For those who have been following the Paypal – RBI issue, would have taken note of conversation with Paypal support – VERBATIM sometime in April 2011
……. If you will not transfer the funds on the given time frame, our system will automatically transfer the funds to your bank account.
If your balance is less than $10.00 USD (minimum withdrawal amount), our system will not be able to automatically transfer the funds to your bank account. Therefore, you will need to wait until your balance is enough or more than the minimum withdrawal amount before you can transfer them to your bank account.
However, this news is now official, via the Paypal FAQ Page (login to read )
What is more intriguing is, this page has been very recently updated, 7 Aug 2011 as seen in my FFox Page info dialog. (Click to enlarge and view )
Wonder when they will make a similar public announcement for ” waiver of 50/- service fee for withdrwals less than 7000 /-”
In order to comply with RBI, we will be waiving all fees on withdrawals.Even if you will be transferring funds lower than 50.00 INR, rest assured that you will not incur any withdrawal fees.
Thanks to Techiebuzz & Mayur Agarwal
Thanks for the info Deepa.
Nice article deepa, thanks for keeping us updated about the paypal situation.
Paypal sent $6.95 worth INR to my bank last week. I don’t think there is no such $10 minimum withdrawal limit.
@income oppurtunities
Thats the trouble with paypal. They keep changing their policies without a public declaration, and after 70% of the users get a hang of things via ” contact us” page, they declare the change as public announcement.
bottom line: paypal is not trustworthy anymore, but u still need them when there is no other option left.
I dunno why but I am UNABLE to withdraw my cash from paypal. What do I do? It’s only 9.01 USD. 🙁
Hi Edith
It is highly impossible that you are “unable” to withdraw from PP
especially after they have implimented the “äutowithdrawal” options.
Have you upldated your PAN / Bank details?
what does PP support has to say about your situation about “unable to withdraw”?