Change in Withdrawal of Funds-- PayPal Accounts for India Users from JULY 29th.

India
July 27, 2010 8:59pm CST
It is truly very very annoying. ... The Indian authorities are a worried lot these days. they keep changing the rules for PAYPAL. ... however, Paypal is very accomodative. they have stopped to issue ELECTRONIC FUND TRANSFERS from the 29th of JULY 2010. ... BUT, will NOT CHARGE the FEE of 5$ for issuing a CHEQUE ... for withdrawing funds .... how generous! .... From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account. ... what is happening to the other countries? ....
2 people like this
20 responses
@mturacom (634)
• India
28 Jul 10
Our Government seems to be little confused. They are not sure how to prioritize different issues to solve. They are more interested in PayPal's methods of money transfer rather than solving out basic issues our country have. I am very much disappointed with these new policies. Now not only we have to accumulate more funds to request cheque but also we will have to wait longer to receive it. And don't forget the manual work which will be needed to redeem our money in already crowded banks.
• India
28 Jul 10
Do you know how long it will take for us to receive money with check? including all the process of requesting, receiving check, deposting in bank and getting money?
1 person likes this
• India
29 Jul 10
thanks for all the information. ... i am obliged to all for their efforts in doing the research.
1 person likes this
@vandana7 (55340)
• India
28 Jul 10
CT a few days back I read that some dollars have been coming through paypal accounts to fund some terrorist activities. I dont blame the government for trying this after learning about it. RBI will naturally be concerned because once that cash is collected, it goes into unaccounted activities.
1 person likes this
@mturacom (634)
• India
28 Jul 10
What about cheques being redeemed into bank account and then used for the same purpose?
1 person likes this
@Jotomy (5707)
• India
28 Jul 10
hi vandana, yeah true....
@vandana7 (55340)
• India
28 Jul 10
Life, that is for kids like you to find out and let us know. :) Previously, paypal charged 5 dollars for every cheque. But I doubt if it will continue with that!
@Hatley (152382)
• Garden Grove, California
28 Jul 10
jo consultrainer I have never understood why paypal does not deal fairly with India as there so many potential customers from India look at the number of Indians on mylot. here in the US where I am we have no problem really so I feel bad for others who do,it is not right as far as I can see.If mylot is agreeing to be open to all countries then they should make it so all people can get their earnings too.
1 person likes this
@vandana7 (55340)
• India
28 Jul 10
Paypal doesnt like Indians!!! No seriously - recently they found that some monies are being sent into India through online processors such as Paypal. Small small amounts, not large sums, into many accounts out here. This is a matter of concern because that money goes to fund terrorist activities within the country and simultaneously harming the economy. The money comes in dollars, so online processors are being brought under regulation. How does it hurt our economy when we earn in dollars? Well, when there are more dollars available, and less demand for it, then the value of rupee goes up. In process, our exports become more expensive and consequently what we want to export doesnt come cheap. This in turn reduces our export orders, and kicks us hard because we have to pay for petrol that we have to import. Without enough dollars in our hand because of shortage of exports, we have little choice but to depend upon others earning in dollars. And the vicious cycle repeats.
@Jotomy (5707)
• India
28 Jul 10
hardly we get after so much of strain.... this is somewhat discouragement to the people who work online....
@vandana7 (55340)
• India
28 Jul 10
Jotomy, it is not a big problem dear friend. Paypal is going all our to help us by waving charges. Net effect is the same. The only difference is you will be depositing the cheque in the bank.
1 person likes this
• India
28 Jul 10
Ya this is anice idea for chaNGING THE WITHDRAWL SYSTEM...IT IS BEETER TO HAV A CHEQUE INSTEAD OF PUTING IT INTO OUR BANK ACCOUNT OR DEBIT CARD........SOMETIMES IF THE ACCOUNT NUMBER VARIES MEANS IT IS ALL OVER ........BUT YOU CANNOT LOOSE THE CHEQUE....
1 person likes this
@mturacom (634)
• India
28 Jul 10
It is not as cool as you think. I think you haven't really used both the ways. First thing, we have to enter our bank account number twice when adding it. So there is less chances of errors. Second thing, now it would take about a month to receive our money by cheque which usually took about 2 to 3 days using electronic transfer. And don't forget that in electronic transfer there is no work to be done at our end. It was all automatic and fluent. Now we will have to take the cheque to our bank branch, fill out the form and then have to wait for our turn(if you have an account in a crowded bank) for submitting it. Does the benefit you mentioned is worth the efforts and time which will be wasted now? Do you still find it better than electronic transfer?
1 person likes this
• India
29 Jul 10
thanks to you both. and, if you might allow me to say this, DEEPAK.. don't use all caps.. it will be deleted.
1 person likes this
@vandana7 (55340)
• India
29 Jul 10
Yeah deepak, capital means shouting!
