so finally most awaited update from paypal. you won't be able to receive more than $500. and daily auto withdrawal Important Update: Auto Sweep and Receiving Limit for PayPal users in India Having trouble viewing this email? View online or text version PayPal Recover Password Get Help Your account Attention Required: Auto Withdrawal And Transaction Limit Hi XXX, As communicated earlier this year, we are working to implement RBI’s Guidelines regarding the processing of export-related payments. As a result the following changes will be made to your PayPal account: • Effective 26th September 2011, you will not be able to receive overseas payments exceeding US$ 500 per transaction into your PayPal account. •Any balance will be auto withdrawn out of your PayPal account daily. We understand the impact this may cause to your business and seek your support and understanding as we continue to work together with the RBI. We will keep you updated as our conversations progress. In case you have any queries, please log into your PayPal account and click on Contact Us at the bottom of any PayPal page. Update Now Sincerely, The PayPal Team This email was sent to XXX, because your email preferences are set to receive the PayPal Periodical newsletter and Product Updates. Unsubscribe Please do not reply to this email. We are unable to respond to inquiries sent to this address. For immediate answers to your questions, visit our Help Center by clicking "Help" at the top of any PayPal page. Copyright © 2011 PayPal Inc. All rights reserved. Consumer advisory: PayPal Pte Ltd, the Holder of the PayPal™ payment stored value facility, does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read the terms and conditions carefully.
i was little confused with this email, so we can able to receive $499, 5 times too per day correct? also what about withdrawal they are saying that "Any balance will be auto withdrawn out of your PayPal account daily.", give me suggestions please
yes you can receive $500 (above 500 isn't allowed, but 500 is) 5 times a day. but not $501 and yes whatever you have in your account will be withdrawn daily. even if its 1 cent
yes this is gr8. Atlast we can get interest on the paypal money from banks that too without paying any fee for withdrawl. but I wonder what will paypal do if i have 0.01$ in my account
Just wonder what will happen when someone tries to send over $500. Would have been great if Paypal automatically splits the payment..
I am being a little mischeavous and would like to play with Paypal. Since it automatically sent all the 6500 $ I had in my paypal day before yesterday, now I have zero balance. So what I am thinking to do, is to instruct my friends to send a few cents daily - and it will be a fun to watch transferring 10 RS daily to the bank - At least, it would also be costing Paypal to initiate each NEFT transfer
Feels Shocking,I didnt recieve any email from Paypal regarding 500$ limit per transaction rule. Other than lmjkbmac,Did anyone else recieve the Paypal email regarding 500$ limit rule?
Just before an hour i received this intimation. There is no big change. All the changes are mentioned already.
I have also received same email form Paypal today. I think Paypal is wrong on daily auto withdrawal rule. instead paypal need to set the limit of funds for auto withdrawn.
As far as Indian users can't use his Paypal balance so it is a not a bad decision by them to auto withdrawal of funds. Rather i think those who face problems on transferring money within 7 days, it will be a great help to them. I think Paypal should start accepting Indian Debit cards to enable online purchase for Indian users.
Atleast paypal informed us everything before 1 year. For indian paypal users, the problems doesnt seem to end.
Usually I will get all update email from Paypal but I have not got the email this time is it confirmed any one tried?
It's not Paypal, it's RBI and the whole Indian Debit Cards policy to make them unable to be used for any International online purchase, not just Paypal.
I too received the mail today. Instead of blaming paypal, I guess we should force RBI to change these stupid rules. Paypal I think would be forced by RBI to make these changes. They obviously don't want to send you payments daily, as they loose the funds and will have the cost of doing NEFT/RTGS. Obviously they also do not want to limit the maximum amount, as that would only mean loss of revenue for them. RBI must understand that they are doing a great disservice to Indians by being so rigid. When you are forced to withdraw the whole amount daily to your bank account, what is the problem in receiving few thousand USDs? After all they can track all the transactions easily, with PAN being forced and withdrawal only to bank accounts. Majority of Indians working in gufl remit through hawala channels, which amounts to billions of USD per year. RBI has no problem with this, or the blackmoney that every businessman / politician / bureaucrat owns. They have a problem when a freelancer generates foreign currency by doing completely legal work, without any encouragement or help from govt of India. I guess it is time we stood up and told RBI to stop harrassing us. We are unorganized and being taken for a ride. Anybody willing to co-ordinate and let our voice be heard? Forcing our MPs, sending compaints or even moving to court? We are doing perfectly legal work and generating foreign currency and still being harassed. Come on, we are living in a democracy!