Withdraw PayPal funds in Indian currency!

.. check withdrawal also to Argentina, Brazil, Chile, China, Ecuador, etc.

[Sarvesh Nagpal]

I am glad that finally we Indians have a way to pull money out of PayPal. From PayPal:

The currency of your check will depend on your country of residence.
Members in Argentina, Brazil, Chile, China, Ecuador, Jamaica, or Uruguay will receive their check denominated in US Dollars
Members in India will receive their check denominated in Indian Rupee

[benevolent001]

Electronic Fund Transfer :(

like bank to bank account transfer etc.

[morpheus83]

I dont think Paypal outsources jobs to India. All Indians are not lazy :-)

[vaib]

I also agree that all indians are not lazy infact they are hard working and smart and intelligent

[yashsr]

benevolent001, any news on your check? If you have not got it, did you ask Paypal to credit the amount back again? If yes, how much did lose in the transaction..?

I hope you have got your check :)....but if you haven't got, would you mind sharing the information about what did you do for the check and all?

[morpheus83]

As I had said earlier in case your check is lost in transit. If someone has not encashed it then Paypal will refund the amount to your Paypal account with a $ 15 fee. However I guess there is a 45 days cooling period.

[yashsr]

Thanks for the info. What do you exactly mean by cooling period? Do you mean that we can only request Paypal to refund us the money (after deducting $15) if 45 days have expired and we still haven't got the check?

Cool thanks for your reply! :)

[morpheus83]

Paypal will refund the amount only after 45 days of issue of check. However I am not 100 % sure about it as their customer service is too bad. They mostly give canned responses.

[aritrim]

Another test of patience....its been 30 days my cheque has been issued yet I have not received it ...is there anywhere (citibank?) where it can be enquired regarding the status?

[morpheus83]

No. Wait for the check to come. If it does not come in 40 days write to Paypal regarding the same. Pray that the check is not lost or stolen otherwise you will be in a long Paypal loop.

[aritrim]

What a terrible experience! There is no tracking facility even! Isnt it like playing with one's hard earned money?
If you email to Paypal they only give canned replies...and moreover how can they send a cheque through ordinary post? Not even registered?
Someone please give me ice on my head!

[yashsr]

They send the check via ordinary post instead of courier service which is bad! But I have ordered 2 checks until now and have got them within 15 days from ordering. 1st check after 14 days and the 2nd check within 15 days.

PayPal charges $5 per withdrawl. Ordinary post only costs about 10 cents and courier services cost about 20 cents. I am not sure why PayPal cannot afford the extra 10 cents and go for the courier service.

Moreover, I do not like their Support. It seems they have made some templates and keep replying with those rather than reading the query carefully and giving a particular answer.

Having said that, I am grateful to PayPal also because it has sovled my problem to receive payments from abroad. Wire transfer is very expensive, $50 per transaction, whereas PayPal only $5 per withdrawl. A difference of $45, that is huge difference, atleast for us Indians, atleast for me.

[morpheus83]

That 50 $ charge must not be applicable to Paypal. As Paypal is as large as a bank. When you have transactions amounting to millions of dollars a month. No bank charges fees.

[Inman]

Hi guys,

I am from India and I recently created an account with Paypal. I dont have any credit card to verify my Paypal account. Today I noticed that there is a monthly and total withdrawal limit for my Paypal account. Monthly limit I can understand. But what is this total limit? Does it mean that when my account crosses the limit, it will be useless until I verify it using a credit card?

Looking forward to your help

[yashsr]

I think the limit is monthly. I think its $500 per month. When you verify yourselves, you can withdraw upto $2500 per month. I am not 100% sure though.

BTW, I haven't received my check which has been requestd 16 days ago. I hope I get it. I think the record breaking flooding rain here in Mumbai are delaying my check. I hope it isn't lost and comes at my doorstep someday. Oh PostMan, someone somewhere is really waiting for you to arrive! :) ;)

[Inman]

Thanks for the quick reply, yashr. Here is what is said in Paypal help.

