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Changes to PayPal User Agreement for India took place with effect from March 1, 2011. From now on all PayPal users in India will be required to add a purpose code, PAN, and bank account in India to their PayPal account in order to continue to receive export-related payments and withdraw money.
Changes to PayPal User Agreement for India with effect from March 1, 2011 affect small business India users of PayPal the most as they receive micro-payments. They are forced to transfer their PayPal balance to their local Bank accounts as soon as they reach $10 USD and pay a fees as high as more than 10%.
Once again India users of PayPal like me received an email from PayPal on January 29, 2011 announcing upcoming changes to payPal User Agreement for India with effect from March 1, 2011. This time the problem is much more serious.
If you are a new India user of PayPal, or planning to open an account, here is a complete step by step guide to how to withdraw funds from your PayPal account, and especially into your bank account. Procedures described in this article are specially meant for India users but anyone else could have a general guidance.
When you want to withdraw funds from your PayPal account, you have two options, you can request for either an electronic or cheque withdrawal. Electronic withdrawal service was discontinued from July 29, 2010 onwards. But the good news is that India users can do electronic withdrawals from July 30, 2010 as they did before.
When you want to withdraw funds from your PayPal account, you have two options, you can request for either an electronic or cheque withdrawal. But bad news for PayPal funds withdrawal if you are one of the India users. From July 29, 2010 onwards, India users will only be able to request for a cheque withdrawal of funds from their PayPal accounts.