The news comes as a death blow to most internet entreprenuers / part time – work from home individuals. Paypal, announced recently, that there was a change in the mode of withdrawal of funds from PayPal account for India users. Users will not be able to withdraw funds to their account using the Electronic facitlity any more from 29th of July, 2010.
They have to request cheques for any future withdrawals, which comes uncalled and is not welcome by most PayPal India users ! Paypal announced that they’d not charge the $5 paypal fee which they otherwise used to charge on requesting a cheque. We do understand that this is because of the legal hassles Paypal got into a few months ago in India. The best we can hope for is that Paypal will sort out the issues and streamline a smooth process of withdrawal via Electronic medium at the earliest.
Here’s the mail from Paypal, which also tells you how can request a cheque :
In accordance with regulatory instructions, we would like to notify you about a change in our 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 cheque withdrawal of funds from your PayPal account.
While we are working hard to restore the electronic withdrawal service, in the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly.
To request for a cheque withdrawal:
- 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.
In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.
For any questions, please log into your PayPal account and click ‘Contact Us’ at the bottom of the page.
We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.
The PayPal Asia Team