• Philippines
28 Jul 10
what you shared is an eye opener. I have not checked my paypal account since i signed up. I'm going to check it now. I gotta make sure,Users from the Philippines are doing alright. You gave me an idea to start a discussion about Paypal here on mylot specifically for Filipino users.
• India
28 Jul 10
Please do some SEARCH, using the appropriate tags, .. before you start the discussion. mostly, there might already be a discussion by now! ... =--------------- i wish you all the best. always.
1 person likes this
• India
29 Jul 10
melmabb... i wish you all the best in your endeavors to make money online. just to bring you into our group of ONLINE EARNERS... with some money to speak of, in paypal.
@diamania (7037)
• Netherlands
28 Jul 10
Nothing, everything is alright here. Except from the continuous scamming of paypal. It's just your government being anal about nothing, India has other problems go fix that first before interfering with paypal I'd say.
1 person likes this
• India
28 Jul 10
you will be surprised to know, that .. even in this day of such electronic advancement, and INDIANS being the people who are reached first for outsourcing, and all the software engineers mostly from INDIA.. our ELECTRONIC FUND TRANSFER .. is in a mess. I have a friend, who got about 3 lakhs, blocked in different transactions.. he is an importer, and so, sends money to his suppliers through this electronic fund transfer .. and, it is always a problem ... INDIAN government is trying to sub-vent these issues.
1 person likes this
@allknowing (54672)
• India
28 Jul 10
India needs to look at the whole picture where crores are being electronically transferred and when one looks at that scenario what India is doing is in the interest of its citizens and this needs to be recognised.
1 person likes this
@vandana7 (55340)
• India
28 Jul 10
All knowing, I agree with you! While it may seem damaging for small earnings like mine, those who are sending large amounts get monitored. In the long run, it would help me, as it would control inflation.
@prudent (314)
• India
28 Jul 10
Oh! Really? I din't know about this. Thank you for posting this information here. So, we will have to wait for longer time to receive the amount. Really, very annoying!
1 person likes this
• India
29 Jul 10
welcome to mylot .. PRUDENT. i expect the government and paypal authorities will soon revert back to the easiest option of bank-electronic transfer.and, prove their prudence. thanks for the response, wish you best.
1 person likes this
@prudent (314)
• India
29 Jul 10
I am also thinking like this. Because, e-transfer is the most convenient transaction process in this busy life.
@thesids (22455)
• Bhubaneswar, India
28 Jul 10
Yes, I read that email too. This is surely going to delay the whole transaction process. I dont understand why the Indian Govt. is making life miserable for small earning people like me? I have been badly affected by this and would thank paypal for not charging the USD 5 transaction fee. But imagine this = you request a payout and you are going to receive it .... when? you are not sure. The rules - Govt. will change them as and when it suits their fancy. And we will be suffering again. I hate this stuff as it makes me feel like a puppet in the hands of the Govt.
• India
29 Jul 10
well, the sids.. first, .. WELCOME TO MYLOT.. AND, then, .. i don't think, it is their fancy too.. to change rules.. ... they are just not able to fix the leaks.. so, they abandon ship.. dirty politics. that is all.
1 person likes this
@thesids (22455)
• Bhubaneswar, India
2 Aug 10
Thanks for the welcome message consultrainer. Yes, it is sad that politics in India these days has nothing much for common people
@sagar21 (1583)
• India
28 Jul 10
CT.. Paypal really sucks.... what's with all these changes....now and then.... thanks for the info... have a great day/night...
1 person likes this
• India
29 Jul 10
it is not with paypal, that we are into trouble.. friend, sagar.. but, again, .... let us wait for the proper reaction .. and, see if there are some smooth operations involved. ... thanks..
1 person likes this
@hemsagar (286)
• India
28 Jul 10
this is really bugging of Indian government why can they just let people be happy for sometime they are always like this it is good to see that paypal is not going to charge the 5$ fee praises for them
1 person likes this
• India
29 Jul 10
hemsagar, .. WELCOME to mylot. but, even before you could make a start off, . ... making your first ever payout from mylot, ... this paypal thingie was thrust upon you.. i am sad,. ... just how many new users find this annoying. ... however, PLEASE be BOLD.. and, work wonderful .. you will all make it big. what if it is a cheque, .. and as you rightly PRAISED paypal, .. we might even end up with more money, .. due to this STRIFE.
1 person likes this
• India
28 Jul 10
Just want to know one thing, can we purchase things online by paying through paypal in India? Also, will be able to receive payments from other sources like mylot or any other site to our account?
1 person likes this
• India
29 Jul 10
harpreet.. you can do the purchases. .. i have used paypal for doing a lot of things online, which I don't feel comfortable to discuss in open discussions. lols. got the idea? ..
1 person likes this
@subhakars (935)
• India
28 Jul 10
Hi, it is really frustating to read this. Now what is the alternate option for us? Does it work with Xoom tranfer? Do you know how long it will take for us to receive a check and again how many days to get the money into our bank account?
