Information Madness

No PayPal Electronic Withdrawals For India

logesh

On February 2010, Paypal had stunned all the Indians by declaring a verdict to hold transactions from and to India. But, this announcement was reversed, later it declared the recommencement of the payment services, after some weeks. This took place after the RBI (Reserve Bank of India) showed positive signal to resume the bank withdrawals for completions of goods exports and services.

Now, after 4 months, Paypal has made yet another decision that would have an effect on Indian users of Paypal. From 1^st August, Paypal users cannot use the electronic withdrawal services of your Paypal account. You will have to request the withdrawals of money only by Cheque. Paypal said that, this verdict has been taken in regards with ‘regulatory instructions’.

Though, Paypal has said that, it will try to bring back the electronic withdrawals services for Indian users. So, if you want to withdraw money, you will have to follow these steps to request for withdrawing your money through Cheque.

Sign in to your account.

Click ‘Withdraw’

Now, Click on the ‘Request a Cheque from Papal’ link

Specify the amount you want to withdraw and your postal address, press continue.

To confirm your request, Click ‘Submit’

At present the fees that Paypal gets for every withdrawal of funds through Cheque is 5$. But after July 28^th(Jul 29 and after that), there will be no fees issued for the withdrawals through cheques.

Our valuable member logesh has been with us since Thursday, 10 December 2009.

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Comments (1)

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sonia
2010-07-29 23:40:08
Hi,

A new fact about pay pal, I applied for a charity account with Pay pal, and after submitting all the document as per said, they denied me for the account, just because they no tie-up with India regarding charity account, what the hell is this, why the pay pal people should 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.

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