Any other paypal account holders receive this email?
I currently have over 6000$ stuck in paypal because my current bank account will not accept USD wires. I have to open a foreign exchange bank account for this, but paypal doesn’t currently allow me to add this bank account to my paypal. My paypal is verified, by the way. It is linked to one of my Taiwan bank accounts as mentioned.
To further explain, I use paypal to process payments from several properties I have rented out in the states.
To add insult to injury, paypal only accepts NTD funds from my taiwan paypal account, but they then buy the currency, change it to US$ and send it to me as US$. I then have to sell the currency a second time to change it back to NT$ in order to use the funds here, in Taiwan. Mind you, I am currently unable to do that yet because paypal currently register an error message if I try to add my new currency exchange bank account to my paypal account.
The end result is I have over 6000US$ stuck in my paypal balance and no way to access it. I also have upcoming payments which I have to intercept otherwise they will find their way to my paypal balance and become “untouchable” like the other funds currently held in that account.
This is ridiculous.
[quote]Dear ****** ********,
We regret to inform you that due to regulatory changes relating to the requirements for Foreign Exchange transactions, merchants in Taiwan will no longer be able to withdraw funds from their PayPal Account to their bank account in NT Dollars. We sincerely regret any inconvenience caused. Please contact your local bank representative and inform them of this arrangement. They will be able to advise you on any action if any required on your end.
If you have requested a withdrawal from October 28th 2013, you will receive US Dollar wire transfers to your bank account. Since the wire transfer is in US Dollars while your original withdrawal instruction was made in NT Dollars, we have made provisions to ensure that you are not affected by the currency conversion and we will cover the transaction fees while we make changes to our system to comply with the new regulations.
You can also contact our customer support team by logging into your PayPal Account and clicking on ‘Contact Us’ at the bottom of the page.