PayPal to Offer Only Cheque Withdrawal of Funds For Indian Users From July 29, 2010

Written By Sam on 28 July 2010
Advertisements

The PayPal team has just sent out a mail saying that their Indian users can only request a Cheque withdrawl of funds as they are discontinuing the electronic fund requests. PayPal says that in accordance with regulatory instructions they we be making a change in the withdrawal functionality in India starting on August 1, 2010. At present Indian PayPal users can request for either an electronic or cheque withdrawal of funds from your PayPal account. But starting from July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.

A similar thing happened couple of months back and after taking with the RBI PayPal has resumed local bank withdrawal starting March 3rd and the same situation has emerged again. Last time PayPal resumed bank withdrawls after making it mandatory that all users have to enter their Mobile and PAN number. This time we have to wait and see what further changes will it make to resume bank withdrawls. PayPal mentioned that in order to help you with this change and until further notice, they will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.

How to request for a PayPal 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.

3 Responses to “PayPal to Offer Only Cheque Withdrawal of Funds For Indian Users From July 29, 2010”

  1. Priya says:

    Hi:

    Any idea on how long it takes to receive the cheque and will it be through regular Indian mail

    Priya

  2. Sonia says:

    A new fact about Pay Pal :

    I applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied.

    Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.

  3. Suman says:

    Very much align with Sonia, PayPal is doing monopoly here, transaction fee while transfer amount to your bank……Huge.

    No other option available here…. ccavenue is too expensive.

Leave your response!