PayPal auto transferred dollars.... yayyy :-D
November 17, 2020 11:04pm CST
O yay.. So finally my payment is transferred automatically to my bank by PayPal. So i understood that we can't do it manually if it's below $10 but it automatically does. Well, no worries to me. I have got the money safe in my bank that's enough. I will save this money for some future use. Have a good time ahead !
30 people like this
This is the arrangement which PayPal and the Bank of India have made, that any PayPal balance over $10 (or the equivalent in Rupees) must be automatically transferred to your bank account. They have some other restrictions, too, I believe, but it seems to work well for most Indians.
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Any amount which is transferred to an Indian Paypal account is auto-withdrawn on daily basis. I have even seen few cents are transferred to my bank account ($0.10). This is done due to RBI ( Reserve bank of India) restriction. There are lot of reason why there was restriction Few of them what I think of are to avoid money laundering, Taxes and "Blackmoney". Hence amount is auto-withdrawn to your bank account. Taken from Paypal site -- Due to India’s regulation, your PayPal balance will be automatically withdrawn to your local bank account (which you've added to your PayPal account) daily. And if you want to do a manual withdrawal then you need to have over Rs 500 to do it. ( It's approx $6.73 , and it will keep on varying based on value of Rupees with respect to Dollars) ( Currently 1 United States Dollar equals 74.25 Indian Rupees) Taken from Paypal site -- The minimum amount for manual withdrawals is 500 INR.
• Pakanbaru, Indonesia
That's really a good news. I am not sure how PayPal here works. I saw some reviews at play store that many people disappointed by PayPal. They cut a lot, and new policy kind of unclear. But I will find out hopefully in 2 months (there is no way I can make $10 here in a month).