Paypal has again stopped transferring funds via Electronic Funds Transfer to Banks in India. However cheque withdrawal is allowed. Got this Email from Paypal
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.
In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.
So Paypal has again implemented this step by saying “in accordance with regulatory instructions”.
The good news is that we will not be charged this $5 charges for Cheque withdrawal. I strongly feel that Government of India or RBI must solve this problem once and for all. I hope Paypal improves its service in near future. Nowadays Paypal has not remained as the hassle free service, but it has hassles, especially if you are in India. Lets hope the problem gets solved soon.
Sonia says
A new fact about Pay Pal :
I applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied.
Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.
Suman says
Very much align with Sonia, PayPal is doing monopoly here, transaction fee while transfer amount to your bank……Huge.
No other option available here…. ccavenue is too expensive.