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Paypal Users from India - [Good] News for you! :)

by Srikanth D
37 replies
Latest EDIT: Electronic Transfer is BACK --> PayPal India Notification


Earlier Post:
From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.


Further:
"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."

Forget about bank transfers!

PayPal India Notification
#india #news #paypal #users
  • Profile picture of the author hayden459
    Yes, today i have also got a mail from paypal saying that from 29th july onwards we only withdraw our funds via cheque only. This is not a good news for me as bank transfers hardly takes 4 days whereas i have to wait for 15-20 days for cheque. Its not good.
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    • Profile picture of the author Srikanth D
      Yup.....Cheque is the ultimate way of delaying things....
      Can't do anything about it though.. Just posted so that people get prepared accordingly..
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  • Profile picture of the author InternetM39482
    Eh, looks like a spoof mail.

    The website is different, too. Remember there was a similar thing back in April?

    The website doesn't even have any identity information.




    EDIT: Looks like it's real:

    https://www.thepaypalblog.com/2010/0...r-india-users/

    Hmm. Way to go!

    EDIT: WOW! They have imposed a restriction on the money you can withdraw... just $2500 a month. Just $2500??
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  • Profile picture of the author mainstreetcm
    Wow you guys really get shafted by PayPal over there. Here in the states I can transfer cash on a schedule and when it reaches a certain amount! Plus I have a debit card for insta-moolah! Why do you guys have such stringent rules?
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  • Profile picture of the author frqhuss
    Yeah i got to know it by a mail from a paypal team...
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  • Profile picture of the author Mohammad Afaq
    Although this won't affect me one little bit but I am still curious to why these companies do what they do on the other side of the globe.

    I mean they are just making it difficult for their users and that doesn't always turn out good
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  • Profile picture of the author tamilseo
    it is nothing with paypal, the idiot RBI (reserve bank of india ) officers and corrupt politicians making this idiotic rules.
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    • Profile picture of the author Alfred Shelver
      Yip same here in South Africa, In fact until a month ago we were only allowed to pay money through Paypal not receive money!

      And our rules here are strict we cannot keep money for longer than 30 days or our accounts get suspended.

      The joys of the 3rd world , but I think it makes us work harder and smarter because it does not just come easily.

      Originally Posted by tamilseo View Post

      it is nothing with paypal, the idiot RBI (reserve bank of india ) officers and corrupt politicians making this idiotic rules.
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  • Profile picture of the author Deep.Arora
    The easier approach is to do the following and make your business fail-proof

    1. Register for a LLC in USA & get a EIN.
    2. Apply for ITIN number (you can do this while in India)
    3. Once you have these two, get a US office using a service like RegUs.com - charges like $40/mo.
    4. Fly to US on a tourist visa for a week and open a bank account (you must be physically present to open a bank account). Total expenses would be abt $2000 including ticket cost and stay.
    5. Apply for a merchant account (use RegUs address)
    6. Apply for Paypal acct (use RegUs account)

    Now you have a rock solid foundation to run your business. Consider this as an investment..and it's not much if you are already making money.

    DISCLAIMER: Not a legal or professional advice. My advice worked for few of my friends in India.
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    • Profile picture of the author InternetM39482
      Originally Posted by Deep.Arora View Post

      The easier approach is to do the following and make your business fail-proof

      1. Register for a LLC in USA & get a EIN.
      2. Apply for ITIN number (you can do this while in India)
      3. Once you have these two, get a US office using a service like RegUs.com - charges like $40/mo.
      4. Fly to US on a tourist visa for a week and open a bank account (you must be physically present to open a bank account). Total expenses would be abt $2000 including ticket cost and stay.
      5. Apply for a merchant account (use RegUs address)
      6. Apply for Paypal acct (use RegUs account)

      Now you have a rock solid foundation to run your business. Consider this as an investment..and it's not much if you are already making money.

      DISCLAIMER: Not a legal or professional advice. My advice worked for few of my friends in India.

      Awesome. I'm looking into doing something similar to this... although I have a couple doubts regarding taxes and all.

      $2500 monthly limit is stupid.
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      • Profile picture of the author Deep.Arora
        Originally Posted by Swastik View Post

        Awesome. I'm looking into doing something similar to this... although I have a couple doubts regarding taxes and all.

        $2500 monthly limit is stupid.
        For taxes only you need that ITIN number. Though, if you form a LLC, it is company that pays the taxes and so you use EIN number of business. But having ITIN is always a safer option and you will need ITIN to open the bank account too. It will just add more trust factor. Check on IRIS gov site and you can download the forms.

        If you need info on LLC and its structure, this is a good resource:
        Benefits of Creating an LLC
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        • Profile picture of the author paallavi
          Please be reminded that any payments received into your PayPal account from the export of goods and services cannot be re-used for making purchases or any other payments.

          The Message right after Step 4 on the blog.

