Jul 28, 2010

Paypal, one of the leading online payment company, has reported that it would be stopping the electronic withdrawal of money for the Indian users. Usually Paypal pays in two ways, e-withdrawal and check, where they charge a processing fee of USD 5 for check payments. Now they have said that the e-withdrawal will be put on hold for Indian users due to some functionality issues. Paypal also guaranteed that the processing fee of USD 5 for check withdrawals will be refunded till the e-withdrawal is restored completely. 

Therefore from 29 July, 2010 onwards those who use Paypal accounts in India will be able to withdraw money only with the help of checks for which they won't be charged the processing fee(USD 5). This concession is allowed only till the e-withdrawal functionality is put in place. So if you are in need of money from Paypal urgently, its better to take it out before 29 July. 


Sonia said...

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.


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