Withdrawal to India banks from Paypal through XOOM is Working. Confirmed and Tested.

@Wisden Writers
Probably you are right.

@Bohra
Did you tried coupons many times... I mean tried one by one to make it work... or system abuse...

 

Hello,

I did not used any coupons but can anybody tell me where i could get that? And is there a particular time for depositing money into the bank account? Somewhere i read that the deposit happens only after 3.30pm every banking day. I dont know its true or not. Thanks.

 

Q.8. What are the operating hours of NEFT?

Ans : Presently, NEFT operates in batches from 9 a.m to 5 p.m. There are six settlements at 9 a.m, 11 a.m, 12 noon, 1 p.m, 3 p.m and 5 p.m on week days and three settlements at 9 a.m, 11 a.m and 12 noon on Saturdays.

 

i think you can try to receive money on other family member's name with their bank ?

 

That's possible... But its risky as they are not even processing self transactions..

 

i tried using it without coupons but still reject

 

@Bohra,

Xoom is damn uncertain.. My transactions like some others went smooth.. But they are rejecting many other's telling false reasons..

What to do, till pp gets cured no other ways.

 

the main thing is they dont reply back..

 

now you can try with pp cheque option.

 

"According to the Reserve Bank of India (RBI) regulations, our partners in India are strictly required to observe the rules for money transfer companies in India. With that in mind, each recipient can receive up to 12 transfers per financial year (April-March)."

Now think about PayPal is going to obey RBI?[/QUOTE]

Xoom (Buy.Indiaonline.Com, USA) is registered with RBI through PNB:

rbi.org.in/Scripts/Mtss.aspx

I wonder how PayPal is operating? Perhaps it is not a money transfer company

 

RBI's order dated November 27, 2009 to Banks that started the problem with PayPal can be seen here:

caclubindia.com/notice_circulars/fema-circular-no-18-dated-november-27-2009--2584.asp

Cross Border Inward Remittance under Money Transfer Service Scheme

3. Money Transfer Service Scheme
3.1 (a) Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. The system envisages a tie-up between reputed money transfer companies abroad (Overseas Principals) and APs (Indian Agents) who would disburse the funds to the beneficiaries at ongoing exchange rates. The system does not permit any outward remittance.

b) The salient features of a transaction under MTSS are as under:
i) Receipt of cross-border inward remittance under MTSS is a transaction carried out on behalf of a remitter through an Overseas Principal located overseas by electronic means with a view to making an amount of money available to a beneficiary person at any of the outlets of APs (Indian Agents) and their Sub-agents in India. The remitter and the beneficiary may be the same person.

3.2 Role of Overseas Principals and Indian Agents

(a) Overseas Principal
An Overseas Principal is the one that originates a cross-border inward remittance into India as per the order placed by the remitter. The Overseas Principal must ensure that all inward remittances contain complete remitter information. The Overseas Principal must also verify and preserve the information at least for a period of ten years.

(b) Indian Agents
Indian Agents should have effective risk-based procedures in place to identify cross-border inward remittances lacking complete remitter information. The lack of complete remitter information may be considered as a factor in assessing whether a cross-border inward remittance or related transactions are suspicious and whether they should be reported to the FIU-IND. The Indian Agent should also take up the matter with the Overseas Principal if a remittance is not accompanied by detailed information of the fund remitter. If the Overseas Principal fails to furnish information on the remitter, the Indian Agent should consider restricting inward remittances or even terminating its business relationship with the Overseas Principal.

5.4
e) Payment to Beneficiaries

i) For payment to beneficiaries in Indian Rupees, the identification documents, as mentioned at Annex-II of this circular, should be verified and a copy retained.

ii) A cap of USD 2500 has been placed on individual remittances under the scheme. Amounts up to Rs.50,000 may be paid in cash. Any amount exceeding this limit shall be paid only by means of cheque/D.D./P.O. etc. or credited directly to the beneficiary's bank account. However, in exceptional circumstances, where the beneficiary is a foreign tourist, higher amounts may be disbursed in cash. Only 12 remittances can be received by a single individual during a calendar year.

