Policy Updates: Amendments to PayPal Agreements in Asia Pacific, Europe, Latin America, Middle East, and Africa
Issued on July 24, 2023, PayPal has announced upcoming changes to its user agreements in several regions, including the Asia Pacific, certain European and Latin American countries, the Middle East, and Africa.
Issued on July 24, 2023, PayPal has announced upcoming changes to its user agreements in several regions, including the Asia Pacific, certain European and Latin American countries, the Middle East, and Africa. These amendments aim to govern the relationship between PayPal and its users more effectively. The changes will automatically come into effect on the specified effective dates, requiring users to familiarize themselves with the modifications. However, if users do not agree with the upcoming changes, they have the option to close their PayPal accounts before the effective dates.
One notable amendment affects residents of the Republic of Korea. Effective from November 6, 2023, a new fee of 5000 KRW will be introduced under the “Bank Return on Withdrawal/Transfer out of PayPal” section in the Consumer Fee Page and the Merchant Fee Page. This fee will be charged when a user attempts to withdraw or transfer funds from their PayPal account but fails due to providing incorrect bank account information or delivery details.
Additionally, residents of Chile, Costa Rica, the Dominican Republic, and Peru will experience an increase in the withdrawal fee for transferring funds from their PayPal accounts to a US bank account. The fee will rise from 0.5% to 3.00% per withdrawal.
Similarly, residents of El Salvador, Panama, Ecuador, Uruguay, Oman, Qatar, Bahrain, Georgia, Mauritius, Serbia, Moldova, Egypt, Albania, and Kuwait will also face an increase in the withdrawal fee for transfers to a US bank account. Previously set at 0.0%, the withdrawal fee will now be 3.00% per withdrawal.
PayPal advises its users in the affected regions to carefully review the notices and understand the upcoming changes. Continued usage of PayPal services after the effective dates implies acceptance of the modified agreements. However, those who disagree with the amendments have the option to close their PayPal accounts before the specified effective dates as outlined in the user agreement.
It is essential for PayPal users in the Asia Pacific, certain European and Latin American countries, the Middle East, and Africa to stay informed about these policy updates to ensure a smooth and uninterrupted experience with the platform.
