Paypal Bank Withdrawal in India Through Cheque Mandatory
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Paypal Asia has sent a notice via email to all its users living in India , that by 1st of August 2010 , they will temporarily stop electronic money transfer to their bank accounts in India. The only mode of withdrawal will be through cheque , that will be mailed at their portal address. However , the check processing fee of 5$ will be waived for the time being .
So those who are uncertain about cheque transaction , may lift all the money from their Paypal account on or before 29th July 2010.
Here is an excerpt from the mail they sent this morning :
Sample Paypal Check : Paypal – Citibank
Bad News….but I have some queries..I guess you would answer it…
1. How much time does it take for the Cheques to arrive?
2. Will our Balance get converted into INR from USD?
google adsense takes 1 week to 10 days max
in metros
will be quick , if you stay in a metro
i guess it will take the same time as google checks.
about the conversion , it will be done by your bank , at the prevailing rate . Its better to have the conversion done here , as paypal conversion rate is always 2-3 Rs less then the actual real time currency value
However i must say , you should talk to your bank officials about USD check clearance . and they delay . Adsense checks are cleared in Citibanks , si it takes 3 days at max in a metro . im not sure which bank the paypal checks are addressed to
Just updated the post , added a sample check , they are cleared in citibank , so it wont be a trouble for clearance .. Also they are already converted to INR
Thanks for answering…..
very bad news , indeed for indian freelancers
Hey buddy…I had another query…are there any other charges to transfer the Balance to our Bank Accounts as Paypal has resumed their services of bank transfer..??..
Thanks for the information
I have PayPal account with the account name “…. ….”. I used EFT all the time but due to recent changes made by PayPal I have ordered a Cheque from them, problem is that I do not have any U.S. Bank account and yet another problem is that my name in an Indian bank account is as i.e (Ram Chander Gupta” whereas my PayPal account name is as (Ram Gupta) only. Do you know, will I still be able to withdrawl money into my bank account? Does full name matters? If it really does, what should I opt for next and whom to contact for the solution?
Any help would be appreciated!
Many thanks in advance
Sher Bahadur Thapa
P-S: There’s a status message showing “Processing”….what’s that and how many days does it appear from the date of order of the PayPal Cheque to India?