There is another sad news from Xoom after they stopped accepting Paypal account for transfer to India. They have announced that cash pickup and home delivery service would not be available to Indian recipients. They are saying that they have taken this step to focus on bank deposit option. But I think they have taken this step forced by RBI rules because RBI has no record for money picked up via cash pickup option. People...go find a CA. Income tax department won't let you go away without paying tax You can read this announcement at Xoom's official blog below. http://blog.xoom.com/2010/08/xoom-announces-changes-to-its-money_12.html
BTW, there is another good/bad news too. They have introduced "Fee free money transfer". Thus, so if someone sends you more than $1000 at once, there is no xoom fees applied to it. Good because sender will save fees. Bad because they are encouraging to send more than $1000 at once, which means approx 50k+ INR, and any transaction crossing 50k INR are considered as high value transaction and could/would be reported to income tax department along with your PAN number. Moral of the story : Pay your tax honestly, there is no way to escape now
With all their changes... is it not possible for Xoom now... to incorporate entering the purpose code and start the facility of withdrawal of paypal funds into Indian bank account through them? Regards, RightMan
Xoom is strictly for non-commercial payments, that is their business model. It's the prime reason they stopped PayPal funded transfers also & now no cash-pickups just goes in line with it.
If that be the case, I guess they will have to stop the 'direct withdrawal to Indian bank' facility as well... just the same way as Paypal is not allowed to offer personal transactions to Indians! Regards, RightMan