
    Yah, that's true. Thanks anyways.:)
     
    Content Maestro, Feb 4, 2014 IP
  8. Joe Badger

    Joe Badger Active Member

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    #8
    PayPal is no longer used as an online wallet in India so the money that comes to it will be transferred automatically to the bank account attached. You can't do anything about it. However, PayPal offers another option for Indians who hold a Visa credit card or debit card – you can withdraw funds directly to your Visa branded credit, debit or prepaid card. I'm not sure , but withdrawing money to your card can be faster and take less time than withdrawing to the bank account.
     
    Joe Badger, Feb 4, 2014 IP
  9. nihangshah

    nihangshah Prominent Member

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    #9
    PayPal India has to comply with Section 2 (vi) of this RBI notification
    which states that balances held by Online Payment Gateways has to be credited to exporter's bank account in India within 7 days

    You can't do anything about it, since it's central bank's order
     
    nihangshah, Feb 5, 2014 IP
  10. Content Maestro

    Content Maestro Notable Member

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    #10
    Thanks Joe Badger and nihangshah for the info.:)
    Is it possible to transfer funds I have in my Paypal to another Paypal account owned by a different person, before they are withdrawn into my local bank account, i.e. before 24 hours? If it is possible, I will make the transfer in exchange for hard cash.
     
    Content Maestro, Feb 5, 2014 IP
  11. nihangshah

    nihangshah Prominent Member

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    #11
    You can't use PayPal balance (before it's withdrawn to local bank account) to send money to another PayPal account
    The only way to send money to another PayPal account is by using debit/credit card
     
    nihangshah, Feb 5, 2014 IP
  12. Content Maestro

    Content Maestro Notable Member

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    #12
    That's sad.:( Thanks for the info though.:)
     
    Content Maestro, Feb 5, 2014 IP