Paypal Moving to Singapore

I've written to Paypal and it took them a while to get back from me. Here is their official reply. It appears that the news is true but Singaporean accounts will still be handled by Paypal Inc in the US. I guess it is to take advantage of some tax-free status for regional HQ scheme that we have in Singapore.

Here is the email respond :-

 

Hi all.... I've been tracing the Originating IP Address where the email has come from and found out that the IP is belonging to one ISP (broadband connection) in Philipines.

As we have seen in the email, the Update Policy is on 30th June 2006 but at Paypal official website, the latest Updated Policy is on 8th June 2006.

This means that this email is a bogus and phishing email.

Even if Paypal moves their business to Singapore, then we don't need to close our Paypal account and register again at Singapore. Paypal should automatically shifted our account to new location without any user interaction as Paypal controls our database.

So the conclusion is this email (whoever received it) is merely a bogus and phishing email. No need to panic whatsoever.

 

Well, it is not bogus. I've written directly to Paypal on the Paypal website and got an official response from them and they confirmed what was mentioned and it is true that they are setting up a regional HQ in Singapore.

 

Hi DP members,

I received a mail from PayPal with this info? Is this a real mail or a spam?

*********************
PayPal, Inc. is pleased to announce that we are preparing to open a new regional headquarters, PayPal Private Limited, a PayPal group company incorporated in Singapore. These headquarters will be the service provider for PayPal customers outside the United States and the European Union. Going forward, this development will help us improve services for our customers worldwide.

Please note that no action will be necessary on your part. You will be able to continue using your PayPal account as you do today.

Your Existing Customer Relationship with PayPal

Until August 1, 2006, your customer relationship will continue to be with PayPal, Inc. (a U.S. company) under the PayPal User Agreement, which is governed by California law.

A New Customer Relationship with PayPal

With the opening of our new regional headquarters, your customer relationship will automatically be transferred to PayPal Private Limited. We anticipate that this will occur on August 1, 2006. At that time, we will introduce minor changes to the User Agreement and its incorporated policies, and to the Privacy Policy. The new User Agreement will be similar to the current Agreement, and will contain no adverse amendments from a customer's perspective. It will also no longer contain U.S.-specific references, and it will be modified to comply with Singaporean payment services requirements.

If you do not wish to hold a PayPal Private Limited account and would prefer to retain your relationship with PayPal, Inc., you may only do so if you are a resident of the United States, and if the primary address on your PayPal account as of August 1, 2006 is a legitimate postal address within the United States.

If your primary address is not in the United States, you may close your account at any time, either before or after the transition to PayPal Private Limited, by logging in to your PayPal account and clicking Profile. We value your business and hope you'll transfer with us to PayPal Private Limited, where you'll be able to use PayPal in the same way you do today.

Once the transition from PayPal, Inc. to PayPal Private Limited occurs, we will post updated versions of our User Agreement and its incorporated policies, as well as our Privacy Policy, to our website.

If you have any questions prior to August 1, 2006 about these upcoming changes, please contact Customer Support. You can get contact information by logging in to your PayPal account and clicking Contact Us at the bottom of your Account Overview page.

Yours sincerely,

PayPal, Inc.

 

well the news is everywhere; forums, discussions, blogs,. ..

though i cant find a link to the actual PR.

 

I have gone through PayPal's website but haven't found any such messages in their site.

 

Anyone clearly knows about this issue?

 

I don't think so...but it doesn't look like a scam...And if someone use paypal's name to send massive email like this, it will be on the news

 

If you are still in doubt, the best approach is to send an email to paypal and ask them.

 

Thanks for your assistance old_expat: I'll send a mail now asking for clarification. I'll post the reply here when I receive it.

 

eh..
We just have to wait and see I bet it is real

 

I'd think it is real too--But still cannot fathom why there is no official news about it...

 

A previous phishing site, like this probably is, with a google warning: http://www.wkc.cz/forum/.web/.accupdate/.www.halifax.co.uk/

How do you report sites like that to google?

EDIT: Just re-read thread.

 

Wow... what a site... How do google do that?

 

Just have to wait and see if there is an official announcement

 

hmm, so why didn't i get the email?

 

(stupid 10 character min)

 

Hi,
I am from Singapore. I didnt get any email so far from them about this announcement.

 

If paypal move to singapore then the support will be even worse.