PayPal India | Bad News

[glaxxon]

Did anyone else get this? This is definitely bad news.
This implies that we can't make payments via paypal balance anymore.
Can someone explain what more restrictions will this bring upon us now.

Dear XXXXXXX,

In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:

• Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.

• While making the withdrawal please make sure you select the purpose code that best fits your business.

• Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India. This received amount cannot be reused for making purchases.

• If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.

For any questions, please reach out to our customer support teams by following the steps below:

1. Log into your PayPal account

2. Click “Contact Us” at the bottom of the page

3. Click on “Send Us” an email or “Call Us” to reach us by phone

We cannot thank you enough for your continued attention and patience.



Thank you,

PayPal

 

[Robin]

Where do you got this message?

 

[DaSerpent]

I didn't get this. When did you receive this email ?

Its definitely bad. What can we do about it ? We gotta buy domains etc . How are we gonna pay for em?

 

[sxcnelson]

Yes I received this mail too.Its definitely very sad new for us.First they removed personal payments and now they want the money to be withdrawn to your bank.Then how can we earn $$.PayPal sucks big time these days.

Hope this gets solved soon.

 

[glaxxon]

I got this today about 10 hours ago in my email. So now we will have to make all payments through our card only through paypal. No funding from balance. Plus will have to withdraw everything within 30 days to the bank. So now more costs as it will involve multiple currency conversions. Though there is still nothing about this in their blog and policy yet.

 

[filmarea]

This is really a very sad news.
What happens if we do not withdraw our money in 30 days.??

 

[glaxxon]

I dont know. They have yet to make an official announcement. I suppose they will probably freeze the money.

 

[turnhardtoeasy]

i think we all would have to quit using paypal for these reasons soon..
it keeps on addin stuff

 

[glaxxon]

We dont have many options. We can accept payment using 2checkout as it accepts paypal and credit card payments and pay using credit card through paypal. But this will increase the fees a lot. 2checkout has 50$ one time fee and 5% transaction fee.

 

[Nathan Benton]

Just curious, because I'm not from your country, but what's this new regulation they are speaking of in their email?

Also, does this just apply to transactions made OUTSIDE of India? The word "globally" made me question it.

 

[seofusion]

Apparently I too got the email and I am sure it is a scam. Take a look:

Normally Paypal use this email address for customer service and important notifications: [email protected] or [email protected]
and for payments and other notifications this: [email protected]

And this email has come from: [email protected]

Now, I checked the mail header:

all the other email has
Return-Path: <[email protected]> or [email protected] etc

while this one has:
Return-Path: <[email protected]>

Now go to Silverpop Engage i.e. bounce.mkt2566.com and check what is there. Do you think Paypal would be using an unidentified email marketing system instead of their own glorified system

 

[glaxxon]

I am still not sure about what they mean by globally but it doesn affect people of other countries. It means that whatever money we receive from non indian accounts must be deposited to our banks within 30 days of receival. This money cannot be used to purchase items. We can purchase only by funding payment through a credit card. So technically this implies that paypal will just be a relay which will send money to our bank accounts. All other paypal functions will be useless and void.

 

[Nathan Benton]

I would call PayPal, if that's possible, and have them verify this information, and if they do, have them possibly explain it further.

Don't get all down about it yet, until PayPal themselves verifies this. It could just be a hoax, like seofusion stated.

 

[seofusion]

I would call PayPal, if that's possible, and have them verify this information, and if they do, have them possibly explain it further.

Don't get all down about it yet, until PayPal themselves verifies this. It could just be a hoax, like seofusion stated.

Yup, Nathan I already contacted them and I got a reply that they too are trying to confirm the legitamcay of this mail and will contact me back later. Also they told me to report this mail to [email protected] to check if it is a scam, I did so but yet to get back a mail. I hope so this turns out to be a spoof because really everything the mail states seems to be so unacceptable. If this is it then Paypal better close their base in India cos it is of no use. It will just become a relay as glaxxon said and I know many people will stop using Paypal and turn towards the old form of Payment Processing i.e. Cheque or to other Payment Processing systems

 

[glaxxon]

I hope you all are right but the email address is @paypal.com. I know it can be faked but then why would someone do this. Even if it was an attempt to steal info, the mail had no external links on it. Lets see what happens. This might be a scam as there has not been much uproar yet and there is nothing on there blog too. Can someone call paypal and check?

 

[DaSerpent]

I really hope its just a spoof. Else, Paypal is of no use now.

 

[CamMK27]

This is a sad thing to hear because I do get a lot of work done by people who are in india and I pay them by paypal. I hope this is just a hoax and paypal confirms it. Because this will cause frustration for a lot of people in India and outside who outsource their work to People in India.

On a side note.. why is no one using Alertpay? Alertpay is one of the most famous payment processor and also very reliabale. They won't even let you use your account unless you verified it by adding a Bank account, sending a photocopy of your Photo ID and a bank statement or some sort of utility bill to confirm your residence. I have been using them for many years. And another thing they have is if some one wants to withdraw by Check (who doesn't live in USA) they can in USD.. I know someone who wanted to do withdraw in USD because the exchange rate he got in the bank directly where he had some relative working in the Bank who got him better exchange rate than he would get if he withdrew the money directly into the bank account from Alertpay. So he saved money this way as well. Which is great.

I don't think paypal allows you to get a check in USD if you are not in USA. But since it is the most commonly used processor People still use it specially most domainers. I hope this gets resolved very fast.

 

[lothos]

Epassporte is another good option instead of paypal.

 

[jimmyjames]

If this is true, this would really be sad. Paypal should be concerned with the small and medium enterprises that comprise a great majority of their customer base. I just hope for everyone's sakes that it is not.