Greek Banking Block Hits PayPal Accounts

Greek Banking Block Hits PayPal Accounts

July 7, 2015         Written By Bill Hardekopf

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.



The information contained within this article was accurate as of July 7, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus