Has anyone from India withdrawn funds from paypal to Nationalised banks recently?

bluestar, you're not alone I guess! recently (9th Nov), my PayPal to HDFC account transfer got reversed and I had to pay $50 reversal fees.

contacted the bank and found out they're no longer supporting PayPal. same with ICICI and Citi. maybe there's a policy update due to security reasons, as the Citi guy told me. and if it's so, it'll be applicable to all banks sooner or later. so double check with your bank before withdrawing again.

I'm now in a terrible fix as I don't have a secondary account to withdraw funds, my clients prefer to pay by Paypal and it would be tough call making them accept any other service. lastly, I don't know what bank to approach to now?

requesting mods and members to suggest something.

 

OMG .. Are you sure that HDFC has stopped accepting PayPal payments?? I will also be in fix if they stopped it...

 

better check out with them buddy and confirm before withdrawing anything. ASAP.

 

It works well for me on private as well as Nationalized bank like SBI, I do it very often. Once in a month.

Maximum Turn around is 3-4 days.

Don there may be some other reason to reverse the HDFC payments. I also own the a/c in HDFC bank.

 

I've withdrawn 300$ to my SBI 2 days back and around 100$ to my axis account...no problem at all! everything is fine with them!

 

I have been withdrawing money from paypal into my state bank of india account since the feature was introduced. Have had not one single problem for any huge amount. The service is safe, and it rocks. Go for it

 

nothing as such buddy. no problem with my account info or name mismatch or any other issue. positive.

here's a copy paste of the email I just recd. from HDFC guys:

"This is with reference to your e-mail dated November 16, 2009
regarding PayPal services.

I wish to inform that effective August 2009 Reserve Bank of India
(RBI) has made two level authentication for all the transaction
effected through credit and debit cards online. Wherein Card
Verification Value (CVV) being the first level authentication and
registration of the card for Verified By Visa or Master Card Secure.

As PayPal does not support the second level of authentication, we
regret our inability to support your payments effected through PayPal
services. Trust the same clarifies your concerns..."

Axis bank, just spoke with them today and I'm sure they told me they don't support PayPal.

 

Just withdrawn to Canara Bank and got it within 2 days...no problems for me.

 

The reply from HSBC guys reflects funding paypal from an Indian card. That won't effect withdraw feature.

 

I am a customer of their Premium Banking Services. I've talked to my HDFC Guys and they have told me that you will not have any problem in withdrawal so just go ahead with it. I am going to withdraw a small amount in next week so will let you know what happens..

 

ouch! double standards!

anyway, keep us updated of the transaction status.

 

I withdrew to canara bank. no problem. Why asked such a question? Did any rules change or what?

 

even i withdraw to sbi. they work fine. may be we should persuade paypal to introduce 2nd level of authentication.

 

sbi withdrawal is working good for me just did that

 

lucky fellas.

BTW, could it be because I haven't activated "Verified by Visa" or "Mastercard Secure" yet on my cards? but why should a debit/credit card get into the picture when all I'm doing is transferring funds from PayPal to my savings account? simple electronic funds transfer, that's all!

 

@filament The guy that replied to you may be didn't understand your problem. Try phonebanking instead and ask the reason again on why was the transaction reversed?

Also do you have pan card attached to your account and was the transaction more than INR50k? Maybe then these pvt banks put the account on suspicion mode. Nothing of sort with Psu banks. So try them instead.

 

Are you withdrawing money to your CARD OR Bank account? Let me know...

 

phonebanking is no better. first, it takes awful lot of time and patience explaining what PayPal is. mostly you've to spell it out, word-by-word. second, you get the same response that they're no longer associated with PayPal.

not yet.
amount was $1000 or roughly INR 45k

bank account. have informed this earlier