1 person likes this
• India
29 Jul 10
that is another thing to be worried about.. the courier, and postal system.. and, I don't know, if my banker will be able to MAKE the arrangements to encash the dollar cheques. but, I HEARD ... from someone, that they use INDIAN RUPEE cheques of CITIBANK, which could be en-cashed on par.. at most indian cities and towns.. let us expect that all runs smoothly for small timers like us.
@de_toya (2434)
• Indonesia
28 Jul 10
I don't know what happen to paypal in my country, Indonesia. I visit paypal occasionally. Where did you find the information? Does paypal sent you email contain the information above or you just find it in other site? I didn't receive email about paypal policy change for my country. I hope paypal won't make any change in my country. I am happy and satisfy with their current services. However, if they will not charge fee 16,000 rupiahs for withdrawn under 1,500,00 rupiahs, I will be more happy.
1 person likes this
• India
29 Jul 10
de toya, .. the rules are changing faster than the wave-pattern of seas! ... let us hope for the best! ... from the governments, and from paypal authorities.
@Memnon (2173)
28 Jul 10
This seems to fly in the face of technology. Banks here are talking about phasing out cheque books altogether. That said some months ago I paid in a Euro cheque. It took 6 weeks to clear (proferred reason was anti smuggling checks), and it cost me £10 in processing fees. Of course you will now have to rely on the postal system for delivery: and in the UK that is fast becoming a joke. It does cost to have Paypal funds transferred to my bank, but I am saving this for use on ebay.
1 person likes this
• India
28 Jul 10
WELL. that is another sad part of the story.. we are not so famous .. INDIAN POST .. it is one of the infamous. you can read the most saddest stories, about how the future of students, prospective buyers, marriages, employement, .. all such GOT RUINED by the delay in delivery, or lost in transit stories of the postal department. i hope, the kind PAYPAL authorities use some good, fast and reliable courier service to send our cheques.
1 person likes this
@zandi458 (27954)
• Malaysia
28 Jul 10
No such problem in my country. I am sorry to hear that paypal members in India are once again facing problems with the country's authorities with regard to paypal withdrawal. This is going to affect many mylot members as they are quite a population of Indians in mylot.
1 person likes this
• India
28 Jul 10
yes. PREVIOUSLY it was a new rule, where we had to give our personal account number, issued by the government INCOME TAX department... and, now, it is this. who would be earning about 500 dollars a month through paypal? .. it comes out to a meager 20000 rupees, or just above that. ... and, they are crying hoarse on that. i am sad.
1 person likes this
@Sreekala (18778)
• India
28 Jul 10
Hello consult, I too received the mail from Paypal about stopping the money transfer. I have not checked from paypal site for more details yet, but I think there should be a particular amount in our paypal account for requesting a cheque. Let us hope that they will change their stand for Indians soon.
@mturacom (634)
• India
28 Jul 10
The minimum amount you should accumulate in you PayPal account to request a cheque is $150.
2 people like this
@Jotomy (5707)
• India
28 Jul 10
hope so sreekala....
1 person likes this
• India
28 Jul 10
I do not think, they will have a minimum eligibility, and we may be able to request a cheque even for $10 or $20.The only problem will be the charges levied by the Indian banks, and in some cases, these charges will be more than the amount which we have got..
2 people like this
• India
28 Jul 10
The problem is, we might receive the cheque in American dollars, and the Indian banks will charge a hefty amount, to credit it our account, and we may loose more than the $5, which paypal is ready to forefit.We are in a catch 22 position.
@vandana7 (55340)
• India
28 Jul 10
I am not too sure Indian banks would charge too much as of now. So it is not a catch 22 situation as yet. :)
• India
29 Jul 10
so, waiting to cross the bridge, when you reach it... is that so? vandana? ... i wish all the very best, for your navigating skills.. ... please allow us to ride along... piggy-back.
@nangisha (3504)
• Indonesia
9 Aug 10
Hi Consultrainer!. I don't know yet because I have not try to withdraw my money from paypal. I usually used it to buy something online because I hear from my friend paypal take fee when it withdrew to our bank account so its much better to buy something online!. In my country its seem no regulation about paypal so I think its still safest buy to earn and buy online.
• India
11 Aug 10
that is wonderful to learn ... you are lucky to have no regulations.
@yresh12 (3222)
• Philippines
29 Jul 10
Sorry to hear that DR. yOur government should stick by the rules or else you get all confused. I wish you the best!!
• India
29 Jul 10
well. thanks for the support. if only the governments and authorities were a bit more human, and try working out the modalities of controlling the errors and terrors faster.. we all will live in peace. thanks yresh.
@Jotomy (5707)
• India
28 Jul 10
Hi doctor, yes i too got mail from them..... let wait and see and hope for the good change.... as they keep on changing the rules....
• India
29 Jul 10
thanks jotomy