Automatic Withdrawal
By josechukkiri
@josechukkiri (3014)
India
September 15, 2011 6:25am CST
Today I received an e-mail from paypal. I am very happy to know that they (paypal) have send money to my Indian bank account.I had set the automatic withdrawal parameters few days back to see that it is true or not.Now the balance amount of $6.05. I got a conversion rate of $1=Rs.46.12. The e-mail states that they will send the money daily, what ever it may be the balance. Previously the minimum balance required for withdrawal was $10. They didn't charged any fee for withdrawal. I will confirm this after checking my bank account balance.
8 responses
@monasharma (967)
• India
15 Sep 11
Hi friend....
I want to know what is the minimum amt that we can withdraw
As u said $10..Is this latest news or what...I didnt know abt this...I only knw that $ 25 is the minim um payout...
If its $10 then its great...
Thanx..
@josechukkiri (3014)
• India
15 Sep 11
@ monasharma,the discussion what I have done here is today's development. I received the e-mail today and checked my account.I had only $6.05 in my account. Paypal send the whole amount to my SBI bank account in India. Now tommorrow, I will go to the bank and check to see the amount reached or not.
@monasharma (967)
• India
16 Sep 11
Its so great...I also got the mail from paypal.And they paid the amount in my bank account...
I will also got to the bank for the payment...Thanx for the useful info...Smile
@oindy54 (3445)
• India
15 Sep 11
Hi,
The same happened with me today and I am delighted that they now have this new system in place plus they have done away with the $10 minimum as well as the hefty Rs.50 that we had to pay for bank transfer.I am coming to have a lot of liking for Paypal and their policies.Also the conversion rate at which they sent me the transfer is a little more than Rs.46 which makes me even happier.The dollar price had gone down in the last month and now it is on the rise again so this is really good news for us.I had a balance of $9.56 which was automatically withdrawn.The bank account transfer shows as pending but I am sure it will show up in two or three days.They usually send the money fast.Congrats to you too!
@oindy54 (3445)
• India
16 Sep 11
Well yes it is a new development and I am quite excited about it.
My funds were again auto withdrawn today.It saves us the fees and we can enjoy all our hard-earned cents now without the worry of any transfer fee deduction or the the fact that previously we needed to reach $10 to request a payment.I am grateful to Paypal for this new policy of theirs.
My funds were again auto withdrawn today.It saves us the fees and we can enjoy all our hard-earned cents now without the worry of any transfer fee deduction or the the fact that previously we needed to reach $10 to request a payment.I am grateful to Paypal for this new policy of theirs.
@mayka123 (16583)
• India
16 Sep 11
Many of us have received our payments yesterday. But a few have still to receive. Mine was just a few cents short of USD 10. Now they say they will send the money to our bank everyday. May be it is good because we do not have to pay any withdrawal fee now.
@josechukkiri (3014)
• India
16 Sep 11
But there is a problem in that. We cannot use the money for transactions. Few sites prefer paypal for transactions.There, we cannot use alertpay or some other processor. How this problem could be solved?
1 person likes this
@abhi_bangal (3686)
• India
18 Sep 11
Can you please tell me how to go about doing that? I also have a Paypal account which is connected to the bank. If that is an automated process, I would also like to get involved in it.
@dorannmwin (36392)
• United States
15 Sep 11
The idea of using an automatic withdrawal on PayPal is something that some people have been requesting for a long time. However, I personally don't like it from my perspective because I use my PayPal account as my Christmas savings account. In other words, I will try to let the money that I've earned online build up in my paypal account throughout the year and then close to the beginning of the Christmas season I will withdrawal it and then use it to buy my Christmas gifts.
@josechukkiri (3014)
• India
15 Sep 11
Hi dorannmwin, that is a good idea and thanks for your response.
@kalyani1234 (637)
• India
15 Sep 11
This is really nice, I too got an email from Paypal saying they have deposited my Paypal balance in my HSBC bank account. But what I don't get is that I had not set my account to auto-withdrawal, so how come they sent the money anyway?? or is it that they are doing it to all the personal accounts of Indian users?
@josechukkiri (3014)
• India
15 Sep 11
@ kalyani1234, may be paypal sending the money to all Indians, those who have linked the bank account.But once I had submitted my pan card number and enabled the automatic withdrawal which is available in the withdrawal Tab. Recently paypal was asking the credit card number for transactions. Unfortunately I don't have a credit/debit card.So the paypal balance was lying idle. I used to transact with alertpay.Now the transaction status of today is 'completed'.
@kalyani1234 (637)
• India
18 Sep 11
Thanks josechukkiri, I had already got my account verified with the credit card number. Later on, when Paypal changed their rules with regards to Indian users, I submitted my PAN number as well. So that is not a problem now.
But I still cannot understand that even though I didn't choose autowithdrawal, how was the money sent directly to my bank? It is not that I have any issues about it, but I just wanted to accumulate a bit more in Paypal, that's it! Because you know how it is, if you have more accessible money lying in your bank, you tend to spend a bit more!
@akp100 (13640)
• India
16 Sep 11
That's really great conversion rate. Even they send my money to my bank account few days ago. I haven't selected something like automatic withdrawal. I guess they are implementing this feature to every Indian user their. But good part is that they aren't charging any extra fees for it. So as fees are not charging I won't mind to having this changes now.
