Account balance limit of 5000 SGD? (Personal Paypal)

[Xinling]

Recently I received an email from Paypal saying there's a new rule that all personal Singapore Paypal accounts to have a balance limit of S$5000 only. Because the account balance limit has exceeded for the account, starting next month I won't be receiving any additional payments unless I start using the balance in the Paypal balance or upgrade my personal account to business. 

Since when is this a new thing? Anyone else encountered this, too?

The balance I have stored in the Paypal, will I still be able to use them (send them to my banks or to transfer to other paypal accounts) after the 'new' rule gets implemented?

Thanks!

[sharpiemarker · Accepted solution]

@Xinling 

It’s a thing since today, and the policy goes into effect on Sept 10 2021 so basically you received a month’s notice.

“The balance I have stored in the Paypal, will I still be able to use them (send them to my banks or to transfer to other paypal accounts) after the 'new' rule gets implemented?”

Yes. But start transferring some of your balance out or spending it now and keep the balance below $5k (SGD or equivalent in foreign currency) or less to continue to receive payments without interruption. Once you receive/hold more than $5k (SGD or equivalent in foreign currency), payments are blocked.

If you want to keep your account as “personal”, always transfer out your balance to keep accepting payments since you will have $5k limit, otherwise upgrade to a business account.