Greek Banking Block Hits PayPal Accounts
With Greek banking and ATM withdrawals coming to a screeching halt last week, it is no surprise that PayPal is limiting what Greeks can do on their accounts. Greek account holders will not be allowed to add funds to their PayPal accounts from their Greek bank accounts until the country’s finances become stable again.
A PayPal spokesman commented on the temporary policy change, saying, “Due to the recent decisions of the Greek authorities on capital controls, funding of PayPal wallet from Greek bank accounts, as well as cross-border transactions, funded by any cards or bank accounts are currently not available. We aim to continue serving our valued customers in Greece in full, as we have for over a decade.”
Greeks who already had money in their PayPal wallets can still use their funds to pay for purchases online, though some payment attempts may be denied based on the nature of the transaction. They may also receive payments from other people in their PayPal accounts. The limit mainly refers to funding pulled from a Greek bank accounts or “cross-border transactions,” which are not available at this time.
Foreigners traveling in Greece may still use their accounts, as long as they are not using a Greek bank account to deposit funds. If the deposits, and the PayPal account itself, come from another country, everything should process normally.