Today, I have received a mail from Paypal Asia Team, stating that according to their new regulations, they have changed the withdrawal functionality from paypal accounts for India Users. At present Paypal offers funds withdrawal service either by requesting a cheque or through electronic transfer from your PayPal account if you are an India user. But according to this new instructions, you will only be able to request for a cheque withdrawal of funds from your PayPal account.
The new regulatory instructions are taking effect from July 29, 2010 onwards, that is tomorrow, Thursday. They also mentioned that they are working very hard on bringing back the electronic withdrawal of funds service.
Screenshot of Paypal Email:
To request for a cheque withdrawal from your Paypal account follow the instructions given below:
- 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.
Paypal usually charges $5 for funds withdrawal using cheque’s. Since we Indian paypal users have no other option to withdraw our funds, they said they will refund the $5 cheque withdrawal fee for cheque withdrawals made from July 29, 2010 onwards.
In the past, Paypal came under heavy criticism for its way of handling user accounts in India, but the problem has been resolved by them very soon. Now again they come with a new regulations, which isn’t good for Indian users. While there are uncertainties around PayPal, one thing still works in their favor: Paypal still remains a trusted mode of collecting payments for Online merchants and businessmen.
Since, Paypal hasn’t mentioned anything about when the Electronics Fund transfer will resume, we will probably have to wait to get more details on this new issue.
Also, check our post on how to verify paypal using entropay virtual credit card.
Do share your views about the new regulatory instructions from Paypal here in the comments section.