Hi guys,i have successfully transfered paypal funds from personal account to my ICICI bank account around 4-5 times. Today i added my bank account to my business paypal account and then requested transfer to my HDFC bank account,but just now 1 guy told me on yahoo chat that my name on Bank should match my paypal business name,is this true? My business paypal account is registered under my name but has different business name and hence do not match name on my HDFC account. If this is the case,then what should i do now? How can i cancel the transfer or what else i can do now.
Though your business paypal account is registered under your name you can't withdraw funds to your bank account which has your name IMO. Lets see what other experts say on this issue. BTW if they fail to deposit funds in your bank account due to this then they will refund your money back to your paypal and deduct some fees if there is any applicable. DON.
Good option,so do i need to call/mail them to downgrade my account or is this manual process from our paypal account?
Other Best option to downgrade it to premier, just send email to paypal and sure u will receive reply within two working days
Yeah you'll need to contact them.Login to your paypal account and click 'Contact Us' on the bottom of paypal.
Yes,i have contacted them through "'Contact Us" and asked them to downgrade my account and then process my transfer.
BTW what is the current status of your last bank withdrawal from your business paypal account to your personal bank account They cancelled it or still processing (pending)
Update :: The transaction is shown as "Completed" now,i check my HDFC statement and found Paypal deposited money but in few minutes same money is reversed. Got this in SMS (Amt of INR XXXXX debited to A/c XXXXXXXXXXXX towards NEFT REV NAME MISMATCH DT 3/1/07,check a/c for balance. Balance remain same,money credited and then reversed. What to do now? Contact bank or paypal?
I think paypal giving you back that amount in your paypal account after deduction of some charges after few days.
Yes,i called them up and explained them everything and asked representative to downgrade my account and he did it in 1 minute and then asked me to login again to paypal and remove bank account and then re add bank account,he told that paypal balance will be reflected in my account in 2-3 working days and then i can withdraw again as now my account is premiere. Then i also asked him about VCC stuff,he told me that there is nothing wrong in verifying paypal with VCC and paypal already know that 9% of total accounts are VCC verified.
Update:: Paypal has added funds to my account after deduction of 250 INR (around $6.3).I have initiated the transfer again to my bank account.
About the VCC thing, I think you need to check with them again to be sure. The last time I asked them about that, they thought that I was talking about the Virtual Credit Card which is issued by Paypal. In the US, one way of getting your account verified is to sign up for the paypal issued VCC which allows you to use your paypal balance as a credit card to make purchases. Also the other thing is that I am sure that Paypal knows about the HDFC Netsafe accounts and if Paypal means the VCC issued for that account holder or they also allows anyone to buy a VCC from a Netsafe account holder to verify their account. Because I am pretty sure they mean the former and not the latter.
This is really helpful information for all paypal members. Thanks for posting it here. Also glad that you got your refund with less deduction DON.