Update 27/02/2010:
Paypal resumes Local Bank Withdrawals to India
Paypal has been working on the issue with RBI and will resume bank withdrawals in India by March 3rd.
Details – Resuming local bank withdrawals to India
-
Paypal had officially stopped personal payments to Indian accounts and cash withdrawals to Indian bank accounts 3-4 weeks back because of some issues regarding remittances to India. They are still work on the issue with the RBI regulators; but the issue is yet to be resolved.
Here are some details on the Paypal India situation –
Personal Payments and local bank transfers in India
Update on PayPal situation in India
The alternative to withdraw money from your Paypal account to your bank account in India was to use Xoom.
Starting today, even Xoom has stopped accepting Paypal as a funding source in Indian transactions.
Details on that -
Xoom – Paypal Funded Transactions to India Blocked
How to withdraw money via Paypal to your Indian Bank Account?
The only way to withdraw money from Paypal now is to request a check. The fee is $5.00 and it takes about 5-7 working days.
February 27th, 2010 at 8:01 pm
Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):
A) Should we trust PayPal in future?
ANS: ABSOLUTELY NO
B) Are they really concerned about our Money?
ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?
C) Is RBI responsible for this?
ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of purely frustrating, destroying & spreading chaos.
D) So what does PayPal tell us now?
ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”
D) What now?
ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.
Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.
February 28th, 2010 at 11:10 am
I completely agree. But we don’t really have a better option.
April 21st, 2010 at 1:44 am
Hey very nice Blog !! Man .. Beautiful .. Amazing .. I will bookmark your Site and take the feeds also…
May 13th, 2011 at 11:31 pm
In india paypale is available, and it is really good option for indian, but in some countries it is still not an option to recieve and send money through paypal.