Authorized Bank account has disappeared from my PayPal wallet
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I have been using Transferwise successfully for several months with PayPal, as recently as August 26th, 2019. Today when I went into PayPal to transfer my money, the associated bank (COMMUNITY FEDERAL SAVINGS BANK) has completely disappeared from my PayPal wallet bank accounts. I did not receive notice from PayPal to explain this. Today when I tried to link the U.S. bank again to the wallet I get the message "We're sorry. We're not able to process your request right now. Please try again later."
What is going on?
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I can see why they removed it. It's a virtual bank via another fin tech money transfer company (much like Payoneer with their 'bank accounts'), not a traditional bank opened on US soil on it's own. Transactions could be hard to trace should there are a problem. And PayPal don't get to convert the money to CAD on the withdraw unless its a bank account opened directly at a US bank on US soil.
They have closed or trying to close that loophole, the powers that be. To keep you withdrawing in your local currency. If you want to work with different currencies, keep it in your PayPal balance as that currency. Currencies can be transferred between currency balances or convert it all at once to CAD and withdraw.
Perhaps try to add it again and see if it'll take once again, otherwise don't bother with it.
I don't know why people bother with trying to receive in different currencies, they won't let you speculate and try to gain on the currency value. At least PayPal is not the arena to do it. You can only do it for so long and countries will try to protect the value of their currency and often times you end up losing more money than gaining.
Kudos & Solved are greatly appreciated. 🙂
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Does PayPal just go around deleting bank accounts without notice and explanation? Is the message "try again later" simply intended to waste my time? I've tried using PayPal to exchange the funds to Canadian so I can access them, but the exchange rate they charge is insane. If PayPal has a reason to delete a bank account I have successfully used with them for almost a year, it's unacceptable for them to delete it without explanation.
I would like some kind of confirmation from PayPal that they have deliberately removed the account and why, and not be left hanging with "try again later". I have heard too many horror stories about PayPal and use it only reluctantly for lack of other options, and this certainly does not help.
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As for the "I don't know why people bother with trying to receive in different currencies".... what a strange statement. I am a freelancer and I have clients in the US. I live in Canada. My clients pay in US currency (obviously), but US currency is useless to me until I can exchange it and send it to my bank account. I can't afford the exchange rate PayPal charges, it's extortionate and I can't afford it.
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I am having this same issue - I last transferred money from Paypal to Transferwise (now called Wise) on March 14, and now on March 26th the account has disappeared from my Paypal banks.
Did you ever get yours re-added?
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