MIL OSI Translation. Region: Russian Federation –
Source: Mainfin Bank –
When will PayPal charge users a fee?
PayPal’s updated user agreement will go into effect on October 7th – the platform will charge fees to inactive accounts according to the following terms:
there have been no withdrawal transactions on the wallet in the last year; the account balance is positive – the amount and currency do not matter; the commission will be 3.5 thousand rubles per year or the total balance, if the amount on the balance is less; the commission will be withheld for the extension of service; if the user does not agree with the updated terms, the wallet must be closed before October 7.
Inactive clients of the platform, from whom a commission will be withheld, also include persons who have not entered their profile for a year – the new rules will affect not only Russians, but also users from other countries.
Why did PayPal suspend work with Russian clients?
PayPal’s departure from the Russian Federation became known in early March 2022 – then, against the backdrop of the beginning of the Cold War and the sanctions imposed by the United States, the company suspended operations in the country, promising users time to withdraw funds. Now, registration of new clients from Russia is unavailable on the platform, and services for receiving and sending payments are closed for compatriots.
“The departure of PayPal from Russia was a blow to freelancers and small businesses working with foreign partners. Russians also lost the ability to pay for purchases in a number of foreign stores, such as Steam and PS Store,” the expert noted.
Although PayPal promised Russians the ability to withdraw funds from wallets, access to the payment system’s website was closed immediately after the announcement of its withdrawal from the country – no instructions on how to withdraw money from the balance were provided either. The service continues to operate in more than 200 countries around the world, serving over 300 million active clients.
12:00 09/24/2024
Source:
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
http://mainfin.ru/news/paid-inactivity-paypal-introduces-commissions-on-inactive-accounts-of-Russians
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.