Paypal India Users : You CANNOT Withdraw Funds Electronically
Time companies/individuals start looking for a Paypal alternative. Paypal has been stuck in regulatory hurdle and the company has failed to take a clear stand with regards to payment processing to India.
And today, Paypal has announced that India users will not be able to withdraw Paypal funds via electronic means.
From July 29, 2010 onwards, India users will only be able to request for a cheque withdrawal of funds. To help our users with this change, PayPal will refund the $5 USD cheque withdrawal fee for cheque requests made on July 29, 2010 onwards.
Email from Paypal India [thanks Jacob and Deepak]
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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:
1. Log into your PayPal account, click on ‘Withdraw’.
2. Click on the ‘Request a cheque from PayPal’ link.
3. Enter the withdrawal amount and select your mailing address, then click ‘Continue’.
4. 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
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Carry on the discussion in the forum.
Update : Paypal has resumed electronic withdrawal [for now]
Roundup of Earlier Paypal Issues
- Understanding Exports of Goods & Services Regulations [Paypal Issue]
- Paypal to Suspend Personal Payment for few months – to resolve issue with regulators
- Paypal users will need Purpose Code to withdraw to Indian Banks
- Paypal F**ks Indian Companies – to Suspend Personal Payment for few months
- Paypal Resumes Local Withdrawals to Indian Banks, Here is how to get Export Code
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Lets try Alert pay
whooo dont use Alert pay i have bad exp with Alert pay i lost $750 its not like paypal
Alert pay already integrated India for online payments
Alertpay is also blocked!
All Alertpay type payments are blocked in INDIA
Alertpay is fraud!! keep away from these guys
I wish there were alternatives … sadly there are none worth depending on.
Also my clients will not trust anything other than paypal …
How about Bank wire, Western Union, Xoom.com, and other ways? Clients will trust them for sure.
ahh.. its a bad news again from them. Its really really bad.
Guys!
The thing to understand is that any similar service will sooner or later face the same regulatory hurdles. It is not like Paypal has some special status here. It is the problem with Indian authorities.
Abhaya
Why isn’t NASSCOM taking a stand on it? IT SHOULD.
RBI should stop behaving in such a UNPROFESSIONAL Manner? Not even a days notice?
Electronic Funds Transfer IS A BETTER WAY than Paper Cheques.
Paper Cheques are sent by Ordinary Post – and i wonder if thats good.
Shame on so-called IT Super Power India (i.e RBI and other such lazy organization).
THIS IS CLEARLY STIFLING ANY KIND OF INNOVATION.
GOVT BABUs ARE UNHAPPY THAT INDIANS CAN MAKE A LIVING WITHOUT THEIR HELP?
AlertPay is a great company. They are opening an office in India this year to better service the needs of Indians. Most people who have issues with companies like AlertPay or Paypal are those who are trying to scam the system.
Is this rule applicable to Business users of Paypal india or Personal users only?
Thats sad. Electronic Funds Transfer is much better way than Paper Cheques. Hope there are some alternatives to overcome this problem.
The biggest problem is that I think the cheques we will get will be in USD and now our banks will charge a hefty fee to encash them not to talk about the indefinite delay!
Abhaya
Paypal is such a crap system to withdraw amount through cheques.
Reasons:
1. Min withdrawl amount in USD is $150.
2. Even if you enter 6-digit PIN CODE for Billing Code, it won’t accept it and comes up with a disgusted error “Please enter 6-digit PIN CODE e.g. 123456?. How crap system is that? Can’t it even count how much 6-digits are?
3. It says no address field should be more than 33 to 35 characters long. Ok fine! But, when you select a state from a dropdown menu, in my case its “National Capital Territory of Delhi”. What a blunder? It do not gives other choice for delhities and if we select that option, it comes up with its more than 33 characters error. I think every people in Delhi or states having name more than 33 characters or so are facing this problem.
Just hope it resolves this, or if you may suggesst anything better than paypal?
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.
Great to hear it. Its sure that paypal always value their clients. Thanks to all paypal bodies who work hard to make everything okay.. think they are working with multi government regulations to make it available to whole world. but also giving priority value to whole clients.. paypal rocks
Guys
?Paypal Resumes Electronic Withdrawals– Updates here http://goo.gl/fb/wNmop
yes sinha, its great news. i am thinking to start an unofficial paypal discussion forum for India. any supporters here?
@Mike – Great idea.
Why don’t you start the forum here :
http://www.pluggd.in/groups/startup-resources/forum/topic/paypal-issues-again/
?If anyone wants to start a website/forum, I can provide hosting or other resources for that from my side.
Let me know at mail@rahulnimawat.com
Yes @sinha we can discuss there
@Rahul Nimawat @sinha already started the forum
Great
Just wanted to let paypal users that mobile recharge for 15+ operators is now available at http://www.mobikwik.com using PayPal. There has been a considerable demand from Paypal users for a way to use their USD monies directly for prepaid mobile recharge. We have kept the exchange rates tight, in fact, the best you can find anywhere on the web.