PayPal – Funds Withdrawal Options
When you want to withdraw funds from your PayPal account, you have two options, you can request for either an electronic withdrawal (withdraw funds to your bank account) or cheque withdrawal. But bad news for PayPal funds withdrawal if you are one of the India users. I received an email from PayPal on Wednesday, 28 July, 2010 that from July 29, 2010 onwards, India users like me will only be able to request for a cheque withdrawal of funds from their PayPal accounts.
The world’s number one online payment service, PayPal have announced the following on their official blog on July 27, 2010.
Hi everyone, it’s Dickson Seow, from the Corporate Communications team. I’d like to give you an update on PayPal accounts for our India users.
In accordance with regulatory instructions, there will be 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. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.
Read the full story on PayPal Blog
The only consolation is that they will refund the cheque withdrawal fee:
“In order to help you deal with this change and until further notice, we will refund the US$5 cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.”
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Electronic withdrawal service continues in India