UPDATE: PAYPAL issue resolved on 31st July 2010. Hurrey! we can continue using PAYPAL electronic payment method to withdraw funds to our indian bank account.
Paypal is struggling with indian accounts, due to Indian regulations again. Strangely PAYPAL today sent emails to all it’s indian account holders an email saying PAYPAL changed in their withdrawal functionality in India starting on August 1, 2010. 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 July 29, 2010 onwards, you will only be able to request for a PAYPAL cheque withdrawal of funds from your PayPal account.
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.
PAYPAL will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards. It will take 4 – 6 days to process your cheque. This does not include delivery time. Meaning we can received funds in our accounts may be 15 days later or 30 days, Not sure 🙂
What to do? Here are some PAYPAL alternative methods to receive payments from your clients to india.
1. For State Bank Account http://remit.onlinesbi.com can be a useful link for you.
2. Remit 2 India www.timesofmoney.com
3. If you have a PAYONEER card in India, https://load.payoneer.com/LoadToPage.aspx
4. For Direct Cash Western Union ( www.westernunion.com ) would be a better alternative.
5. Another best PayPal Alternative India is Xoom.com ( www.xoom.com )
And there are some more. So no worries carry on with you business as usual. Please post your doubts with paypal or any other methods i mentioned above.
Let’s hope PAYPAL to get well soon 🙂