          What does this suggest?
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          • Profile picture of the author Anup Mahajan
            Originally Posted by paallavi View Post

            Please be reminded that any payments received into your PayPal account from the export of goods and services cannot be re-used for making purchases or any other payments.

            The Message right after Step 4 on the blog.

            What does this suggest?
            Does this mean we can't pay for domain names, hosting etc from our Paypal balance? If this is the case then people who are not having a Credit Card are in deep trouble.
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            • Profile picture of the author webfighter
              Originally Posted by anup.mahajan View Post

              Does this mean we can't pay for domain names, hosting etc from our Paypal balance? If this is the case then people who are not having a Credit Card are in deep trouble.
              No, this simply means that money earned from auctions on ebay and the likes where you shipped products overseas can only be withdrawn and not re-used for online purchases.
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            • Profile picture of the author Rukshan
              Originally Posted by anup.mahajan View Post

              Does this mean we can't pay for domain names, hosting etc from our Paypal balance? If this is the case then people who are not having a Credit Card are in deep trouble.
              No you can pay for bills online. This only deal with withdrawing process.
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  • Profile picture of the author webfighter
    Well, blaming RBI is unjustifiable in my opinion. Certainly, there's more to regulating transactions over the whole country than bitching about a (hopefully) temporary change in discussion forums.

    From what I can see, idioticity and corruption doesn't play a role here. RBI has been working it out with PayPal for some time now. Someone has to account for the cashflow via PayPal and there must be people somewhere in India taking advantage of PayPal for laundering money.

    Also, I will try to use the Freelancer.com Payoneer card to withdraw funds this weekend. There have been some information products (including WSOs) about it I believe.
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  • Profile picture of the author Mohammad Afaq
    After reading all of this I just feel like saying the pledge of allegiance

    I always thought American politicians are stupid with all of the taxes and stuff (and they still are ) but atleast businesses here don't have to deal with problems of this sort.
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  • Profile picture of the author dataentryop
    What can I say!!!!!!!!!!!!

    Just started making money from this month only and THIS happened.

    Well hoping for the best.
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  • Profile picture of the author Derwin
    Yes this news is correct.It is effective the 29th July 2010 that Paypal India will no longer be supporting withdrawals to bank accounts and that all withdrawals must be via cheque. Additionally there is a limit of US$2,500 per month on withdrawals by cheque. We recommend in the meantime you use Moneybookers or Payoneer.
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    • Profile picture of the author eman_atx
      How about Western Union from the US to India?
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      • Profile picture of the author Kay King
        Register for a LLC in USA & get a EIN.
        If you get an EIN (a US tax id number) - don't you obligate yourself to paying taxes in the US? Don't know - but why else would you be issued a tax id?
        I'd get legal advice before following that plan.

        The problem isn't paypal - it's the laws in India. There was an attempt to work it out - but apparently it failed.

        kay
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        • Profile picture of the author BlueGlobeSeo
          Hello i hope this method might help you.This method shows how to withdraw funds from pay pal to Indian bank with out using pay pal withdraw option.
          click here:

          Thanks,
          BlueGlobeSeo
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  • Profile picture of the author Arun Pal Singh
    I think things would improve in future. Meanwhile, one has to live within restrictions. I remember it is just like earlier days.

    Same hassles though after all these years.
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  • Profile picture of the author Arun Pal Singh
    Yes! Just read the mail. Electronic transfer has been resumed.

    Cheers.
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  • Profile picture of the author 995sunglasses
    Why are you people using payscum!???????? visit paypalblows dot org.
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  • Profile picture of the author ankur sharma
    I talked to paypal reps and electronic transfer is back.

    Cheers
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  • Profile picture of the author ahlexis
    Does India require its citizens to pay tax on their worldwide income? If so, perhaps the United States of America is not the best place to have as your business base.

    There are a few other countries besides the USA where you can have a withdrawal into your bank account. Take a look and see; login to your Paypal account, then search where they are located. I searched "international payments" and found that in addition to the USA, they also allow you to "Withdraw from your PayPal account to your in-country bank account or to a U.S. bank account" in 25 different countries. These countries are IN ADDITION to Paypal's "Localized Sites - Your Customized Total Payment Solution". The total payment solution list shows countries that have same results as United States in what they offer.

    I am not a lawyer, however, so if you think you need one you should talk to one who understands doing business in more than one country.

    The reason I say this is, it may be more beneficial to you to start a company someplace other than in the US. Such as Singapore or Switzerland. Austria may be especially beneficial.
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    • Profile picture of the author SledgeHammer
      Does India require its citizens to pay tax on their worldwide income?
      Yes, worldwide income is taxable in India.
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  • Profile picture of the author new12world
    Hi guys i too came to know that now we couldnt transfer directly to bank from paypal now we can only request for cheque... but can you pls tell me how many time it will take to get Cheque from paypal
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