PayPal New Withdrawal Policy for Indian Users
Recently PayPal has made an alteration for the Indian PayPal account users. In accordance with the regulatory instructions, PayPal has announced a change in the withdrawal functionality in India starting on August 1, 2010. Presently Indian PayPal holders can request for both electronic and cheque withdrawal of funds. But from July 29, 2010 onwards Indian PayPay users will not be allowed to request for electronic withdrawal of funds. According to Dickson Seow from Corporate Communications team writes in the PayPal Blog that “At present, you can request for either an electronic or check withdrawal of funds from your PayPal account but from July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.” PayPay further said that in order to help the customers with the alteration, they will refund the $5 USD withdrawal fee for cheque requests made on July 29, 2010 onwards.
The change stems from a government financial overhaul that has put the future of PayPal in India in jeopardy since earlier this year. PayPal also regrets for the inconvenience and wrote “We sincerely apologize in advance for any inconvenience caused from this change and we are working hard to restore the electronic withdrawal service,” Seow wrote “In the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly.”
Well I have been using PayPal for years now and my personal view is that we are going to be in deep soup on this decision of PayPal. Especially people who thrive by earning money online or run a online business or shopping cart will not get their money as fast as they used to withdraw earlier through electronic withdrawals. I think this is going to be a big problem for online businesses. It would be deemed to be a great favor if PayPal think-tanks can spare a second thought on this issue.
To request for a cheque withdrawal below mentioned are the steps that needs to be followed:
Step 1: Log into your PayPal account, click on ‘Withdraw’.
Step 2: Click on the ‘Request a cheque from PayPal’ link. Normally it takes 4 to 6 working days to process the cheque (excluding delivery).
Step 3: Enter the withdrawal amount and select your mailing address, then click ‘Continue’.
Please note that a monthly withdrawal limit of $2,500 USD applies.
Step 4: Click ‘Submit’ to confirm your request.