Hi, I use paypal to withdraw money on my SBI account in India. I did this succesfully for a long time. But recently in my last two withdrawals, it got reversed charging Rs. 250 + currency conversion charges for each. I didn't even change my bank info the first it got reversed as I had no such problems before this. But the second time I entered the info again and I am sure it was all fine. Neither paypal nor SBI has any reason for it. Paypal says ur bank rejected it and SBI doesn't have any reasons for the payments being rejected. Did anyone face any such such problems ? If so do tell me what maybe wrong with it.
Thanks for the reply. I did contact Paypal support and they said it was reversed by my bank cos they didnot accept the payment. And bank doesn't know any reason for the reversal.
I also faced this problem after a couple of successful withdrawals. The problem in my case was First name last name confusion. But don't know, how the first two transactions went smoothly. When i tried from a new paypal account where the last name was as same as in my bank account, i got the money. Since then i haven't had any problem.
I am sure nme is not the concern here because I use the same firstname and last name everywhere. I'll contact the bank again tomorrow and will try to find the details.
Well that's SBI's problem. I also faced a similar issues with them and there's no solution to that. (You know how Public Sector Banks are!) If you have account at any private banks then try withdrawing there. Later transfer it to your SBI account!
There would be little Bit confusion in your bank account name Like In PayPal your name is XYZ Shrivastava and in SBI your name would be XYZ Kumar Shrivastava SO there would be confusion in your bank.No Fault from pay Pal side Hope you will check again this Thanks
PayPal must not have any problem. I am using HDFC bank account to withdraw funds from PayPal. It never gets reversed. Hence, I think this confusion was caused by SBI. It is better to check the SBI account holder and PayPal account holder name, if there is something different in the account holder name.
That's exactly what must have happened. What happens is that Paypal transfers your money via NEFT in one day itself. But it's in NEFT process for at least 2-3 more days and in this process SBI must have declined that transaction which made paypal to charge you back Rs.250.
How can a transaction that has not been completed be declined? And if it has been declined after processing, then the bank statement will show the amount as first being `credited' to and then being `debited' from your account. I can bet the problem is at SBI's end.
It doesn't work that way. Whenever you withdraw from paypal following two steps occur: 1. Paypal sends money to NEFT (National Electronic Funds Transfer) 2. Via NEFT money is sent by bank in the customer's account. Till then the money remains in the NEFT system. It stands for 'National Electronic Funds Transfer" in case you are not familiar with it. Hence in his case what might have happened is that paypal sent the money but later it got rejected from the NEFT system. Hence he got chargebacked. Also if you have noted the transaction appears to be completed the very next day in your paypal account. That means that paypal have completed its side of operations as I have mentioned earlier!
In such a scenario, who is to blame, the NEFT system or SBI? Is there any time limit before the fund gets returned by the NEFT system or does the money get sent back only when the recipient (SBI) refuses it?
Actually in this case no one is to blame as SBI returned it because it though that was wrong account. And paypal of course won't look for these things and just send the payment. The money gets sent back only if the accepting bank refuses it. But in such scenarios public sector banks are worst to deal with as they have almost NO customer care services. Hence it gets more difficult as compared to the private banks.
Well, my amount also got reversed on Jan 27. lol SBI branches doesn't know where to search for these failed transactions! People there just keep on giving phone numbers here and there when forced. After asking Paypal thrice that what problem did bank report....the answer was same "Bank reported a problem". I dont understand why dont they give details of a failed transactions like Account Number not found reported etc. I fully understand E-com things - the error just doesn't come as "Problem Reported". It always comes with a transaction number and details about the error. I just dont undertand why these people cant give proper details even when i asked thrice!!! And you end up keep calling the SBI people! If anybody knows the SBI's online transaction Customer Care Email then please send me a PM.
Why don't you try HDFC Bank. SBI does not needs any business. They have more customers than they need.
Well i had a similar situation a few months back. 3 Times i transferred money to my bank account and all 3 transactions were reversed. Before i used to withdraw money to the same bank account. In my case it was HDFC.
well that is really strange, I did not have any problems with transfer to my account with Bank Of India.
check your bank details and submit again .. sure you make any mistake to bank details.. name, ac number mostly ifsc code.