PayPal Electronic Withdrawal Problem Again for India Users

Today morning I received an email from PayPal saying they have temporarily suspended electronic withdrawal of funds to banks in India with effect from 1st August 2010. This will be a shock to all Indian users who are doing their business online, as PayPal is one of the best and easiest ways to receive and send payments for doing online business. The same problem of electronic withdrawal of PayPal funds to Bank account happened a few months ago and PayPal have restored the withdrawal issue in a couple of weeks time.

However, the only happy news in the PayPal email is that users can still withdraw PayPal funds using cheque, which cost $5 as processing fees. PayPal also mentioned in the email that they will refund the cheque withdrawal fee of $5 USD check withdrawals made on 29th July 2010 onwards.

Majority of the Indian PayPal users including me do not love to withdraw funds using cheque as it takes around a month to get the cheque and then en-cash it in the Indian banks.

We are eagerly waiting for the PayPal bank withdrawal problem to be settled soon and PayPal to restore the electronic withdrawal service as soon as possible.

The main details in the PayPal’s email are posted below

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“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.

Thank you,

The PayPal Asia Team

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