Paypal update for Indians- I received a mail today

@kalav56 (11503)
India
April 8, 2010 10:48pm CST
Dear friends, I got a mail today from paypal and the important new feature is that we must withdraw money received in our account wihtin a month.I had posted an earlier discussion asking you all if you tend to accumulate it.Now, the option is no longer available.Here is the particular sentence in the mail- "Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days." This is for information.
2 people like this
20 responses
@yugasini (12816)
• Anantapur, India
9 Apr 10
hi kalav, I am also having paypal account,i have nearly seventy dollars in my account,but ihave not received any mail from paypal administration,if we withdraw the small amounts from our paypal account,we have to loose some dollars as transfer charge,so how you manage with paypal account,have a nice day
1 person likes this
@kalav56 (11503)
• India
9 Apr 10
It is definitely a problem for people who tend to earn small amounts and accumulate the money in paypal account.And f i s to be a minimum of 10 dollars or so the conversion and transfer would prove very expensive.
• India
18 Apr 10
Now that we have two types of opinions, is it true that we have to withdraw the money at paypal every month? Does anyone have any recent update? Can I carry over my earnings to the next month?
@yugasini (12816)
• Anantapur, India
18 Apr 10
hi dreamhome and kalav, thanks both of you for participating in this discussion,neither any one of you have informed me how much much is still lying with paypal,but mine is approximately 70 dollrs ,in next month it may cross more than 90 dollars,what to do with paypal,if they are charging more for every withdraw,it is some what difficulty to us,have a nice day
@vandana7 (66076)
• India
9 Apr 10
This is a news to me Kala. Thanks for letting me know. :) We will do the needful today itself. :)
1 person likes this
@kalav56 (11503)
• India
9 Apr 10
Yes Vandana! I am also going to do it. I had started a discussion earlier about letting it accum ulate here but now the choice seems to be unavailable. Have a nice day and hope this day is good with no intervention of irritating relatives.
@vandana7 (66076)
• India
10 Apr 10
Actually Kala, this morning I sent about 30 dollars to somebody and Paypal didnt object! And this morning Dad received a mail from Paypal informing him that he has to withdraw funds within 30 days, and he cannot invest it elsewhere. Now, this is strange. I dont really know whether it is because you have sent your payment proof to somebody. Dad sent a payment proof without editing. I am a bit suspicious. Can you contact RBI and confirm? I am just going to do that now. :)
@kalav56 (11503)
• India
10 Apr 10
I did not send any payment proof to anyone Vandana.We will wait and see.I shall also contact paypal.
• Philippines
9 Apr 10
Now the question is, do banks now allow withdrawals from your Paypal? have you tried? because I don't seem to understand the reason of bailing out money within 30 days specially if the amount is just small, this means every transaction you withdraw which is smaller than Rs 7,000 would deduct you Rs50 right? I haven't asked my hubby about it, although what I am using now is Paypal from my country since I am taking my vacation for now. Although I plan to go back to India, I might still use my Paypal here because of the rules to be cleared between Paypal India and the RBI.
@kalav56 (11503)
• India
9 Apr 10
I have to try.They ask us to fill in a purpose code and there was also a rquirement to give our PAN number.But what you said struck me and that is why I started the discussion.Whe hte earnings are negligible it is better to let it accumulate the money there.But the new rule is against thsi now.Let us see -I am sure there would be some protests and some amendments regarding the exception for a minimum payout.
@mkannanm (582)
• India
9 Apr 10
Yes. Indian bank allows withdrawals from Paypal. I did it and received money from paypal.
1 person likes this
@kalav56 (11503)
• India
11 Apr 10
When was thsi Kannan?Was it in the recent week or so?
@Sreekala (23379)
• India
9 Apr 10
Hi dear, Thank you very much for the information but it is not good news for us. Our online income depends upon the work by us which is very less and if we can't accumulate it in paypal it may create some problem for us. So far I have not received any mail from paypal. Let us wait for the new development.
1 person likes this
@kalav56 (11503)
• India
9 Apr 10
Yers SREE.Many people have smmall earnings slowly accumulated there and htis is a drawback becasue as I ahd written in one of the comments, conversion and transfer would be expensive.Let us wait and see.
• India
14 Apr 10
@sreekala, you are right..It is really not possible for us to earn that much of money in a month so as to avoid the Rs. 50 charged by Paypal.. So if we are to withdraw the money every month, it would surely be less than Rs. 7000 and we all would be charged Rs. 50 for that.. Rs.50 is approximately equal to 1 Dollar. Earning a dollar is not that easy..But loosing it in the name of service charge is a disappointing one.
