PayPal temporarily suspends electronic withdrawal in India, only cheque/check

The best option and also the only option now

 

I think the best way to get money fast would be to send someone your money from paypal to his/her account and then ask that person to transfer that money to your bank account through Xoom.

 

problems are coming to India.

 

Thank God i just checked my paypal and my status saying completed .Sigh of relief.

 

i just hope they clear 29th payments tooo

 

Well, people, I think I have a good news for ya'll.. (atleast to those who made a withdrawal before the paypal deadline)

I made 2 withdrawals on 28th. I have got one of those credited to my bank account now (Axis bank). I am sure the other one will get through too

 

But is withdrawing using cheque a secured transaction? when will we receive the cheque and when will it be cleared in banks, do indian banks accept paypal cheques? please tell me guys.

 

Is there a way to get our money from paypal to our cc? we can't exchange paypal money using exchangers even , it is against their rules.

 

Congratulations

 

Not sure why they are doing this to Indians only..
It's not the RBI IMO, I guess they are onto something foul. Probably they are intending to withdraw the service from India.

 

thanks bhai.. i see that you are waiting for your payment too. Did you check your account lately?

 

Checks are in Indian Rupees any bank will accept it

 

1st: 28th 1.27 AM IST
2nd: 28th 4.55 AM IST, right after I got the email from paypal about this issue

 

Today morning I sent an email to paypal asking few questions , here is the answer from the support i got.

questions i asked paypal

I am from india and i want to know why is it that every time indian
accounts have some issues and vice versa with paypal?

Now paypal says that we can't purchase from the money we get in our
paypal. How can we purchase then?

when will the issue of withdrawal to electronic funds will be resolved?
how much time can it take approximately?

can we withdraw funds to our cc? if so, please tell me.

and here is the support reply for my mail:

Thank you for contacting PayPal.

In accordance to regulatory instructions, there will be a change in our
withdrawal functionality in India starting on August 1. PayPal is
committed to working closely with the regulators and ensuring that
PayPal complies with all applicable India regulations. We are not in the
position to make any other specific comment about the RBI. At this
point in time we are not able to share any specifics on the duration of
the impact. We are exploring all options to restore our electronic
withdrawal service for our India users.

PayPal recommends India merchants periodically repatriate funds earned
for exports of goods and services from their PayPal account. In
accordance to regulatory instructions, all payments received into your
PayPal account from the export of goods and services cannot be re-used
for making purchases or any other payments. You can only use your
credit/debit card to send payment.

Lastly, you cannot withdraw funds to your credit card. You can only
transfer funds to a US bank account or request a cheque.

 

Is it safe to do withdrawal now? Will transactions made today get cleared? I just seen above post of Talismanclick and seen that his money got credited into bank account in just 24 hours. It's really very fast... Just can't believe it

 

well i think 29th is last day we can withdraw till this issue is solved so go ahead and give it a shot i did too around an hour back

 

You get me wrong.. I made both the withdrawals on 28th, the deadline PayPal gave us all for bank withdrawals. Do not initiate it now, money will only get stuck in their 'system'.

 

what payment bhai am confused??

 

But I doubt because they have written so I think last date is 28th:
From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.

So is it safe? please suggest me guys..