Paypal Moving to Singapore

Discussion in 'PayPal' started by abuzant, Jun 30, 2006.

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  1. neoms

    neoms Peon

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    #101
    Hi,

    Today when I received payment in PayPal, there was a new sentence in the end. I'm pasting it here.

    "Consumer advisory- PayPal Pte. Ltd., the holder of PayPal’s stored value
    facility, does not require the approval of the Monetary Authority of Singapore. Users are advised to read the terms and conditions carefully."
     
    neoms, Aug 2, 2006 IP
  2. neoms

    neoms Peon

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    #102
    Hi,

    Here is some useful information I got from PayPal site:

    Question: Given the changes to the user agreement and to the entity providing PayPal services, do I need to take any action to continue to use PayPal?

    Answer: No. If you agree to the new terms and conditions, you're not required to do anything to continue your relationship with PayPal. Your account will be transferred automatically on August 1, 2006.

    Note: If you do not want this transfer to occur, you must close your existing account. You may only hold a U.S. PayPal, Inc. account if the primary address for your PayPal account is within the United States.

    ************

    So I think we can use PayPal as we used to!
     
    neoms, Aug 2, 2006 IP
  3. RH78

    RH78 Peon

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    #103
    I would say that if it isn't mentioned on Paypal's official site, then don't believe it. With something like that, they would HAVE to mention such a change.
     
    RH78, Aug 2, 2006 IP
  4. eddy2099

    eddy2099 Peon

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    #104
    Write to Paypal directly. They will tell you that it is true.

    They only mailed to those affected and if you are not in the affected country, you still be served by Paypal USA.
     
    eddy2099, Aug 2, 2006 IP
  5. neoms

    neoms Peon

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    #105
    There is necessary information in PayPal's official site. Please go to the Help Center in the site and you will see a details FAQ on PayPal Pte. Ltd. :)

    Alll the queries are answered well in the FAQ.

    Please check the Help Center if you are still confused!
     
    neoms, Aug 2, 2006 IP
  6. onedollar

    onedollar SEO Consultant for Hire

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    #106
    now, what they are trying to do here by not being in approval of the monetary authority ?:rolleyes:
    btw, what kind of authority does Monetary Authority of Singapore has in singapore?
     
    onedollar, Aug 2, 2006 IP
  7. eddy2099

    eddy2099 Peon

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    #107
    The Monetary Authority of Singapore (MAS) is the central bank of Singapore. Paypal Pte Ltd does not handle Paypal members in Singapore so I guess they are operating as a Regional HQ. Basically, from what I understand, they will get preferential tax treatment while operating as an offshore financial institution. When you do off-shore business, the Monetary Authority of Singapore would not have jurisdiction over it.
     
    eddy2099, Aug 3, 2006 IP
    onedollar likes this.
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