Friday, February 12, 2010

India Users can use Xoom for withdrawing money from PayPal to their Local Bank Account





Users of PayPal in India are facing some issues in some type of transactions.

According to PayPal, money withdrawal to local bank accounts in India will be resumed after few days.

Anyway, there are some other alternatives also there if you want to immediately withdraw money from PayPal to your local bank account.

According to DigitalPoint forum discussions the best system for withdrawing money is Xoom.

Unlike PapPal, Xoom will take some fee (minimum 9.99$ for PayPal transaction).

But the good thing is Exchange Rate will be good comparing to the PayPal Exchange rate.
And, Xoom will be providing promotion coupons (e.g XOOM2010). If you use this promotion code, the fees will be waived/discounted. But you have to use it one time only.
The promotion code will be expired after some time.

Find below the steps for using Xoom for withdrawing Money into local bank account.

- Goto xoom.com

- Signup with your real info.

- Confirm your account once you got email from Xoom.

Now you can send money .

- Fill recipient information
- Select Bank option
- Enter coupon code (Currently XOOM2010 is a valid code) if you have.
- Authorize the payment.

You will get the transaction status updates from xoom to your email id. Normally it used to take around 2 business days for getting money deposited in the Bank Account.
Money will be transferred thro' Buy INDIA ONLINE.COM INC

Disclaimer: Note that we are not affiliated with xoom.com. We are just providing the information collected from various sources.


If you have tried to use Xoom, you can take this poll.







If anybody used Xoom previously you can share the advantages and disadvantages of xoom thro' comments.

By seeing the poll result I can understand that many people are not successful with Xoom withdrawl. Can you provide more details about the issues/problem you are facing to complete Xoom withdrawal?

If you are not able to use Xoom, alternatively either you can request check from PayPal or withdraw your money to your Credit Card.
PayPal is willing to refund the check withdrawal fee amount (5USD) for trying to help the India customers in this difficult time.

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Updates on February 22: It seems Xoom is also not allowing to transfer money from PayPal to Indian bank account.

11 comments:

cars in India said...

very good article...the coupon code worked for me...thanks for saving my $20:)

thya said...

I agree buddy, Xoom is the only option now, i think, but the charge are bit high -$16 for $500 transaction. Also Their ex rate is fair.
But the promotion code is not working anymore.

you can get new promotion from here :
they will post new promotion code if one available.

http://www.retailmenot.com/view/xoom.com

Niladri said...

WOW - that was great info man. No words of appreciation is enough.

Very special thanks to "thya" for the code URL - it does work nicely!

Isn't 21st century life great :D

niladri said...

The promotion code URL is a great piece of info! Thanks thya :)

Thanks for the whole article as well - qualitypoint :)

My first post didn't work. Trying this 2nd time...

Anonymous said...

Gr8 info... I just initiated 1 payment from paypal to my HDFC bank a/c thru Xoom..
I just have 1 confusion... in my bank address info, my office address is given, & its same with xoom. but in my paypal address info, i use my residential address... Is that going to b a problem... anybody pls let me know... thanks in advance..

doggy said...

thanks for information
http://www.dogznpuppies.com/

Anonymous said...

Thankyou very much for the information guys, but the coupon code has expired, does anybody have the latest xoom couple codes that are working.

Vivan

sadar said...

Hi

I tried to withdraw today but it didnt worked.
I contacted xoom and i got this email from them:

Dear Valued Customer,

Thank you for choosing Xoom to send your money transfer!

Unfortunately, we have canceled and are in the process of refunding this transaction identified as Intra-India. Current regulatory restrictions are the reasons for the cancellation. There are options to withdrawal your funds via Paypal, see the following link to assist in this matter https://www.thepaypalblog.com/2010/02/an-open-letter-from-farhad-irani-on-the-situation-in-india/

We have no time frame, when these restrictions will be lifted. you may check back in 2-3 months.

Respectfully,

Xoom Compliance Group







I also called them up on number 01242575678 and she confirmed what was written in the email :(

Victor Banerjee said...

check out my blog about paypal issue
http://www.indyarocks.com/blogs/blog_visiterview_main.php?ouid=MzI5Mzg1NA==

Amit said...

I am also facing the same with paypal money is not able to deposit in Indian Bank. Do have any another way to remove moeny from Paypal account which does not have huge trasaction fees ?
How to use that coupons in XOOM Money transfer site ?

Dan said...

Don't use Xoom. They have outrageous rates and terrible customer service. Plus, I think their security is weak compared to a more reputable provider such as Paypal or Western Union. Stick with Paypal, Western Union or Moneygram if you need money transer services. Avoid Xoom.



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