@piya84 (2591)
• India
9 Apr 10
Hiii there, i havent got any email yet.So thanks for the information.I am wondering what if balance of account is less than ten dollar as paypal dont allow transaction if it is less than ten dollar.i dont think so Indian public would allow to impose them such a laws.who are they to impose such a things on us. This rules just doesnt make any sense.
@kalav56 (11503)
• India
9 Apr 10
It is a nuisance if it si to be a rule.We will request paypal and see what we can do.
@neildc (17254)
• Lapu-Lapu City, Philippines
10 Apr 10
i think this is a good news for all our indian friends. so, congratulations to all our indian friends here.
1 person likes this
@tessah (6621)
• United States
9 Apr 10
i havent had the problem. i leave anything deposited into my paqypal account and just use it when i feel like it with the debit visa card attached to the account. havent recieved that email either. are you sure it isnt a spoof (fake) email?
@kalav56 (11503)
• India
9 Apr 10
I did not think in these lines.THere are some more people who gothtis.Let us wait and watch.
@tessah (6621)
• United States
9 Apr 10
if it is not a genuine email from paypal.. it will only address you as "paypal member" 'Member" or something else non specific. paypal emails always ALWAYS use yer entire name when addressing you in an email. and if yer still not sure.. call their support line, and ask them directly. they will also tell you where to forward the email to report the fraud if it is indeed a fraud so they can investigate and find out who is spreading them around and take apporpriate actions.
@kalav56 (11503)
• India
9 Apr 10
It has addressed me by name. We will wait.We will soon get this update in their official blog.
@kiran8 (15354)
• Mangalore, India
9 Apr 10
Hi kala, I have just about withdrawn the money from my paypal account.Honestly they are fleecing us left,right and center.the exchange rate they gave me today was Rs 42.90 which is 2 rupees less than maarket rate and now with this new rule they are making sure that most of us will pay for the transaction , since very few would be earning Rs 7000 per month , we will have to pay Rs 50 each time to paypal for transactions...
@Simi234 (142)
• India
9 Apr 10
Hey Kiran, That mail is a fake mail. One of the mylotters has already confirmed that his friend had contacted paypal regarding this and they confirmed it that it is a fake mail and they will look into it. You can read the response chain where one of the mylotter has confirmed this. So now there are no issues with paypal. Happy mylotting :)
• Philippines
10 Apr 10
Hi simi, ohhh.. so it is a fake mail? that is so weird!? LOL that's a good news then.
@kiran8 (15354)
• Mangalore, India
10 Apr 10
Hi Simi, I too wondered because I never recd any mail frm them and generally they send it to all the account holders.I really feel that some people are so immature playing such pranks and probably enjoying it too...thanks a lot for setting facts right and have a great day
1 person likes this
@bamrahkirti (1819)
• India
9 Apr 10
I too have received this mail.It means we have to withdraw the amount whatever it is from our account within 30 days.What if it is below $10?It is a new method to earn Rs.50 because a lot of people used to accumulate money so that the amount could be above Rs.7000 and they could withdraws it for free.
@kalav56 (11503)
• India
9 Apr 10
True Kirti.I receive some negligible earnings from AC once in 2 months and this cannot be withdrawn at all on its own.On the other hand if I allow it here to add it up to other sources of income then I can withdaraw it.I am sure there will be some way out for this if we contact the admin of paypal.
@mkannanm (582)
• India
9 Apr 10
Kirthi and Kalav, there are many indian users. If we all ask the admin together, they may remove Rs.50. Otherwise, no need to use paypal we have alternative.
@libr16 (40)
• India
9 Apr 10
even i received that email....now the scene for me is "i have $5 in my paypal account and i dont have verified account so i was thinking on buying something of that $5 but paypal mentioned that i cant even do that.. so plz tell me first how i can verify my account.should i put directly my bank account information in my paypal which is a new service i guess or should i use virtual credit card(which comes of $7) to verify my account? also which is best from both according to u ? secondly,suppose if i get verified also...then after i request for my amount ($5),they will deduct Rs 50 from that so the final amount which i will recive will be $5 * Rs 44.5 (current dollar-rupee rate)= Rs 222.5 - Rs 50= RS 172.5 .AM I RIGHT? AND THE MAIN THING...WILL PAYPAL ALLOW ME TO CASHOUT SUCH A SMALL AMOUNT ($5)? PLZ HELP ME IT WOULD BE NICE OF U IF U CAN MSG ME..I REALLY NEED UR HELP ALSO U SHOULD READ MSG FROM BLIZZERAND (ON 2ND PAGE) WHO SAYS THIS MAIL RECEIVED IS SPAM)
@danitykane (3192)
• Philippines
10 Apr 10
what? that is so weird and sad for our Indian friends. Why is it paypal giving you guys some hard time?! gosh! what will happen if you only have $2 on you account and you are still in the process of learning ways to earn money online?! That is really a bad news. Hope everything will be resolved soon.
