Wednesday, July 28, 2010
PAYPAL STOPS ELECTRONIC WITHDRAWAL SERVICE IN INDIA
Cheque withdrawal of funds remains the only option left for Indian citizens
Breaking News!: Millions of freelancers, firms and individuals in India, who depend on Online Money Transfer company PayPal to receive funds from abroad, received a shocker this morning, as PayPal stopped the electronic withdrawal service till further notice.
PayPal sent emails to all Indian users, letting them know about the sudden changes. The electronic withdrawal facility will be stopped from July 29, 2010. However, people can still request for a check withdrawal of funds.
The electronic transfer to bank accounts in India normally takes 2-4 days, while the PayPal checks will take 2-3 weeks to reach their destination. It would be a huge inconvenience to the PayPal users, but they have little option but to accept the PayPal diktat.
PayPal has decided to refund the $5 USD cheque withdrawal fee for all users, who request a PayPal check on or after July 29, 2010. The company has assured its customers that the issue will be resolved soon.
Here's the Email sent by PayPal to its Indian Users:
Dear X,
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.
To request for a cheque withdrawal:
1. Log into your PayPal account, click on 'Withdraw'.
2. Click on the 'Request a cheque from PayPal' link.
3. Enter the withdrawal amount and select your mailing address, then click 'Continue'.
4. Click 'Submit' to confirm your request.
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.
For any questions, please log into your PayPal account and click 'Contact Us' at the bottom of the page.
We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.
PayPal sent emails to all Indian users, letting them know about the sudden changes. The electronic withdrawal facility will be stopped from July 29, 2010. However, people can still request for a check withdrawal of funds.
The electronic transfer to bank accounts in India normally takes 2-4 days, while the PayPal checks will take 2-3 weeks to reach their destination. It would be a huge inconvenience to the PayPal users, but they have little option but to accept the PayPal diktat.
PayPal has decided to refund the $5 USD cheque withdrawal fee for all users, who request a PayPal check on or after July 29, 2010. The company has assured its customers that the issue will be resolved soon.
Here's the Email sent by PayPal to its Indian Users:
Dear X,
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.
To request for a cheque withdrawal:
1. Log into your PayPal account, click on 'Withdraw'.
2. Click on the 'Request a cheque from PayPal' link.
3. Enter the withdrawal amount and select your mailing address, then click 'Continue'.
4. Click 'Submit' to confirm your request.
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.
For any questions, please log into your PayPal account and click 'Contact Us' at the bottom of the page.
We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.
Tags:PayPal Stops Electronic Withdrawal Facility,paypal,RBI,paypal stops,PayPal,PayPal banned India,PayPal India,PayPal account,RBI,Reserve Bank of India
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