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Paypal Update: Resumes Electronic Withdrawal Service to India

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Now this comes as a surprise – Just 2 days after Paypal had announced that they will be stopping Electronic Funds Withdrawal to Indian Banks – They seem to have made a complete U turn.

The announcement on their blog today says that Indian Paypal users can perform electronic withdrawals as they did before. Infact, Electronics Funds withdrawal is already online and working.

paypal-EFT-start

Here is the update from the Paypal India Blog:

Hi everyone, it’s Dickson Seow again, from the Corporate Communications team. We’ve received good news – India users can perform electronic withdrawals right now as you did before.

We apologize for the inconvenience this has caused you over the past few days. While we have received your appreciation for the advance notice and the refund of the cheque processing fee, we have also heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. We want you to know that our customers are our #1 priority and we are working non-stop to improve our service to you.

We sincerely thank you for your patience and continued support as we are committed to delivering a world-class service to you in India. To thank you for your loyalty, we will still provide the US$5 processing fee refund for any cheque withdrawals made from July 29 until further notice.

Please check here for updates. 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.

Paypal seems to be really confused – Infact, Paypal had confirmed to some users that the ban on Electronics Fund transfer to India is permanent and the only way they can get money is through Cheque. See some of the comments on our earlier Paypal post, where users have confirmed it from Paypal itself !

Anyways, Paypal users can have a sigh of relief, they will not have to go through the torture of waiting endlessly for their hard-earned money !

  1. Roh says

    hey guys, If you are collecting US dollar payments via paypal for services charged, wouldnt you also have to declare it as Us income to the IRS?

  2. Giridhar says

    hi,
    I am new to this..I want to open a paypal a/c…which banks are tie up with paypal in india.., can you suggest you people in this way..i am confusing if i open a a/c in paypal without having a proper tie up with my present bank…what should i do? later…help me..thanQ

  3. Mohammed Mateen says

    May I know the current status of PayPal please ?

  4. Arvind Kumar says

    A relief, it came a bit late though. Once i learned that Paypal had stopped electronic funds transfer i just asked my client to not send payment through paypal and we had still been sorting out the wire transfer issues with our respective banks. I am going to ask my client if he has had success in that otherwise its going to be paypal once again! Thanks,

  5. Parikshit says

    Great news !! A sign of relief !!!

  6. Pradeep says

    Thats a real good news.. and for sure there are legal issues else why they will ban it and restart it.. this is the second time they have done so.

    Also Paypal need to offer a way so that we can withdraw cheque by priority or registered post, even if they charge some extra bucks for the same, it is worth.

    Given the service of Indian post and if you are not good with the delivery man, your cheque may get lost anytime and its a huge pain to wait for the same.

    Once i got cheque after almost 45 days and i was almost set to request paypal to cancel the cheque..

  7. Karl Walker says

    I just read the mail PayPal sent me, this is good news, but some one is confused here – either PayPal or the RBI…….
    In the end I hope this continues so we can continue to use the e-withdrawal.

  8. Ramanujam says

    Glad that paypal resolved this issue pretty quickly.

    Btw, you guys should stop putting those red cross and tick marks on pictures with MS-Paint?!? Really spoils the seriousness/mood of the post! IMO!

    1. Arun Prabhudesai says

      Ramanujam…feedback taken

  9. Mangesh says

    Thats good news!!

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