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Minimum Withdrawal Amount and Paypal's New Rules?

Discussion in 'PayPal' started by sachin410, Feb 2, 2011.

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  1. #1
    According to Paypal's existing rules, the minimum withdrawal amount is $10.

    Now, the new rules states that Indian users will have to withdraw their money every 7 days.

    What if some user has only $1 in his account?

    Will he have to withdraw this $1 too? Won't the $10 limit apply to him?
     
    sachin410, Feb 2, 2011 IP
  2. China_girl

    China_girl Well-Known Member

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    #2
    Are you serious, $10 ???
    Paypal will charge itself around $35 for withdrawing any amount from the paypal account. Lucikly here in China, we have the paypal account connected to the bank account, however paypal still charges $35 for each transaction.
     
    China_girl, Feb 2, 2011 IP
  3. chandan123

    chandan123 Prominent Member

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    #3
    that situation will be overtaken by paypal favourable policy and thats an exception to keep money
     
    chandan123, Feb 2, 2011 IP
  4. sachin410

    sachin410 Illustrious Member

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    #4
    Is that a guess or you are sure about it?
     
    sachin410, Feb 2, 2011 IP
  5. chandan123

    chandan123 Prominent Member

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    #5
    because if paypal force to withdraw 1$ and deduct 1$ fee how they deposit 0 Rs to our bank ?
     
    chandan123, Feb 2, 2011 IP
  6. deluxdon

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

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    #6
    Infact current $ rate is approx 44 and paypal deduct INR 50 for withdrawal below 7000 INR :p

    DON.
     
    deluxdon, Feb 2, 2011 IP
  7. chandan123

    chandan123 Prominent Member

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    #7
    so 1$ withdrawal means we need to pay 6 Rs via netbanking :rolleyes: :D
     
    chandan123, Feb 2, 2011 IP
  8. deluxdon

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

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    #8
    Yes thats what i want to tell you :p

    DON.
     
    deluxdon, Feb 2, 2011 IP
  9. emiley

    emiley Active Member

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    #9
    What will happen to the money if it is not withdrawn within 7 days?
     
    emiley, Feb 2, 2011 IP
  10. sachin410

    sachin410 Illustrious Member

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    #10
    or it could mean 15 cents of negative balance in Paypal account.
     
    sachin410, Feb 2, 2011 IP
  11. chandan123

    chandan123 Prominent Member

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    #11
    a dedicated account manager from RBI will come and ask you politely to withdraw money :D
    so paypal wants to force make withdraw and -ve balance on all indian users lol
     
    chandan123, Feb 3, 2011 IP
  12. olddocks

    olddocks Notable Member

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    #12
    i dont understand this. Paypal says that i must withdraw any amount received within 7 days. So..

    (i) Lets say i have $100 in my paypal before March 1
    (ii) I make $5 daily from March 1.

    As per paypal instructions.

    (i) i should withdraw $100 immediately before 1 March and make my paypal ZERO balance.
    (ii) Then assuming that i made $50 total from March 1 to March 7.

    Am i supposed to manually to empty my paypal balance, once in every 7 days of the accumulated amount or i have to use settlement withdrawals?

    From what paypal is saying if i miss once, paypal will automatically to the withdrawals.

    These things arent clear yet from PAYPAL.
     
    olddocks, Feb 3, 2011 IP
  13. sachin410

    sachin410 Illustrious Member

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    #13
    I wrote to Paypal twice.

    The first time I asked them what will happen if the balance is less than the minimum withdrawal amount - $10.

    Second time, I asked them what would happen if the balance is exactly $0.50.

    These are the two replies:

     
    sachin410, Feb 4, 2011 IP
  14. Ethical Geek

    Ethical Geek Member

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    #14
    ^^ Irony.

    Too short!
     
    Ethical Geek, Feb 6, 2011 IP