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Change in Withdrawal of Funds from PayPal Accounts for Indian Users

Discussion in 'Business & Tax Advice' started by bezopravin, Jul 28, 2010.

  1. bezopravin

    bezopravin BANNED BANNED

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    Hello Indian BH'ers,

    As we all know that there is some issues with RBI and Paypal for past few months for withdrawing funds, here Comes Another Restriction Now to Withdraw funds to your Credit Card or Bank Account. You can Only Request Cheque from Paypal until this issue was Cleared.

    Here is the Mail Notification Which i recieved from Paypal :


    Dear Indian Paypal User,



    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:
    • Log into your PayPal account, click on 'Withdraw'.
    • Click on the 'Request a cheque from PayPal' link.
    • Enter the withdrawal amount and select your mailing address, then click 'Continue'.
    • 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 here. you We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.

    Thank you,

    The PayPal Asia Team


    So Far I received Funds Directly to my Bank Account Only. I didn't requested Cheque's from Paypal since my account was created. I just Withdrawn All Funds ($32k+) there in my paypal to my bank account as we've 1 More day to withdraw funds to bank accounts...

    Did Any of you Indian Guys tried to withdraw funds via Cheque's from paypal Already?

    If Yes, How long does it takes to reach you and How long for Clearance?


    - BeZo
     
  2. michaelwesten

    michaelwesten Registered Member

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    Just got the mail. This F*cking SUCKS! F*CK YOU RBI!

    It takes 10 days to receive the f*cking check and another 20 days for the check to clear.
    Does anyone know any other way to withraw?

    or know of any banks that take less time to clear foreign checks?
     
  3. abhi1

    abhi1 Power Member

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    Yea me too got the mail an hour back and this sux big time but I have my fingers crossed..thy claim it to be temporary and I hope its temporary.
     
  4. bezopravin

    bezopravin BANNED BANNED

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    First, We can Withdraw funds with no Flaws.

    Then Comes the Great Issue which blocked our Funds and Thousands of Reversals,etc...

    TEMPORARY :
    This is What they said previously and gave us only one option "Cross Border Shipments of Goods and Services" to Withdraw Funds.

    Now Only Cheque

    What Next?

    I don't Think RBI will give priority to this Issue and allows us to receive funds Normally...
     
  5. abhi1

    abhi1 Power Member

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    control your font pal..it'll b all right ;)
    besides, RBI==donkey balls lol
     
  6. Standard Toaster

    Standard Toaster Regular Member

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    There's much more for RBI to think and consider and its definitely not as easy as we guys bitching about it here.

    Yes, no wire option sucks. I preferred to withdraw as soon as I accumulate over x amount in paypal to avoid limitation or other issues with PayPal.

    I've heard of the GAF prepaid card to be used for paypal withdrawal before. Any ideas? Experiences?
     
  7. bezopravin

    bezopravin BANNED BANNED

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    Yep, Its a Payoneer Debit Card to Receive Payments. We can also Use it to verify Paypal accounts.

    I got it via oDesk, Activated it. Verified it by submitting id and address proofs. But the thing is i didn't withdrawn any funds to it so far.

    Just before an hour one of my client made payment to that card. But it shows waiting for Approval inside my payoneer account.

    I Found that it takes 2 Days for payoneer to credit to our Account.

    But the Fee Varies from Paypal.

    Your Card will b charged $2.15 + 3% of Transaction Amount (Each)

    So its better to withdraw more funds in a single transaction. Axis Bank provides 25k INR withdrawal limit per transaction and 45k INR per Day.
     
  8. spollacs

    spollacs Junior Member

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    That sucks man. I hope it won't happen to the Philippines!
     
  9. BIG Dady

    BIG Dady Newbie

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    paypal is blaming RBI.

    And i am fucking looser filling tax on paypal money.

    i get 60% of my earned amount in my bank... Just do not fill tax on paypal money and let RBI suck balls.
     
  10. mrxinbollywood

    mrxinbollywood Elite Member

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    is any other way for payment transfer to india without cheque?
     
  11. bezopravin

    bezopravin BANNED BANNED

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    Update :

    Few Mins Back, I received following Message from Payoneer...

