PayPal Temporarily Withhelds Electronic Money Withdrawal System.

Today morning I was a bit distressed as I read the mail from Paypal. What it states that Paypal will temporarily withdraw the service of online withdrawing of money, service from August 1, 2010 . However the mail didn't state the detailed reason about why it was done. However to compensate for the electronic transfer facility, they are currently providing the withdrawal payment facility only on cheques. It was also mentioned that they are trying to get the system back on track as soon as possible.

To make a withdrawal through the cheque you will need to follow the below procedures:  

To request for a 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.

In order to help you with this change and until further notice, PayPal will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards. This is applicable only for PayPal India customers.

3 COMMENTS

  1. This looks like it must have have been very annoying. I heard that this was fixed? I hope it has been. PayPal should have known right off the bat that this was going to be a horrible idea to even attempt taking away electronic withdrawals for a large amount of people.

  2. 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 again asked me for a authorization letter from our Society members on the letter head of the Society, I submitted it as per they said, but after completing all the formalities 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. Now I have no other option left, so I signed with ccavenue, but the cost of basic signup is around 8500/- and the per annum fee is Rs 1500/- after tax, I think PayPal is playing with Indian customers, We wrote a letter against this to the Reserve Bank of India, and also file a RTI to know the working of PayPal in India, after searching on the Internet we also found that PAYPAL is run by ebay, and found tons of complaints against ebay http://www.consumercourt.in/online-shopping/ , after collecting data of ebay customers, we called them personally and found a big scam, we are planning to file a Public Interest litigation, against HomeShop 18, IndiaTimes Shopping, Ebay, AVA etc,
    Don't apply for a charity account with pay pal if you are living in India. Just wastage of time and money.

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

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

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