ShoutMeLoud – Shouters Who Inspire

Superlinks
≡ Menu
≡ Menu

PayPal Update on Withdrawing Money to Indian bank Account

bluehost
PayPal Update on Withdrawing Money to Indian bank Account

Today morning when I saw an update on Paypal blog about current situation of Paypal in India, I was hoping to hear some good news from them. But it seems we need to wait for a while for some good news like resuming PayPal bank withdrawal.

According to latest blog post by Farhad Irani, who lead the PayPal Business in Asia pacific, mentioned :

It has always been possible for sellers to request a check or withdraw funds to a credit card, and these options are still available from the Withdraw Money tab of your PayPal account. If you don’t have a credit card attached to your PayPal account now, you can add one under the Profile section of your PayPal account.  Before asking for a credit card withdrawal, please check with your card issuing bank to ensure that they can process it.

It usually takes five to seven working days for you to receive a check when you request a check withdrawal and PayPal normally charges a five USD fee. We are trying our best to help sellers during this difficult time and therefore will refund the check withdrawal fee back to your PayPal account within a week. I appreciate that this is not ideal, but please bear with us.

Seems like Paypal is working closely with reserve bank of India, to work out this issue. Meanwhile I just requested 1000$ using Xoom service and I believe it will take 24-48 hours to receive that money into my local bank account. If this work out well, I will write a post about the same on How you can withdraw money from paypal to bank account using Xoom.

Don’t forget to subscribe to Shoutmeloud feeds, to keep your self updated with Paypal india issue. Do check out related posts for more on Paypal issue in India.

{ 37 comments… add one }

  • larry patrick

    signed on to paypal in 2009 for internet buisness which failed imeadiately. ihave a$ 15.95 paypal fee withdrawn from my bank account every month. how do i stop this????

    Reply
  • abhishek singh

    hi,
    any body cane tell how .i can attach payment getway like paypal,visa,master card etc…..

    Reply
  • Hanen

    Hi

    You should choose (Export of Goods)

    Reply
  • ayush jain

    what is the purpose code for withdrawing funds from paypal for selling goods in the domestic market

    Reply
  • Robin

    This is an best post…which really gives some thing to think before paypal transaction

    Reply
  • Suchhanda

    New Bank Withdrawal Instructions for Our Customers in India
    https://www.thepaypalblog.com
    Good news to alL

    CHECK IT OUT

    Reply
  • Hanen

    Here is more news from Paypal:

    My question to them was:
    I have an amount which is pending. When will i have it
    on
    my bank account?

    This is Paypal answer:

    Thank you for taking the time to contact us with your concerns. I am
    happy to assist you further.

    Because of the recent issue with processing bank withdrawal transfers,
    the withdrawals are currently pending. We are actively working to
    restore these pending funds to your PayPal account balance as quickly as
    possible, so that you may withdraw the funds to your bank using the new
    withdrawal method.

    We appreciate your patience and understanding regarding this matter, and
    wish you continued success on PayPal.

    Sincerely,
    Alissa
    PayPal Customer Solutions
    PayPal, an eBay Company

    Reply
  • Hanen

    Hi

    Happy Holi to everybody.

    Well i got the answer from Paypal about the export code.

    Thank you for reaching out to us. I?m contacting you on behalf of
    Farhad Irani regarding your email below.

    This code will be issued to you by PayPal. We should be updating you on
    this process by 03/03/10. Any India account that is selling a good and
    or service will need this code.

    We appreciate your patience and understanding regarding this matter, and
    wish you continued success on PayPal.

    Sincerely,
    Alissa
    PayPal Customer Solutions
    PayPal, an eBay Company

    Reply
    • Suchhanda

      Hi Hanen!!
      Thanks ! Your massage was like cool breeze to me, thanks

      Reply
  • Suchhanda

    Hi,
    I made a withdraw on 21st Feb to my local bank in India from paypal but no update in my bank for this fund.I am really scared no sign of my balance amount in pypal account nor in my Bank .And I dont know whats the new issue of Export License .RBI asking for what ? To stop freelance business ?As far I know some of little boy and girl working as a freelance Designer working hard day and night from home , now they have to make a SOFTWARE EXPORT LICENSE ? even they hardly know about themselves clearly. you people think so? I am not talking about big size or mid size software farm or Privet Limited company who are also doing Freelance Job.Then whats the issue?
    Happy Holi to every body!!

    Reply
  • Hanen

    Yes i got also this mail today from paypal and ebay.
    But what is export code? Is it related to export license? Because i dont have.

    Reply
  • Madasamy

    SEE THE BELOW MAIL… WHAT I GOT FROM PAYPAL INFORM TO EVERYONE……..

    We have been diligently working with the RBI and our business
    partners to resume Indian bank withdrawals for the thousands
    of Indian businesses who depend on PayPal to sell their goods
    or services in the global marketplace.

    Today, we are happy to announce that the RBI has allowed us
    to continue local bank withdrawals for settlements for exports
    of goods and services. We are currently making changes to
    comply with Indian regulations for settlements for exports of
    goods and services, and we anticipate that, as of Wednesday,
    March 3rd, customers will be able to use our
    bank withdrawal service.

    As part of the changes, you will be required to fill out a
    new field entitled ‘Export Code’ when you request a withdrawal.
    This information is required under the current laws of India in
    order to identify the nature of cross-border merchant transactions.

    On Monday, March 1st, we will be back in touch with specific
    instructions on how you can move your money into your bank account.

