Just few days back PayPal sent a notice to all their users stating that Electronic withdrawals from your PayPal account or direct deposits to banks in India will no longer be available after July 29, 2010 for an unspecified period. This may be because of some unstated problems with Reserve Bank of India.The Official message from PayPal to all its users said this:
“In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user.
From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.
While we are working hard to restore the electronic withdrawal service, in the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly.”
But, good news is that something has been resolved, and PayPal has restarted the essential electronic withdrawal services. The PayPal Official announcement has little or no justification for the aforementioned moves. It simple apologizes for the inconvenience.
Dickson Seow from the PayPal’s Corporate Communications team wrote:
“We’ve received good news – India users can perform electronic withdrawals right now as you did before.
We want you to know that our customers are our #1 priority and we are working non-stop to improve our service to you.”
However, the earlier announced $5 refund involved in cheque withdrawals will be continued for Indian users.
I wonder what has forced PayPal to bring these latest changes. The exact reason for these latest switching is still unknown. It may be that due to some objections from Indian regulators which have forced PayPal to stop electronic withdrawals in India.
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2 comments
Thanks for this excellent post. Though I have received official mail from paypal, I would like to seek your guidance. I am a freelancer working on odesk. I have been using moneybookers.com to receive funds in Rs. I just wanted to know, if you have used paypal before, which would be the best service, in terms of currency conversion, fees/service charge and efficiency.
Thanks.
Taiseer
Dude.. paypal is good, because transfering funds from paypal to indian banks hardly takes 2 to 5 working days. But only problem is that they charge exchange fee alot. Example suppose in market dollar value is Rs. 45.. when we request for payment we would receive Rs.43.5 as exchange rate. But rest everything is fine.. They customer service is very much better than banks in india.
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