Anyone else got the email alert after withdrawal (Indian Paypal Users) ??

Hey guys,
Has anyone tried this? https://www.xoom.com/sendmoneynow/home?receiveCountryCode= , Looks something like PayPal waiting for an opportunity...

 

We need to inform the media people regarding this serious issue...Anybody having contacts with journalists or press can inform them about this issue..

 

Same here...Got Payment from 2 clients which got reversed..clients sent me payment again...now today it got reversed again

Will call paypal tomorrow.

Thanks

 

@Blue[{bee}

Zoom's fee structure is not attractive
https://www.xoom.com/sendmoneynow/money-transfer-fees

 

Today PayPal reversed the payment made on 5th, now my account has $ -308.34

Thanks to PayPal. Bank Withdrawal is completed but no money in bank like all of us.

 

Reply from Matt Barrie CEO,Freelancer.com


Hi there,

I’m the CEO of Freelancer.com. We were just as surprised as you about this issue with Paypal India. Our payments are commercial transactions so should not have been reversed. We are in contact with Paypal and trying to get this rectified ASAP. In the meantime, please contact our support desk if your payment hasn’t been credited back to your account yet. We are hoping all will be fine this week. Alternately you might look at registering a Moneybookers or Payoneer account as a backup plan. Failing that we can wire transfer to your account in India.

Regards
Matt Barrie
Chief Executive
Freelancer.com

 

I have already informed one of my reporter friend in the newspaper - "The Hindu".

 

It says, Exchange Rate USD 1.00 = INR 46.1771
Service Fee $2.99

PayPal rarely offer over INR 45.

 

@nikhiles

Common paypal Cut/Copy/Paste message...
Seems like Paypal support staff needs no educational qualification..all they need to know is Cut/Copy/Paste

 

its not RBI fault but its paypal's

Apparently they have no records for any transfer. this is very serious issue especially considering the world we live in.

Most of the funds are for good use but some of them are sent for acts against our country.Dont think of your own country with such low regard we are better in certain sectors than us but lag behind them in some once we have home grown technology in every field we would depend on US company to provide banking solutions to us. That is the biggest fault here.

Paypal are not professional enough to provide the details that RBI needed.

So we cannot question our government here but a stupid system at paypal based on the US banking methods. The Western system is flawed at several level for example the sub prime crisis.

Such a thing would never occur in India because our banks and financial institutions are very well regulated..

 

@@Blue[{bee}

I was talking about fees...not exchange rate...

Xoom Fees
For US$25
if you Pay with a US bank account fees will be:$2.99
if you pay using Paypal/Credit Card etc fee will be:$9.99

 

Is this problem arised due to this? http://news.cnet.com/8301-27080_3-10445337-245.html

 

Virtual support like virtual chat I guess...

 

NDTV, Hindu, CNN-IBN, Times of India. All informed

 

At this point in time when paypal is threatening to gobble up all your monies and send you into negative balance then start charging your credit card for that I think no fees is too big (well as long as its not more than the amount I'm transferring ie.)

Xoom charged me $29.99 to transfer 1000 bucks and gave me an exchange rate of 46.17 compare this to free withdrawal at paypal at 44.04 that I initiated on Jan28..... effectively Paypal was charging me $48 to make the transfer in exchange rate diffferences. You decide what's simpler.... going after clients and asking them to resend and then haggling over who pays the reversal charges that paypal is deducting or making the best out of this situation for the present.

Going to the media will never work. In fact I am waiting for the gentleman from Bhopal to update us about how his story looked(if it ever got printed ie.)..... chances are the journos will twist the story to look like this guy here had been flying under the radar and this is how terrorists get funding and that the sarkar and RBI are sleeping while we have Mumbai 26/11 etc. etc. Journos are not at all reliable repeat they are true only to sensationalism and nothing is sensational about a new RBI directive to review online payments but yes if you twist it and make it look like there's this bunch of hardworking fools showing terrorists the way to bring money in.... wowowow you gt BREAKING NEWS..... heck if you don't trust me try calling up NDTV and saying "do u know terrorists could be using this method to bring money into Indi to fund activities" and see how it makes the scrolling ticker even before you can finish updating DP about your call.

Xoom maybe costly but for now if you dont want to see your money go down the drain with a very remote chance of retrieval act and withdraw using xoom or any other transfer service that accepts Paypal.

After this settles down chuck Paypal and move to wire transfers/// oh and never ever ever ever ever ever ever evade paying taxes.

 

If one may remember the Timesgroup had launched such a service with much fanfare in 2006. It was called wallet365 and they had roped in Amitabh Bachchan to launch the service then. RBI had objected to the service as it was the first of its kind in India and flouted several norms that time. Wallet365 by all means was the first attempt at creating a paypal like platform in India which never took off purely because of RBI objection.

Source:from a blog post

 

That's a news for me.. India screws Indians. We don't need any external force to bring us down

 

Switching to other online payment method is not such a big issue. Small changes in fees is also considerable but the main thing is that many online business people are with PayPal, you can see the proof here in DP forum itself. All deal with PP. If we switch to other Payment methods, we will not be able to do many services for money...if they are too not with the same payment system we are using.

 

No one seems to be getting the point..

No matter what other service you hop to, RBI will send them notices as well. There are far too many freelancers here who are earning money spending it online and not declaring the entire sum in their Tax overview & finalised PL accounts. Most freelancers I know don't even have a CA :| That is utterly unprofessional.

-- To all those worried over what would happen next --

1. Get yourself an IEC code
2. Get yourself a current account at a bank recognised by Intl. Banking instituions
3. Apply for SalesTax (goods) or ServTax no.
4. Create detailed invoices for all transactions
5. Get your bank to keep a copy of remittance advices
6. Use wire-xfers > this has been the norm for generations and hasn't failed me ever.
7. If you insist on Paypal or if your business model requires you to send small payments to-fro, partner up with an American/Singaporean firm (with RBI's permission of course)
8. KEEP EVERYTHING LEGAL & PAY YOUR TAXES.. IT'S NOT MUCH.. AND OUR COUNTRY NEEDS THE MONEY!

Yes, my PP account is Business-Verified (so is my MB ac) and an amount in USDXXXX.XX (Feb 5th) is up in the air. I keep telling myself AAL IZZ WELL AAL IZZ WELL .. time will tell!

 

This is an official reply from infolinks team regarding refund of money credited into user account via PayPal.

Thank you for your email.

This issue is related to a change in policy done by Paypal, which should not have affected your Infolinks payments. PayPal have admitted to have encountered some technical issues which caused the new policy to affect you. They are currently looking into it and we will re-issue your payment as soon as we receive confirmation from them that the problem was fixed.

We will let you know as soon as the payment is re-issued.

Sincerely,

XXXX

Account Executive