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Paypal Bank Withdrawal in India Through Cheque Mandatory

Money Blogger — Wed, 28 Jul 2010 06:41:33 +0000

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

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Paypal Now Requires your PAN Number

Money Blogger — Sun, 27 Jun 2010 10:21:24 +0000

This morning when i tried to log in into paypal i saw a new account verification page that asked me to enter my PAN number . PAN or Permanent Account Number is used to track all payments received by you in order to evaluate and process tax in Indian subcontinent .

So , this is a good thing for all of us , as this will solve all our tax related issues and no more problems with bank withdrawals . Though this must have done long before Paypal was introduced for bank withdrawals in India and could have saved us the ordeal in the month of february 2010 .

You can easily get a pan card for Rs 60 –70 with the card being delivered at your home within 60 days of application. PAN Number is necessary for opening bank accounts in india and other financial transactions.

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New Paypal Account Verification method Using Bank account

Money Blogger — Fri, 18 Jun 2010 04:20:24 +0000

Here is a new method for your paypal account verification without using credit card. All you need is a bank account linked with paypal for withdrawal.You can verify your paypal account and lift limits to how much you can send money to your bank per month. Use the lift limits button in the Account summary page , right of total balance. Use verify using bank deposit. Within two three days paypal will send two different deposits in your account . You need to update the exact deposits in the paypal verification page and , bingoo , your limits are raised.

This comes really handy for those facing the trouble with limited functionality accounts in paypal.

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Paypal Payment Reversed Solution for Paypal Bank Withdrawal In India

Money Blogger — Tue, 15 Jun 2010 10:28:08 +0000

If you are reading this then definitely you are affected with the recent Paypal issue with Indian Users whose Paypal Payments Reversed and they are facing Paypal Bank withdrawal problem.

Well i tell you this is not a Paypal scam as you might be hearing , is is a mere Paypal problem with Indian Bank authorities in Reserve Bank Of India who have denied Paypal from sending in any more foreign money . Paypal needs to change its money transaction policy in order to continue business in India as thousands of Indian Freelancers like me are suffering and cannot withdraw our hard earned money to Indian Banks.

There is is a Solution we came up with , Here Paypal can be used to send in Paper checks instead of direct money deposit in banks electronically.

If it was a week earlier i would have suggested Xoom for all your money transfers but unfortunately, even they have canceled services and are in the process of refunding this transaction identified as Intra-India. Current regulatory restrictions are the reasons for the cancellation.

Paper Checks cost you $5 each paper check that take 7 business days to process and more days to reach Indian Shores. Cant tell you how much time it takes for clearance in Indian Banks.

I sent them this mail to Paypal Head Asia [Mr. Farhad] but never received a reply :

Hi Farhad that is nice to hear from you. According to you the check withdrawal facility is still available i India. Correct me if i am wrong. I dont know about any fees associated with foreign check clearance , so if you can give some information about that.

Also what do you mean by refunding check withdrawal fees ?

thanks !

regards ,
Sourish

If any of my readers have made a check request do share with us.

6U5GEZ8SZTAN

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Paypal Bank Withdrawal Problem Starts Again April 2010

Money Blogger — Sat, 17 Apr 2010 06:53:51 +0000

I made a bank withdrawal on 9th April 2010 in my Indian bank Account using purpose code Journalism and News , which had been working fine for me for the past couple of time. But recently i had an issue and the money was not deposited even after 7 working days of initiating the withdrawal.

i contacted the paypal customer support and received a reply .

Hello Sourish Nath,

Thanks for contacting PayPal’s Customer Support. I realize that this
situation can be frustrating, and appreciate the opportunity to help you
resolve this issue.

We have a technical issue right now regarding a new purpose code for the
withdraws we are working to correct this issue. For the moment we advise
to wait for the problem to resolve as we do not have an etr for this
problem to be resolved, please be aware that we are working to provide
you with the better service you deserve as you are being part of the
PayPal experience.

Please give us a call at 1-402-935-2050 so we can quickly get you the
information you need.

4:00 AM PST to 10:00 PM PST Monday through Friday
6:00 AM PST to 8:00 PM PST Saturday and Sunday

Got more questions? You’ll find answers at our improved Help Center.
Click “Help” in the top right corner of any PayPal page to get started!

Sincerely,
Fernando

PayPal, an eBay Company

From here , it seems that paypal has again messed up with the purpose code and my transaction will be reversed. Any blogger having the same issue can share their views in the comment box below , so we can add it here .

Response from Paypal :

Dear Sourish nath,

Due to a technical issue we were experiencing between April 6 and 9, the withdrawal you initiated to your Indian bank account was not completed.

This issue has been resolved and we are in the process of restoring your PayPal account balance. In addition, you will see a reimbursement during the coming days for any applicable fees. After this has been completed, you may request another withdrawal to your bank account at your convenience.

We apologize for any inconvenience that this may have caused.

Sincerely,
PayPal

Sourish nath,

Due to a technical issue we were experiencing between April 6 and 9, the withdrawal you initiated to your Indian bank account was not completed.

This issue has been resolved and we are in the process of restoring your PayPal account balance. In addition, you will see a reimbursement during the coming days for any applicable fees. After this has been completed, you may request another withdrawal to your bank account at your convenience.

We apologize for any inconvenience that this may have caused.

Sincerely,
PayPal