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New India RBI Regulation - Paypal money auto withdrawn!

Discussion in 'PayPal' started by olddocks, Sep 12, 2011.

  1. #1
    Due to this new indian regulation, all indian paypal accounts are set to automatic withdrawal as of yesterday. Many users also received notification email. The 7 day withdrawal time no longer applies and now it has been changed to autowithdrawal daily.

    [​IMG]

    https://www.paypal-apac.com/india/
    SEMrush
     
    olddocks, Sep 12, 2011 IP
    SEMrush
  2. bloodmage478

    bloodmage478 Member

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    #2
    Withdraw daily ? What is the min withdrawal amount ? Anyone know ?

    If there is no withdrawal fee , then i dont care much.
     
    bloodmage478, Sep 13, 2011 IP
  3. olddocks

    olddocks Notable Member

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    #3
    Yes, No minimum amount, whatever you earned on previous day will be auto withdrawn. Thats what paypal says!
     
    olddocks, Sep 13, 2011 IP
  4. deluxdon

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

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    #4
    Paypal going to set 7 days auto withdrawal soon IMO.

    DON.
     
    deluxdon, Sep 13, 2011 IP
  5. karthimx

    karthimx Prominent Member

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    #5
    YES there is no Withdraw fee if the amount was auto withdraw.
     
    karthimx, Sep 13, 2011 IP
  6. FredJones

    FredJones Active Member

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    #6
    Sure, there is no fee? That would be perfect. The thing bites only if there is a fee. Else, I don't mind - we Indians cannot pay from Paypal balance anyway so as long as the INR 7000 thing does not apply I don't care at all. If the fees are applied I care the whole world though.

     
    FredJones, Sep 13, 2011 IP
  7. Ragu_007

    Ragu_007 Well-Known Member

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    #7
    There is no withdrawal fee even though if you withdraw less than Rs.6,999 . But minimum withdrawal is $10.
     
    Ragu_007, Sep 13, 2011 IP
  8. expertofexperts

    expertofexperts Active Member

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    #8
    What can be more worst?? I think this is the time when other payment processors should take advantage of!
     
    expertofexperts, Sep 13, 2011 IP
  9. serena85

    serena85 Peon

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    #9
    It is good that it is no withdrawal fee.....anyway Paypal keeps changing the rules lately don't really know where they want to go with this.
     
    serena85, Sep 13, 2011 IP
  10. karthimx

    karthimx Prominent Member

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    #10
    what happen if I have $8 in my paypal account?

    Will it auto withdraw or it will wait for my balance to reach more than $10 ?
     
    karthimx, Sep 13, 2011 IP
  11. olddocks

    olddocks Notable Member

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    #11
    I am uncomfortable auto withdrawing to my savings account daily. I want to keep some balance to cover refunds and chargebacks.
    Seems to me no option left for Indians. I really feel that paypal and rbi are forcing indians to comply with rules which is not fair. One day we have to start a movement like Anna hazare to ease the regulations.
     
    olddocks, Sep 13, 2011 IP
  12. salaxzar

    salaxzar Well-Known Member

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    #12
    Exactly the same problem. Now due to chargebacks, several times the bank withdrawal will get reversed and pp conversion rates will result in loss everytime...suxx
     
    salaxzar, Sep 13, 2011 IP
  13. Ragu_007

    Ragu_007 Well-Known Member

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    #13
    They will set minimum auto withdrawal rate as $10. So, if your balance is less than $10 it will stay in your account i think.
     
    Ragu_007, Sep 13, 2011 IP
  14. karthimx

    karthimx Prominent Member

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    #14
    We can check this tomorrow what happens for account less that $10 and more than $10.
     
    karthimx, Sep 13, 2011 IP
  15. Ragu_007

    Ragu_007 Well-Known Member

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    #15
    But till now, auto withdrawal option is not active in my account. My money is in my account for more than a day.
     
    Ragu_007, Sep 13, 2011 IP
  16. unna

    unna Well-Known Member

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    #16
    what do you say now?
     
    unna, Sep 13, 2011 IP
  17. JoomlaDesigner

    JoomlaDesigner Active Member

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    #17
    I got automatic withdraw option activated automatically since last 2 days... Yesterday it withdraw $2 to my bank account.. Lol.
     
    JoomlaDesigner, Sep 13, 2011 IP
  18. expertofexperts

    expertofexperts Active Member

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    #18
    You might be kidding! Mere 2$ ????????
     
    expertofexperts, Sep 13, 2011 IP
  19. olddocks

    olddocks Notable Member

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    #19
    Log in to your paypal, add another account and set it to primary. It will disable auto withdrawal.
     
    Last edited: Sep 14, 2011
    olddocks, Sep 14, 2011 IP
  20. jeweldazzle

    jeweldazzle Peon

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    #20
    do any one knows when it available it for Bangladesh ?
     
    jeweldazzle, Sep 14, 2011 IP