Tuesday, July 27, 2010

PayPal again stops Bank Withdrawal in India

PayPal has announced that it will again stop bank withdrawal in India from July 29, 2010.

The paypal blog is updated with below message.

In accordance with regulatory instructions, there will be 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. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.

You can get further updates from paypal here.

PayPal had informed this message to all Indian users by sending email. And it mentioned that the $5 fees will be waived during this period.

PayPal had already removed the Credit Card withdrawal few months back. So, now Cheque withdrawal is the only option for withdrawing money for Indian users.

And, Xoom also stopped accepting the PayPal payment.

It may take around 25 days (Cheque processing + Cheque postal delivery + Bank processing) for getting the funds in bank account.

Few months back also PayPal had some issues with Indian bank withdrawals.

Updates on July 31st
PayPal had started again the electronic fund withdrawal to India Banks.

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Software Development India said...

2 days ago PayPal restored the e-withdrawal service in India‎

Unknown said...

I can't understand why paypal are disturbing Indian business firms by generating this types of business.Company should understand India is not only Asia's biggest market but also willing to be world's biggest market.

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