Any Ideas Regarding the Effeciency of PayPal's Cheque System??

I am in the same boat as you guys, suffering due to the unwarranted updates being published by PayPal.
I was wondering if anyone has actually tried to use this cheque system?
How long does it work?
Is is compatible with all Indian banks?
How do they compute the exchange rate?
I ask this since I have got foreign cheques before and it takes a very long time to get them cleared. However, the banks offer a very good exchange rate, not like PayPal's adjusted amount.
Now, if we use a PayPal cheque, we are getting with their low rates and have to pay a cheque clearance fee?

Regards,
Anubhav

 

Paypal checks will be INR and citibank, Normally it will reach your address within 20days from the day you withdraw and you can credit it within 2 days once you deposit in your bank account.

 

paypal checks are fine but delivery is all shit...you have to wait for 20-25 days to get the check and with indian postal services even that is not 100% sure you may lose the check as well..i lost 2 checks before and will never go for the check withdrawal...

 

Yes, withdrawal the amount through cheque from paypal is always very risky task because you dont know that you will get this or not.

 

if the cheque is lost then whats the scene??

 

I have this same question.
And citibank checks are fine, since I have a BIG account in Citibank and one of their priority customer as well. Just need to get the damn check.

 

oh my god.. REALLY !!!! is there chances of losing cheques???

 

After Few Months (I think 2 months Or 45 days) You can ask paypal to cancel the Cheque.They will deduct 250 as fees and amount will be credited to your balance Minus Double currency Lost.

SO 100$ will come back as 80$ or so only.

 

Since checks would be issued in INR from local bank, the clearance of the same would take place in 2 days flat. The problem would be delay/uncertainty in the delivery of checks and I just hope that substantially increased number of accounts and withdrawal requests would force Paypal to take the service of a good courier company to deliver the checks on time!

Regards,

RightMan

 

Im going to withdraw 2-3 big ones today, as its not yet 29th.

Then will ask customers to use Wire Transfer, till the Paypal is solved.

 

thanks to everybody who replied to my question.
yes, it seem that everyone sound very negative rather the timely delivery of checks.
further, 20-25 days plus a few days for credit seems a longer waiting period too.
personally, I am going to bolt-up my expenses and sit quietly to wait-out this problem and let the electronic transfer to begin....thanx!!

 

Read this check withdrawal questions for Indians: http://corpocrat.com/2010/03/10/paypal-cheque-withdrawal-questions-for-indians/

 

I also withdrew money through checks twice from PayPal with a gap of around 15-20 days. I received the second check after 25 days whereas the first one took 2 months after I got the second one. Adsense sends a check in a very secured manner by DLF. They are delivered from Hyderabad and where there is no DLF service, the checks are received by Speed Post. But PayPal checks are delivered through simple courier service or local postal services. Hence, PayPal check withdrawal is really a very risky job.

Thanks and Regards

 

The remaining check withdrawal limit is not reset by paypal automatically to $2500. It is getting stuck for the past 6 months with me. This is really a problem especially check withdrawal is the only means of withdrawing funds.

 

Hopefully, such teething problems would be taken care of more quickly and this withdrawal system will become lot more efficient as more and more Indians are forced to use it!

Regards,

RightMan

 

What did you do about lost cheques , paypal says the cheques are unstoppable , will we end up loosing all the money we withdrew if cheque is lost ?