Indian Paypal Users Screwed Again

[glaxxon]

Got paypal mail and saw the following post at paypal's blog.

Update on PayPal accounts for India users

July 27, 2010

Hi everyone, it’s Dickson Seow, from the Corporate Communications team. I’d like to give you an update on PayPal accounts for our India users.

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.

We sincerely apologize in advance for any inconvenience caused from this change and 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.

Our India users can find the cheque withdrawal process here. In order to help you deal with this change and until further notice, we will refund the US$5 cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.

If you have any questions, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page.

Again, we apologize 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.

Here is a summary of all the current restrictions for indian paypal users:
1. No more electronic withdrawal's to India from 1st August.
2. No masspay, no personal payments.
3. Only check withdrawals, which knowing indian postal system, may (or may not) reach us in a month or so. This i conclude from:

Step 2: Click on the ‘Request a cheque from PayPal’ link. It usually takes 4 to 6 working days
to process the cheque (excluding delivery).

So it will be processed in a week, then the rest will be no. of days for the post to reach. Also this estimate doesn't include bank processing time.

4. There will be a monthly withdrawal limit of $2500 too.

Step 3: Enter the withdrawal amount and select your mailing address, then click ‘Continue’.
Please note that a monthly withdrawal limit of $2,500 USD applies.

This is very bad news and i hope they restart electronic transfers again.

 

[l-l-l.com]

F**k them



What do you mean $2500 monthly limit I have a business account which has an unlimited withdrawal

I

 

[glaxxon]

Irrespective of account type, this applies. Its actually their check limit.

Check out these two links.
https://www.thepaypalblog.com/
PayPal India Notification

4.1 From experience, checks take from around 15 to 50 days to reach.

5. Alternative services like Xoom.com doesn't accept paypal anymore.

 

[sleepysentry]

Why is PayPal stopping electronic transfers to India? My best guess is that it is to prevent fraud, which is a safety thing for all PayPal users. I don't think PayPal would ban electronic transfers without good reason.

If losing PayPal is that much of an issue, couldn't you open a bank account in another country and transfer funds there?

 

[l-l-l.com]

i think the $2500 is for unverified accounts

 

[glaxxon]

I hope so the limit is for un verified but they didn't specify. Also this is not to prevent fraud but because of the indian bank guidelines.

 

[liquidcherry]

Why is PayPal stopping electronic transfers to India? My best guess is that it is to prevent fraud, which is a safety thing for all PayPal users. I don't think PayPal would ban electronic transfers without good reason.

If losing PayPal is that much of an issue, couldn't you open a bank account in another country and transfer funds there?

Your right sleepy, it could basically be a fraud issue...and for all our indian friends, just move on to moneybookers

Cheers

Liquid

 

[l-l-l.com]

Wire transfer is still available

I do not understand check limit says $0.00

 

[SeanPreston]

This is unfair, There has always been different rules for people living in India, do they rate it as a high risk zone or something?

If that's the case they should be able to use electronic withdraw if the user hits a certain level or account age that way scammers are less likely to have access to the feature. I'm assuming there are many web hosts in India who rely on PayPal as a means of income.

 

[TechQueen]

Got paypal mail and saw the following post at paypal's blog.

2. No masspay, no personal payments.(

Is that true? Where did you find that?

 

[ARonald]

It is a fraud preventing measure to prevent people from moving illegal money as well as evading taxes. They are also making the money earned through goods/services impossible to spend on other goods. So check withdrawal is the only option. The check delivery takes between 1-3 weeks. Recently a few books ordered from the US came in 5 days. Its not as bad as it looks.


@ TechQueen check this link: http://www.paypal-apac.com/india/ Below the withdrawal options "Please be reminded that any payments received into your PayPal account from the export of goods and services cannot be re-used for making purchases or any other payments."

ARonald

 

[wayne_chance]

it could be the indian government clamming down on money laundering.

 

[CreativeMug]

Electronic Withdrawal Service Continues in India!

More Information : PayPal India Notification

:tu:

Cheers!
Creative Mug.

 

[catchnames]

"Please be reminded that any payments received into your PayPal account from the export of goods and services cannot be re-used for making purchases or any other payments."

Does parking income from domains come into this category?Does it mean parking revenue cann't be used to buy domains?

 

[aceeca]

it could be the indian government clamming down on money laundering.

Bingo

 

[labrocca]

This is a good thing.