    Code:
    This is to inform you of an attempt to make a private payment to your  Payoneer card ending in xxxx, but that unfortunately we were not able  to approve this payment request xxxxxxx  of xxxx.xxxx.
                      The loader will not be charged for this attempted transaction and was advised to contact you for additional information.
     	 	The primary use of your Payoneer card is for receiving payouts from  our partners. Payoneer does offer the option to load funds privately to  our cards, but approving such payments is done based on our policies and  regulations, and payments may not always be approved. We will consider  additional private loads to your account once the account becomes active  in receiving payouts from Infolinks. 	
      Please note that when private payments are approved, they might be  subject to additional limits based on Payoneer's fraud prevention  policies. 
      Should you believe this to be an error please contact us

    Best Alternative to Paypal

    Receive Funds Quick (3 Days), with Low Fee and Higher Exchange Rate than Paypal : Xoom



    When i withdrawn Funds today morning from paypal, their Exchange Rate is Rs.45.19 Per USD whereas Xoom's Current Exchange Rate is Rs.46.27 per USD!

    They Offer Direct Bank Deposit, Cash Pickup through PNB (Punjab National Bank) and Home Delivery (Demand Draft and Multicity Cheque)



    Did you Guys found any better alternative than this?

    Let Me know...

    PS : I also reviewed Western Union. But its utter waste when compared to Xoom
    .
     
  12. cybermeid

    cybermeid Regular Member

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    I am an Indian living in the US,if you want some help in sending,receiving or other Paypal issues,let me know how I can help you.I also want some help in redirecting some of my Affiliate account commission to India so that IRS wont nag me here.
    Also I am having trouble applying to some of the CPA companies as they require SSN and other details which I dont have as I am on F1 status.If any CPA company affiliate managers are here,please help me solve this issue.
     
  13. shadowfax

    shadowfax Power Member

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    Bezopravin, Xoom now doesn't allow to transfer money from Indian Paypal account to Indian bank account.

    Or were you suggesting some other way?
     
    Last edited: Jul 28, 2010
  14. nirmar

    nirmar Regular Member

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    XOOM is not working for Indian withdrawls.

    edit: @shadowfax, You'r faster than me. :D
     
  15. shadowfax

    shadowfax Power Member

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    I remember that someone was selling verified US Paypal account for $10 in AC section few months back. What if we use that and create a US based dummy Xoom account to tranfer money into Indian bank account? Of course, we need to use proxies but does this sound feasible?
     
    Last edited: Jul 28, 2010
  16. bezopravin

    bezopravin BANNED BANNED

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    Thanks for HeadsUp Mate, I really love to see this an Indian willing to help another Indian from US. I'll PM You Shortly...


    Yep, I forgot to Write about it. Just within that Some Shit Head Left -ve Rep to me for No reason. Anyhow i found that Blacksheep. :cool:

    You Can't Withdraw funds from your paypal Account. If you are selling services, you can ask your buyer to make payment via Xoom. Xoom Charges very low service Fee if they make Payment from US Checking Account (Savings Account)

    Alternatively, I am Checking out Few of my NRI Clients to make the process easier...
     
  17. shadowfax

    shadowfax Power Member

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    Keep us posted on how this goes
     
  18. cybermeid

    cybermeid Regular Member

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    Can you also help me with this question of mine.I tried applying to Peerfly,but their automated system wont allow me to submit applications without submitting an SSN.Yes I can actually help you open a bank account in US or something like that.Currently I am receiving payments from CPA lead to US verified Paypal account and withdrawing and everything is so fast here,just take 2 or 3 days and boom your money is in your bank.
    Please can someone help me with this?
    Code:
    http://www.blackhatworld.com/blackhat-seo/business-tax-advice/221462-how-non-resident-aliens-can-apply-cpa-companies.html
     
  19. bezopravin

    bezopravin BANNED BANNED

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    Yea, Sure... I Asked my Client to Take Screenshots throughout payment. Will Post it after successful Transaction...

    Hi Cybermaid,

    To Get Accepted in peerfly, you've to apply through non-incentive Affiliate Network. I would recommend you to signup via ampedmedia to get accepted to peerfly quickly... We Too Receive Payments within 3 days after withdrawal. It would b much better for us if we've Bank account from US... :)
     
  20. mrxinbollywood

    mrxinbollywood Elite Member

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    The main game here is who will eat commission money from dollar to rupees transfer.

    When we withdraw money from our paypal account to bank. It send money in indian rupees.

    This is where the main problem. RBI wants that the outside money should come to india in Dollar or Euro or pound , not in rupees.

    So that the conversion exchange money Indian bank and RBI can eat.
     
    • Thanks Thanks x 1