Paypal auto transfer $1 to my bank account

@prajnith (942)
India
September 22, 2011 12:21am CST
There were many discussions on Mylot regarding PayPal India and Rbi's new rule that PayPal India customers cant keep money in PayPal account and should be transferred to bank account within a week, but some people told that to transfer money from PayPal to bank account we need minimum of $10 but a week back i received a notification from PayPal that my balance was auto withdrawn to by bank account and i thought i lost that cash b'cos it was just $1.09 but today i actually received $1.09 ~= Rs 50 in my bank account(that's without any transaction fee), that's awesome. After the RBI rule i had switched to Alertpay but now I'm sure to switch back to PayPal as they don't charge any fee for transaction.
5 responses
@vinay049 (1878)
• India
22 Sep 11
I left paypal some time ago due to some changes in their rules due to RBI.now i will be happy to re-join and use paypal.i will not have to lose any money in terms of fee and also there is no minimum amount that can be withdrawn thats the biggest good news for me.
@prajnith (942)
• India
22 Sep 11
After your PayPal balance reaches = Rs50(Slightly more than $1) it will be auto withdrawn , cos i had exactly $1 in my PayPal account for months and nothing happened but when it crossed Rs 50($1.09) after a week i got notification that my balance was auto withdrawn . But its still better now compared to Alertpay where they charge $5. Thanks for replying :)
@prajnith (942)
• India
22 Sep 11
Hey i was wrong about Rs 50 minimum requirement, today $0.19(Rs 8.96) got auto withdrawn from my paypal account. so i guess we can even withdraw $0.01. cool. I'm defintely loving this PAYPAL ROCKS
@vinay049 (1878)
• India
23 Sep 11
okay thanks for this info.now i truly believe that paypal is back for indians.
@rohit56 (32)
• India
30 Nov 11
hiii buddy i have also recently created paypal account and i am using PNB Bank and it;s saying that to confirm bank account they'll paypal will send an amount so i want to know what;s that what pay pal is actually going to send to our bank;s branch office??? Also tell me a little about recieving payment from mylot to paypal and how we can add paypal account to mylot....reply soon....
• India
1 Dec 11
hmm....thanx buddy.. your information has really helped a lot and i have internet backing in my account now inspite of visiting bank's branch i'll myself look online about the statement online ... and i have also looked on linked you have given...:)
@santhuqr (107)
• India
22 Sep 11
paypal is the most efficient online money transfer client... there is no limit that after a week the money should be transferred to bank account .... almost any amount bigger equal to $1 or bigger is acceptable as much as i have seen..you should start with Paypal again.... The only problem with paypal is that when you receive money in a high denomination its charges you too much like you you want to receive $5000it chargers 2%.something that is $100..... Excluding this paypal is too good...
@prajnith (942)
• India
22 Sep 11
Yes I'm definitely returning to PayPal. I guess its time for me to empty my Alertpay account Thanks for replying
1 person likes this
@Starkinds (32997)
• India
8 Aug 19
@prajnith PayPal is much better now.
@tonyllenium (6259)
• Italy
23 Mar 12
i think using paypal for people come from india will be not so easy i always read many discussions from indian people deals with paypal problem or different policies may be for you sometimes paypal can be uncomfortable as online payment processor..
@prajnith (942)
• India
4 Apr 12
Paypal has fixed all the issues previously faced by paypal India users, now money gets autowithdrawed to bankaccount even if its $0.01.. so now I'm very happy with paypal. Thanks for your comments..
@surfer222 (1714)
• Indonesia
22 Sep 11
is this rule only apply for India or for the whole world? where is this auto-transfer setting located in paypal website? coz i don't see the setting in my account....
@prajnith (942)
• India
22 Sep 11
This only applies for PayPal India users due to new rule implemented by RBI . Thanks for replying