PayPal withdrawal alternative, cost effective and fast - is yours better?

Guys,

I just used xoom(and it was great) to withdraw funds via PayPal as 7 of my transactions(between 27th Jan to 3rd Feb) from PayPal to banks are still not cleared.

I am using this because of ----

1. PayPal ==XXXX==> NEFT(RBI) ===> Bank
2. PayPal ===> Xoom ===> NEFT(RBI) ===> Bank

The link between PayPal and RBI is not working at the moment, so xoom is filling that gap for me. Xoom's max limit for your transaction to India is $2999.

At first sight it seems, they charge BIG fees, but reality is very different - they have good exchange rate and the final amount you get from PayPal to back varies slightly.

I am giving this based on today's date for the highest withdrawal possible with Xoom --


Xoom Way
Amount to withdraw: $2999
Xoom Processing Fees: $69.99
Total cost to you: $3068.99
Xoom Exchange Rate: 46.2352
Receiving Amount: 138,659.00 INR

PayPal Way
Amount to withdraw: $3068.99
PayPal exchange rate: 45.2790
Receiving Amount: 1,38,960.79 INR


So, you have a difference of Rs300, which is acceptable at this messing PayPal issue. When I withdrawn today morning the Xoom Exchange Rate was 46.1770 and I just had a different of around Rs 500, but I have no problem with that.

To check exchange rated for Xoom - visit www.xoom.com and for PayPal, after logging in to your account visit https://www.paypal.com/row/cgi-bin/webscr?cmd=_convert-currency-withdrawal


Hope that helps to withdraw funds faster.

If anyone has a better way, please let us know in the thread.

Thanks,
-Vijay

 

well you withdraw some bucks through xoom to your bank account. If yes are they completed and post if you have any proof

 

ok it seems fine..

 

I have already withdrawn mate as I mentioned in my post. Though, I do not feel it necessary to post a proof, I am attaching an screenshot of Xoom's track page with timings in favor of community.

I will let you guys know as soon as I get funds in my bank account.

- Vijay

 

I just did a test transfer of a small amount through XOOM. They charged $10.99 for a $300 transfer. I chose bank account delivery.

 

Vijay,

I am sure that you will soon get cancelled transaction notification...

Remit2 india clearly states -- (right bottom corner of every page)

You can not transfer money from india to India which involves currency exchange (as per RBI)...
Apart from remit2india no body else is mentioning same on their site but it is true ... and They cancel such transactions

 

I contacted Xoom why my transaction was cancelled and this is the email I got below :-

Dear Valued Customer,

Thank you for choosing Xoom to send your money transfer!

Unfortunately, we have refunded this transaction, as the intended money transfer has been identified as Intra-India, and the indicated disbursement is not permissible by Indian law.

If you have any questions, please contact us at: www.xoom.com/support

Respectfully,

Xoom Compliance Group

 

Don't know how you were able to do it, as when I tried my transaction was cancelled and i received this email for the reason of cancellation :-

Dear Valued Customer,

Thank you for choosing Xoom to send your money transfer!

Unfortunately, we have refunded this transaction, as the intended money transfer has been identified as Intra-India, and the indicated disbursement is not permissible by Indian law.

If you have any questions, please contact us at: www.xoom.com/support

Respectfully,

Xoom Compliance Group

 

Can you tell me in what way i transfer money my paypal to Zoom

 

@sbe, what disbursement method did you select ? Is your PayPal on your name or on company name ?

 

Yep That is correct, intra - india transfers which involve currency conversion is not allowed as per RBI guidelines....

 

Well, transfer rate in PayPal is around 43 and not 46.3

Its better to use XOOM to transfer money.

 

It's Xoom Go to Xoom and proceed with the send money link.

It's a business account on company name.

Let's see when it is going to happen.

Yup, that difference covers the fees charged by Xoom.


I would like to ask everyone who is having a canceled transaction-

1. Was the money deducted from PayPal, there are 2 steps - Authorize and then confirm. Did xoom confirm and took out money from your account?

2. After how much time you got the cancellation mail after transferring the money?


Thanks,
Vijay

 

1. Money got deducted from PayPal.
2. After 15 mins.

 

Thanks for sharing this. I should have asked one more thing---

3. Which method you chose to receive funds?

The guy at http://forums.digitalpoint.com/showthread.php?t=1687296#16 says he has already done this multiple times with bank deposit.

So, I will be posting the report as soon as I get funds in my Bank account

Thanks,
Vijay

 

To all you guys who wants to know whether you can transfer money from xoom to your bank or not.

The answer is yes you can do it. I have done it multiple times.

Whether it will be possible to do now onwards or not? Can't say for sure because as Paypal has halted bank withdrawal and Xoom can also stop it if it finds too many ppl using it or if there is any change in policy.

You will have to use "Bank Deposit" method only. You cannot use any another method to receive cash.

Your paypal should be verified and name of your Paypal account and Bank account must be exactly same.

Xoom has partner agreement with PNB bank so if you use PNB account for deposit then your payment will be deposited within 24 hrs. Mine got deposited in less than that too.

 

Thanks for this interesting info...

i'll open an account at PNB this week ..

and guess what ? there are 4 PNB branches within 1-2 KM from my home.... hehehe

 

Thanks for sharing mate. I don't think the paypal issue will halt this onwards, xoom has nothing to do with the issue, it will work as it worked. You pay to xoom via PayPal and they will pay to your bank acc.

Good for you Be sure to enquire about Internet Banking in all 4 PNB branches, and go for one who gives you.

Also, do not forget to stay a few hours in peak time in all 4 branches to see which has the least people in its queue.

-Vijay

 

Thanks for this gooooood advise bro...

yep ! Net banking is a must for me. I hate to go at bank branch..

 

Please let us know when you receive the funds through xoom. So we get an idea of how long it will take for the funds to get cleared from the date of transfer. Since we have no light on new about PayPal, we all might have to give xoom a try.