We Had Notified You About PayPal Stopping Bank Withdrawal for Indians from August 1
PayPal Surprisingly restored its Electronic Fund Transfer Service Once Again.. You can Now Use The Electronic Fund Transfer to Withdraw money to your Bank account like before.. This is very good news for Indian Paypal Customers where majority of the people use Bank Withdrawal service!
After The announcement that Paypal has Stopped Withdrawal of Money to Local Banks in India wef 1 August 2010. It is Necessary to Know the Alternative Methods to Cash out your Money present in paypal account…
This Time, Paypal itself is bearing the Check Withdrawal Fees of $5 USD. So If You are an Indian User you could request for Check to withdraw the money.. Paypal will Refund The $5 Amount to your account back.. The Processing Time to Issue a Check is 4 to 6 working days… (Indicated only Processing).. To Receive the Check you have to wait for 4 to 2 weeks depending on your Location …
Step1: Log In to Your PayPal and Click on Withdraw Tab at Top
Step 2: Click on ‘Request a cheque from Paypal’
Step 3: Enter The Amount to Withdraw and Check for the correct delivery Address..
Please Note: The Refund of $5 USD Check Withdrawal fee applies July 29 2010 Onwards… Withdrawal of Money to Bank accounts will be stopped with effect from 1st August 2010..
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.
Yesterday Farhad Irani, who leads the Paypal Asia Pacific business posted on the Official Paypal blog that he apologies for the trouble that the Indian Paypal users are facing due to some problems with RBI and Paypal.
He also said that they are doing their best effort to solve the problem and will be seeing forward to solve the issue.
He also mentioned that people who have linked their credit cards to the paypal accounts will not be having any trouble however the check users are still troubled.
He also gave his direct paypal address if a user wants to contact with him : Farhad@paypal.com
We Hope that the dispute is solved soon as their is a huge market in India who is using paypal for their day to day work.