Have any indian users used Paypal's new CC/Debit card option for withdrawal?

Hi All Indian DP Users,

Just wonder: Have any indian users successfully used Paypal's new CC/Debit card option for withdrawal?

If yes, what is your feedback about it?

Is it allowed by the credit card / debit card issuing bank and are there any additional unknown fees to do so.

Does such transactions safely come under FEMA? [I mean if it satisfies all conditions of FEMA or not?]

So much queries Please let's discuss and guide about it..

Thanks!
Mangobyte

 

Not yet...but interested to know the experience who has done....probably a detailed report?

 

Due to RBI restrictions you are not allowed to use a Debit Card for withdrawing money from paypal. You can only use a Credit Card and that too only for buying stuff. You cannot withdraw cash using a Credit Card.

 

Yea,
My friend used that facility.Its really nice.

 

well yes, few days before i got a mail from paypal , explaining the procedure how can i transfer my paypal income to my credit card. Earlier there was a limit of $150, now we can withdraw any amount of money and transfer it to credit card.

 

I just enquired to my CC bank they confirmed in India CC can not be used to withdraw paypal or any kind of foreign exchange money. Infact, they suggested me to apply for an International Debit card from their bank.

@Felu, could you please tell me where did you read those restrictions of RBI about paypal debit card withdrawal?

@Jerome, Please ask your friend in detail who successfully did that withdrawal on his card and let us all know about it.. Thanks!

 

I initiated a withdrawal on Monday morning, got a status of completed on Tuesday but no money in bank till Thursday night. Is there anyone with me?

 

it takes 7 days in credit card and 5 days for bank withdrawal... Hope it helped you

 

Yes, but normally it is done in 48 hours. I am worried, hoping that it is not same as the serious problems with Indian accounts in Feb and Apr.