Few days ago Paypal informed that it is closing the option for Online Bank Withdrawl in India. But now that option is turned back on. Please read more for full info.
This is the mail we got from Paypal-
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 inquiries, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us' at the bottom of the page.
The PayPal Asia Team
This had relieved not just me but thousands of bloggers who earn their living from the Internet. And this also made me realize how important paypal if for all of us. I would sure search for some other alternatives to Paypal in case this thing happens in future as well.
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Paypal has been landing into a lot of troubles with its operation in India lately. The government of India seem not to like the operation and services provided by Paypal. With Paypal it became very easy for anyone to earn a nice share of money from a personal blog or site and get that sum into their bank account.
Paypal is now shutting down the option to withdraw funds directly to your bank account from your online account. So now to have the funds into your account you can only ask them to issue a cheque to your name which would be charged at an additional fee of US$5.
This is what they mailed us -
Dear Shashank Agarwal,In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting . 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 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.To request for a cheque withdrawal:
- Log into your PayPal account, click on 'Withdraw'.
- Click on the 'Request a cheque from PayPal' link.
- Enter the withdrawal amount and select your mailing address, then click 'Continue'.
- Click 'Submit' to confirm your request.In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made onwards.For any questions, please log into your PayPal account and click 'Contact Us' at the bottom of the page.We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.
The PayPal Asia Team
The worst thing about is that, the minimum amount to request for a cheque is $150 and that's way high for most bloggers. So we hope they fix this soon.