We’re changing the balance functionality for your PayPal account depending on whether we have been able to verify identifying information that you provide to us.
If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card.
If we have verified your identifying information, a balance in your PayPal account can be held in your PayPal account, transferred to a linked bank account or debit card, used to make purchases or send money to others.
We’re removing the variable rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States when you send money using PayPal balance or your bank account and introducing a new flat fee of $2.99 or $4.99 per transaction depending on the recipient’s country. However, when you send money using your credit card, debit card, or PayPal credit you will be charged the new flat fee per transaction depending on the recipient’s country + 2.9% of the transaction amount + a fixed fee based on the currency.
No more stealth accounts, no more unverified accounts, no more PayPal balance. Basically, you’re limited to one account, and one account only.
Sending money to family members is now more expensive than using BTC.
Tomorrow will be a sad day, but great for the future of cryptocurrency!