    Moving forward, the RBI has told us that PayPal needs specific
    approvals to allow personal remittances to India, which we
    currently do not have. Until we get these approvals, personal
    payments into India will remain suspended. However, if you are
    an exporter, you will continue to be able to use the PayPal
    service for payments of goods and services. In fact, with the
    changes we are making to our system, PayPal is now set to be a
    more powerful engine for exporters in India. With purpose codes
    for export transactions and FIRCs (Foreign Inward Remittance
    Certificates), you should now be able to get the export
    related benefits you seek.

    You can check the PayPal blog for additional updates.

    http://www.thepaypalblog.com

    We thank you for your business and for your patience during
    the past few weeks.

    Sincerely,

    PayPal

    Reply
  • Madasamy

    Hello everyone, happy news— Now RBI has allowed to start withdrawal service. Coming march 3rd (Wednesday) we can use local bank withdrawal service. Pls see the below link http://www.thepaypalblog.com………. Lot of thanks to you papal!

    Reply
  • Hanen

    Some people like me whom their money is stucked in paypal and didnt reach the bank and is also not reversed.
    I contacted paypal for that and got this mail as an answer:

    Dear Sadaruddin C M,

    Thank you for reaching out to us. I?m contacting you on behalf of Farhad
    Irani regarding your email below. I would like to apologize for any
    inconvenience this current issue has caused you.

    In regards to your eBay fees, you should be able to pay those through
    your PayPal account; you can usually set up a billing agreement with
    eBay on your PayPal account in order to assist with making your payment
    for eBay fees. Unfortunately we can not initiate payments for our
    customers.

    In regards to your inquiry, any withdrawals initiated on or after
    February 8, 2010 are still pending with our bank due to the issue. If
    we cannot fix the issue soon, we will explore other options which may
    include reversing the funds back to your PayPal account.

    If you have any further questions, please feel free to contact us again.

    Sincerely,
    Jennifer
    PayPal, an eBay Company

    Whoever is havin still some amount in paypal can send it to a friend per paypal to out of country. Like singapore or any other country. Or even send it with xoom. Then your friend can send it back to you with moneygram or western union.
    That is the only way to get the monet fast.
    I was thinking whole the time what to do till i came on this idea.

    Regards

    Reply
  • Hanen

    Ebay told me that the cheque takes 10 days to reach. 4 to 6 days to prepare it and again 4 or 5 days to get it shipped to your place.

    I think credit card is the best now.

    Reply
  • Ashwin

    Anyone has an idea how long it takes for the Check withdrawal to reach?

    Farhad’s blog post suggested that it takes 5-7 days, but is that a valid period?
    Some ideas please…

    Reply
  • Hanen

    Hi

    Xoom is not more working. My transfer was also cancelled, so i contacted them and got this email:

    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 on this number 01242575678 and she confirmed that they changed their policies :(

    Any idea what to do now?

    Reply
    • Sourish Nath

      2-3 Months :( .. im dead .

      Thanks for sharing dude

      Reply
  • Madasamy

    I’m also getting same canceled error msg as intra transter within india not allowed. Can you please explain how XOOM works?????

    Reply
  • Raju

    Can I withdraw money from paypal through check in our indian bank account.

    Reply
  • Priyanka

    i have transfer funds from paypal to xoom but xoom cancelled the transaction by saying intra india transactions are not allowed , plz do let me know how you guys are transfering the funds from paypal account.

    Reply
  • srinivas

    Thanks for the update Harsh …..

    Reply
  • Sourish Nath

    Have you received the money from Xoom yet ?

    Reply
    • Dina Nath

      Don’t go Xoom for internal money tranfer. They stop this now.

      Reply
  • Balaji

    Thank you Harsh. Guys like you are really doing a good work during these difficult times.

    Can we request checks from paypal and deposit into our bank account. Can you let me know the process and how long will it take to receive the check and get it processed. I saw from Farhad’s blog that the fee of USD 5 for receiving a Check will be waivered.

    “We are trying our best to help sellers during this difficult time and therefore will refund the check withdrawal fee back to your PayPal account within a week.” – Farhad’s blog

    Reply
  • Robin

    Waiting for the PayPal

    Reply
  • Ramkumar

    Hi,What about the Personal Payment problem in Paypal to Paypal Transfer? Has the problem been resolved or does it still persist?

    Reply
  • Ram kumar

    Thanks for the update Harsh …. it is a good post and help us a lot

    Reply
    • Harsh Agrawal

      Thanks for your comment Ram. Lets hope Paypal will restore service ASAP.

      Reply
  • Srihari Padmanabhan

    Dude, Xoom works great. I requested about $500 last night and had it in my account this evening. You can search for coupon codes to waive their service fee.

    Reply
    • Priyanka

      could u let me know how u have transfer the funds as when i transfer the funds thay canceled it by saying intra india payment r not allowed.

      Reply
      • Sourish Nath

        @ Srihari Padmanabhan

        The comment from Priyanka Contradicts what you said. Please share any coupons that you may have.

        @Priyanka
        Have you been charged for the reversal from Xoom i mean $9+ charged for processing

        Reply
        • Priyanka

          no , i have not charged anything but i would not able to transfer the funds, how you guys rae transfering i just want to know that.

        • Sourish Nath

          Nobody is transferring the funds anywhere , everyone is waiting for the other to find a reliable source and post a solid proof of that.

  • Chethan

    Thanks for The Insights Harsh…
    Hope we could easily withdraw to Our Bank Accounts Soon!

    Reply
  • Jaspal

    Thanks for the update Harsh .. Paypal has really made us feel low about them.

    Reply

Leave a Comment