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PayPal News & Updates
- Thread starter farooq1789
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PayPal resume electronic withdrawals in India
Yup Got this mail from them :
We've received good news. You can continue to enjoy electronic withdrawals just as you did before.
While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service.
Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice.
For any enquiries, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us' at the bottom of the page.
Thank you,
The PayPal Asia Team
Yup Got this mail from them :
We've received good news. You can continue to enjoy electronic withdrawals just as you did before.
While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service.
Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice.
For any enquiries, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us' at the bottom of the page.
Thank you,
The PayPal Asia Team
Hi, is anyone else having issues with paypal rejecting indian credit card payments since last 5 days?
ghpk
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yes that really sucks, I think its again our RBI restricting Paypal from doing business here, paypal currently rejecting your customers from paying you if they are from India.some developers also reported they are not getting money to their bank accounts even when they have saved the PAN details on paypal.don't have details about current restriction but seems they will not allow domestic payments in India.
Hi Peeps,
So, I woke up this morning and got this email from PayPal.
The summary of the mail is:
1. Indian PayPal customers shall not be allowed to keep their money in their paypal account for more than 7 days, they need to transfer it immediately to their bank accounts.
2. You can no longer buy goods and services using your paypal account.
So Post 1st March 2001, Paypal will be useless for me since it will not allow me to do things for which I use it. For me, Paypal was the only way to transfer money to foreign.
What do you think about this new term guys?
So, I woke up this morning and got this email from PayPal.
The summary of the mail is:
1. Indian PayPal customers shall not be allowed to keep their money in their paypal account for more than 7 days, they need to transfer it immediately to their bank accounts.
2. You can no longer buy goods and services using your paypal account.
So Post 1st March 2001, Paypal will be useless for me since it will not allow me to do things for which I use it. For me, Paypal was the only way to transfer money to foreign.
What do you think about this new term guys?
you do realize that they are being forced by the RBI for this? Why would they kill their own business operations in India? RBI does not like the idea of you getting paid in your PayPal account which you can use without getting that money in your bank account. They are simply forcing you to accept smaller payments and MOVE them to your bank account so that the money is accoutable. I guess they realized that even with PAN Card details, it is pretty hard for them to track all active PayPal accounts in the country. So, instead of fixing their own shit, they are just being lazy asses and forcing PayPal to become less useful. These new stipulations are pretty harsh for folks like you and me. I would have to revert back to getting payments through checks which is awfully slow. and of course sort of risky largely because of our shitty postal system.
there are reports that RBI wants PayPal to act as a Bank and follow the rules applicable ON Banks. RBI claims that PayPal acts as a Bank because it holds the money with them (without paying any interest!). PayPal does not want to become a bank wrt India because it puts them under heavy regulation and other shite.
So, RBI is just forcing them to act as a payment processor. The 500 Dollar limit is pretty stupid I guess. I mean, if they are forcing the user to move the money to a bank account within a weeks time, whats the problem with bigger amounts?
---------- Post added at 10:46 AM ---------- Previous post was at 10:36 AM ----------
for most of us receiving payments is now a problem with the USD 500 limit. making payments is not. of course, the money would not be deducted from the PayPal account. Instead, you would be using the funds in your bank account or credit card.
So, RBI is just forcing them to act as a payment processor. The 500 Dollar limit is pretty stupid I guess. I mean, if they are forcing the user to move the money to a bank account within a weeks time, whats the problem with bigger amounts?
---------- Post added at 10:46 AM ---------- Previous post was at 10:36 AM ----------
for most of us receiving payments is now a problem with the USD 500 limit. making payments is not. of course, the money would not be deducted from the PayPal account. Instead, you would be using the funds in your bank account or credit card.
Not a big user of paypal, but while in US I used it for a while and all the payments used to go from the US Bank/credit card itself. I think the same is being implemented here.
