Sad News for Indians, Paypal has announced That it is Changing the Withdrawal functionality in India with effect from August 1, 2010. ‘Change in Withdrawal’ functionality means that you can NO Longer withdraw your Funds to Bank.
. To Compensate this, Paypal has directed its Indian Customers to Request for Money Withdrawal via Check and is Refunding $5 USD Check Withdrawal fee (which you had to pay for cheque withdrawal) .
It is Clear Now, That you can No Longer use electronic withdrawal service until Paypal Resolves this Issue.. Paypal writes That it is working ‘tirelessly’ to resolve this withdrawal of funds issue. Paypal has not Pointed out the Cause for Changing the Withdrawal methods. and calls it as “In accordance with regulatory instructions” which we think it should be as per RBI Instructions…
No Matter when they restore this service, Indian Users are the Big Time Losers here, facing the same problem once again… For Indians, Most of the Online Money Transactions are carried out using Paypal. There is a Tough Time ahead for Bloggers and Online Marketers who heavily depend on Paypal for Small or Bulk Transactions. Though Withdrawing money to bank account has been completely stopped by Paypal, It still offers Making Requests via Cheque for Free… which Indian should feel happy about.. Follow the following Instructions to Request Money via Cheque from your bank account
Step 1: Log into your PayPal account, click on ‘Withdraw’.
Step 2: Click on the ‘Request a cheque from PayPal’ link. It usually takes 4 to 6 working days to process the cheque (excluding delivery)
Step 3: Enter the withdrawal amount and select your mailing address, then click ‘Continue’.
Step 4: Click ‘Submit’ to confirm your request.
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Chethan,
What does “withdrawal TO bank” mean? You cannot withdraw TO a bank, you can withdraw FROM a bank.
Regards,
Shivang
Hey Shivang, Thanks for your Comment! But! Who said we cannot Withdraw Funds to a Bank… If you look at Paypal Dashboard Closely.. You Can see an Option under ‘withdrawals’ … Where we could transfer the Virtual Money in Acc to Bank… its called “Withdrawal of Funds to Bank” … I have done that several times…. withdrawing the money in paypal to Bank!
Paypal wont support Withdrawal FROM Bank as of now! you can only associate your debit/credit card to them and then carry out a transaction!
Chethan
seems harsh to stop you withdrawing your cash like that
thats sadd
better use up ur paypal funds for hosting , or move it back to bank as early as possible..