 

First was $520 (coupon xoomonetimer) money in 24 hours!

Second was $600 (coupon febxoom10) money in 16 hours

Third today ($900 without coupon) Saying Deposit in Progress

 

Any one transferred $1500 to bank through xoom? Do i have to update my PAN Card ino. at my bank ( ICICI ) as the amount is more than Rs 50,000/- ?

I transferred $1000 2 days ago, it went smooth. please advice

 

Nopes PAN card is required when the amount is 50k+ in cash...

 

Thanks, so it wont be an issue since xoom deposits money by cheque, right ??

 

Yes, there some who have successfully transferred amounts upto USD 2999 which is the max. for one transaction. About updating PAN Card number in the bank, is it not registered already with the Bank?

When you login to Xoom this is shown:

What I can send now: $2,999.00

Your limit is $6,000 per 30 days when you provide additional information.
Service limits may apply.

Your limit will be $6,000 per 30 days when you provide the following:
Government issued I.D. number
Occupation

We will prompt you for this information when it is needed.

But this reply from Xoom may still be ok:

aseemn.org/posts/xoom-–-send-money-to-india/

SB wrote on July 21st, 2007 at 3:21 pm

For common information about everybody, I just like to post this email response from a Xoom representative about whether an Indian National can send money from his Indian PayPal account to his Indian bank or not. It should clarify matters.

Dear SB

Thank you for contacting Xoom Customer Service regarding your question about sending money to a recipient in India.

You can send money to India from ALL countries where major credit cards and PayPal are available. U.S. citizens may also send via electronic debit from a U.S. checking account. You will need to specify the payment method on our website.

In India, Xoom offers convenient pickup services, demand draft deliveries, and deposit into accounts. Pickup services are offered by Punjab National Bank (PNB) and InstantCash. The maximum sending limit we allow for pickup is US $1000 dollars. Deposits into accounts are handled electronically whenever possible. When impossible to electronically deposit, funds are sent to the recipient’s bank using a TPO. For a list of participating banks where deposits are accepted, please click https://www.xoom.com/popupindianbanks (Only THESE banks will accept Xoom transactions).

Moreover, your initial transaction limit is $1,000 per 24 hours period, and $3,000 per 30 day period. Based on your transaction history with Xoom, your limits may be raised in the future. The daily limit is not an arbitrary amount; it is sender specific and based upon many factors and conditions associated with the sender’s account. The sender’s limit will increase as long as they continue to transact with us.

 

Xoom is sending cheques to the banks in many cases, not using NEFT. It depends on your bank processing the cheque. Also the courier may deliver the cheque late to the bank. Maybe the bank will batch process the cheques after bank closes at 3:30pm and it goes for clearing next day.

From my experience:

12th Xoom account at 2.01am Status Partner processing
16th Xoom account at 3:00pm Status Partner processing
16th HDFC Bank a/c at 3:00pm No credit
16th Xoom account at 9:00pm Status Deposit in process
16th HDFC Bank a/c at 9:00pm Cheque deposited Status Uncleared
17th HDFC Bank a/c at 4:00pm Cheque Cleared

 

Just got my funds credited thru XOOM.
I initiated the transfer yesterday by 11am and today 3pm the money got credited.
[However xoom status still shows Partner processing but who minds ].
The transaction was NEFT(bahrain). Unlike the other member said here XOOM will send check to your bank if NEFT is not possible with your Bank or whatever the case might be. If you fall under the NEFT category you could receive the funds within few hours from the time deposit is made by XOOM else you may have to wait for a day or 2 for check clearance.

 

Wow! Same here krishmk
Xoom saying partner processing, but my money just got in bank..
Edit: CHEQUE UNCLEARED NOT CREDITED (HDFC Bank is mine)
Place Trivandrum, check clearance location: Cochin

 

Ok, i transferred $1500 20 mins. ago but i got no email from paypal or XOOM about the transaction. What could be the reason?

Xoom Log shows
Feb 18, 2010 04:01:22 PM Xoom Processing