Just got a mail from Paypal saying that it will be stopping the electronic fund withdrawal in India from 29th of July 2010. Which means that from now on, to get money out of your paypal account into a Indian bank account you need to request a cheque from Paypal. This move is going to upset many people around India as we all know how fast the cheque process works. First it will take time from Paypal to come at your doorstep and it will take around 4-6 working days to get that money cleared into your bank account. I am not sure what is the intent behind the whole deal but it surely doesn’t help the paypal account holders.
Please note that there will be a change in our withdrawal functionality in India starting August 1, 2010.
At present, India users may continue to request for both an electronic and cheque withdrawal of funds
from their PayPal account in India.From July 29, 2010 onwards, India users will only be able to request for a cheque withdrawal of funds. To help our users with this change, PayPal will refund the $5 USD cheque withdrawal fee for cheque requests made on July 29, 2010 onwards.
If its any consolation, Paypal will be refunding the fees charged the $5 for cheque withdrawals. Paypal has listed the how-to steps which will help users to understand the cheque withdrawal in India.
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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 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.
Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.