I had initiated a withdrawal of $250 in Paypal and asked them to put it in my credit card. The payment was processed in 4 days! Actually, the credit card was my NetCard I created using my Kotak Netbanking account. And the money that came in was at the current exchange rate of Rs. 46.25. The money was deposited as a chargeback directly to my bank account. Paypal did take $5 service fee for credit card withdrawal, but I got good exchange rate by this method and you can see the difference below: If I had used Paypal Bank withdrawal: Exchange rate = 45, Amount $250. Total: Rs. 11250 But I used my Netcard for withdrawal: Exchange rate by bank gave: 46.25, Amount $245. Total: Rs. 11331.25 So, inspite of losing $5, I was in Rs.100 profit! If you guys have this facility of Netcards in your online banking system, then use it to withdraw funds. I do not think bank withdrawals are working at Paypal. Check withdrawals suck due to $5 service fee + Poor exchange rate + Delay in delivery
Can you please explain this thing, i have Bank of india credit card and how can i withdraw my fund to use this method...?
Please update if you have got the money in hands. To my knowledge withdrawing money is a problem because of some RBI policies. If that is the case then RBI is intelligent to apply the policy on all type of withdrawal categories like Bank/ CC etc and all service providers like PP/Xoom. May be I am wrong so please update if you have got it in hands.
You have to add your credit card on Paypal system, verify it and then withdraw it using "Withdraw to credit card" at Paypal. I did not use any credit cards, but used NetCard facility given by Kotak. NetCards are virtual credit cards issued by Visa. This facility is with HDFC too.
I have the money with me in my bank account. The problem was with direct bank transfers. But things are alright with credit card deposits and check payments.
I have both HDFC and Kotak bank accounts and i know pretty well about vcc's(netcards).. However netcards are one time use cards..so how were you able to withdraw through them??
They are one time card to purchase something. This purchase was the verification amount by Paypal. But I can receive multiple chargebacks on it. This is tried and tested.
Hmm ,thats so strange...I never expected vcc's to work in such a way.. If you able to withdraw more than once , please let me know...
Can we also use this trick on entropay or neteller prepaid cards? As entropay or neteller vcc is reloadable. Any one tried with reloadable vcc? Pls. share your experience?? how this works.
I always used NetCards on Paypal for withdrawals. But due to the $5 fees, I had stopped using it. But I was a fool not to understand that the exchange rate was better with NetCards. I once created a NetCard and got in 2 withdrawals from Paypal. Now this worked with Kotak NetCard. I do not know about other banks.
Please let us know the dates of your withdrawal, date of receipt of money in account etc. It was done during Feb 2010 ?
Xoom is cancelling my process. I am withdrawal from premier verified paypal to local indian bank, what's the reason not known.
Has anybody tried withdrawals using normal credit cards and not VCC? The exchange rate appears good, simply because it is the local bank who would be doing the conversion... I guess! Regards, RightMan
Why not to call then at 18001801233? I hope the number's right. It's their Indian call center number. I too have a Premium Verified Paypal account and the current status of Xoom withdrawal is "Deposit in Progress".
From your feedback, for any transactions above $250 I think withdrawal to Card will be much better!! Thanks for the info. imransayedxl : Can you tell me the steps in which Xoom withdrawals are done? My current status is Partner Processing. How much time did it take after Partner Processing status to receive the money?