PayPal auto transferred dollars.... yayyy :-D
By Shifa
@ShifaLk (17817)
India
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 !
27 people like this
27 responses
@GoAskAlice (5826)
•
18 Nov 20
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.
6 people like this
@cmoneyspinner (9219)
• Austin, Texas
23 Nov 20
I'm glad you explained that because I didn't know what she was talking about. I'm in the USA.
1 person likes this
@GooglePlus (3831)
•
19 Nov 20
Any amount which is transferred to an Indian Paypal account is auto-withdrawn on daily basis.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 Hence amount is auto-withdrawn to your bank account.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Due to India’s regulation, your PayPal balance will be automatically withdrawn to your local bank account (which you've added to your PayPal account) daily.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.
1 person likes this
@Cheyee (8344)
• Pakanbaru, Indonesia
18 Nov 20
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).
1 person likes this
@Lignitecityabishek96 (7119)
• Cuddalore, India
19 Nov 20
It's a restriction by Indian government.
1 person likes this