Jul 28
Paypal will stop withdrawals by electronic fund transfer to India from July 29, 2010. It seems that the electronic fund transfer is working at least for now. Though the charge for withdrawal via check is only $5, it takes around 10 days to be delivered whereas the electronic transfer took only 3-4 days. I’m not sure if the check withdrawal method will also be stopped soon too “in accordance with regulatory instructions”. I would advise all Indians to withdraw their Paypal cash soon, preferably today while the electronic fund transfer option is still working.
Note: Some good news though, Paypal will refund the $5 check withdrawal charge for Indian withdrawals until further notice.
Here’s the official email:
Dear Pathik Shah, In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account. While we are working hard to restore the electronic withdrawal service, in the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly. To request for a cheque withdrawal: Log into your PayPal account, click on 'Withdraw'. Click on the 'Request a cheque from PayPal' link. Enter the withdrawal amount and select your mailing address, then click 'Continue'. Click 'Submit' to confirm your request. In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards. For any questions, please log into your PayPal account and click 'Contact Us' at the bottom of the page. We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible. Thank you, The PayPal Asia Team
July 28th, 2010 at 9:41 am
There are very few legal mode of transaction.
This is not happening because of paypal but because of our Govt.
our govt people are fking noobs.
Paypal is working from last 4 years in India and now they come to know its not registered?
Hope paypal sort outs the problem and fix this soon.
checks take one month to arrive and then take one month to cash, plus extra charges in the bank plus the fear of losing the check in mail which is norm in India.
Hope they fix it fast.
July 28th, 2010 at 11:11 am
This is really ridiculous. And I am sure our govt is the faulty one here. Maybe the RBI bosses did not get their monthly hafta, so they stop paypal from servicing accordingly in India.
As someone rightly pointed out above, Paypal is working in India since 4-5 years and RBI now woke up and says that it is not registered, India Govt is Trouble Govt really. It does not care a bit about the common people. First it accepts for some code, then RBI asks paypal to let users enter their PAN Card number, what else they want now huh.
Bank withdrawal takes around 3-4 days, whereas cheque can take more time, since AGAIN we have to rely on Indian Postal Service which moves like a snail already.
Really disappointing news. Hope Paypal gets this fixed soon.
July 28th, 2010 at 11:23 am
lets try Alertpay ..they already integrated India for online payments
July 30th, 2010 at 9:01 am
A new fact about Pay Pal :
I applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied.
Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.
October 18th, 2010 at 3:41 pm
Excellent website. I appreciate your effort, very well written article.
October 30th, 2010 at 9:35 am
Rakeback is an Great Way to get very much more Money but for Playing Poker.
October 6th, 2011 at 10:16 pm
Thank you for your site post. Thomas and I have been saving for our new e-book on this subject and your article has made all of us to save the money. Your thoughts really resolved all our problems. In fact, above what we had acknowledged ahead of the time we came upon your superb blog. We no longer nurture doubts as well as a troubled mind because you have attended to each of our needs in this post. Thanks
November 17th, 2011 at 6:41 pm
This is the fitting blog for anyone who needs to seek out out about this topic. You understand a lot its nearly exhausting to argue with you (not that I actually would need…HaHa). You undoubtedly put a brand new spin on a subject thats been written about for years. Great stuff, simply great!
November 18th, 2011 at 1:23 am
There are certainly a lot of details like that to take into consideration. That may be a great point to convey up. I provide the ideas above as basic inspiration however clearly there are questions just like the one you carry up where an important factor will be working in honest good faith. I don?t know if finest practices have emerged around issues like that, however I am positive that your job is clearly recognized as a good game. Both boys and girls feel the influence of just a second’s pleasure, for the remainder of their lives.