@vandana7 (66076)
• India
10 Apr 10
Hi danitykane, it is a phishing mail! :( So difficult to identify. :( Anyway, somebody at least contacted paypal and got the confirmation. :)
1 person likes this
@kalav56 (11503)
• India
11 Apr 10
It seemd to have been aphishing mail danitykane.
• Boston, Massachusetts
9 Apr 10
Hi Kalav, that's good news. so, let's call for a celebration. all indians will be happy for this new development or update from paypal!
@kalav56 (11503)
• India
9 Apr 10
No dear! It was already said that we could withdraw if we filled in the purpose code.THe new development is that we should do it within a month.Now this depends ona person's online earnings on a regular basis.For people who have regular income it is alright but for freelancers for whom it may vary, the accumulating would suit them fine,
1 person likes this
• Boston, Massachusetts
9 Apr 10
ah okay. so i hope by filling whatever it is to be filled will facilitate the payment with no more hassles. i feel bad that you guys experience this.
• India
9 Apr 10
yes 56, even i received the mail. it is not good for indians who earn on net.and specially for those whos earnings fluctuate.and very bad for me because i used to accumulate the mony in paypal and buy goods online.iand yes i need an answer .guys help me with this. now it means that i can neither order a check nor buy goods online with the accumulated money in paypal.
@kalav56 (11503)
• India
11 Apr 10
There is so much of discussion on this issue.We will wait till something definite is known.SOme people are saying ti is a phishing mail but I am not to sure .
@subhakars (934)
• India
9 Apr 10
Hi, And one more issue is that we cannot purchase anything online with that money. We have to withdraw that amount. If we want to upgrade in any site or purchase some thing online, we have to use a credit card now.
@kalav56 (11503)
• India
9 Apr 10
Ok.I have not made any online purchases so far.For people who use this for purchase it woudl be a problem.
• India
9 Apr 10
so far i didnt got any mail like that it will be a difficult thing to withdraw money within 30 days as we are earning very less and rs. 50 will be deducted if the withdrawal is below 7000 rs. what can we do if the account balance is below $10 ? will they allow us to withdraw
@kalav56 (11503)
• India
9 Apr 10
True.Many would ask this question .We will have to wait and see.
@bamrahkirti (1819)
• India
9 Apr 10
I too have received this mail.It means we have to withdraw the amount whatever it is from our account within 30 days.What if it is below $10?It is a new method to earn Rs.50 because a lot of people used to accumulate money so that the amount could be above Rs.7000 and they could withdraws it for free.
@vandana7 (66076)
• India
10 Apr 10
Hi bamrahkirti, a small request. If you dont mind can you let me know if you ever sent payment proofs to some party? This is because just this morning my papa received a mail from paypal informing him the same thing as you've received. But I have not received an intimation to that effect. Moreover, I sent 30 dollars this morning, Paypal didnt restrict me! Dad sent his payment proof sometime ago - without editing information in it. I may be wrong here, but I suspect whether it is some phishing going on here.
@udayrao2 (782)
• India
9 Apr 10
Thanks. So far not received any mail from Paypal, anyway if that is so it good that you have informed - thanks once again
@kalav56 (11503)
• India
9 Apr 10
You are wlcome.Actually, I had started a discussion earlier a bout the paypal issue and whether you tend to accumulate earnings.As I mentioned , now we do not have a choice.THanks for the response.
@pratheep87 (1228)
• India
13 Apr 10
I still didnt get any mail regarding this from paypal. I think we should contact paypal customer care or see paypal official blog for more details.
@antonior (31)
• Italy
9 Apr 10
paypal is very unfair. Sometimes it closing the accounts for no reason.
• China
9 Apr 10
thank you .this information is very helpful to me.
@SQD444 (679)
• India
9 Apr 10
HI THERE.. thank you for the information ...till now i havent received any such email from paypal.. thanks a lot