"The monthly withdrawal limit is the amount you can withdraw per month until you must verify your account. A month is counted from the time the PayPal account is opened (e.g. May 15 to June 15). The total withdrawal limit is the amount you may withdraw until you must verify your account. When your total withdrawal limit is depleted, you will no longer have a monthly withdrawal limit and you will have to verify your identity before you will be able to withdraw funds from your PayPal Account. If you are registered from any Non-US country other than Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Spain, Sweden, or the United Kingdom, you may be granted a monthly withdrawal limit until you confirm your identity by completing the Expanded Use Enrollment Process."

What is it supposed to mean? Has anyone encountered such a situation before?

[yashsr]

I think I got it. Monthly withdrawl limit is $500 for unverified. Also, there is a withdrawl limit of I think $2500 or some other figure which is a one-time limit. which means say you withdraw $2500 in 11 months, you can longer withdraw anything from your account. The only way left to withdraw money then would be to verify yourselves.

If you specified credit card info, you will get a 4 digit number in your credit card statement. Use to 4 digit number to get verified. Then you can withdraw $2500 per month and there would be no one-time limit...Got it?

I may be wrong but I think I am spot on.

[Inman]

Since I dont have a credit card, in no way I can verify. I wonder what I will do when I reach the total withdrawal limit. I have SBI Card and Federal Bank Card but these are debit cards and not credit cards though they have the VISA logo.

Which are the Indian Banks which provide true credit cards which will be accepted by Paypal?

[morpheus83]

Debit cards are not accepted you need to have a credit card. In case $ 500 limit is sufficient for you then it is ok. However I doubt if unverified members have a limit of $ 500. I guess until you enter a valid credit card your limit remains ZERO.

[Inman]

Is the $500 limit monthly or total limit? If it is monthly then it is ok. But if it is total then what can I do after the limit is passed.

[morpheus83]

Monthly of course!

[Inman]

Thanks for the reply, morpheus. Now how can you explain this.

"The total withdrawal limit is the amount you may withdraw until you must verify your account. When your total withdrawal limit is depleted, you will no longer have a monthly withdrawal limit and you will have to verify your identity before you will be able to withdraw funds from your PayPal Account."

[yashsr]

I think its something like this...I am pretty sure that some of the amounts are wrong in my explanation, but the logic is right:

Unverified:
Monthly withdrawl limit: $500
Total withdrawl limit: $2500

So say you withdraw $400 each month. For the first 6 months, you will have no problem. Then in the seventh month, you can only withdraw $100 and nothing else afterwards.

One alternative solution would be to create a new account every 6 months or so...

Verified:
Monthly withdrawl limit: $2500
Total withdrawl limit: NIL

As always, I may be wrong but it is very unlikely.

[Inman]

Thanks yash. That was really helpful.

[anjanesh]

Hi

Whats the difference between 'Withdraw Funds' and 'Receive Funds'?

To 'Withdraw Funds' - the fee is $5
To 'Receive Funds' - the fee is 2.4% + $0.30 USD to 3.4% + $0.30 USD - which applies to premier / business accounts.

But Im unable to distinguish from the two.

Any ideas?

Thanks

[morpheus83]

Withdraw funds means withdrawing it from your paypal account to your bank. In case you are in India you will receive a cheque.
Receive funds charges apply when someone pays you via Paypal.
once you receive a payment you will understand everything :-)

[anjanesh]

I've received payment like $50 or so but no fee was applied.
Right now I've not yet entered my credit-card but I plan on doing so later.
After adding my CC, will PayPal start charging the % fee? Or can I still have a basic a/c with CC details?
Is it like I add CC and I become a business or premier member?

Thanks

[morpheus83]

Without entering your CC details you cant withdraw funds.

[anjanesh]

Yes. But if I do enter CC and I get payment, will I be charged the 2.x% or 3.x% fee?

[morpheus83]

I am not sure about that because I have a business account. Paypal has a complicated fee structure. You better check Paypal.com for rates.

[tabish]

Hello All,

I received my two cheques anyhow from paypal.. but it is because of God's grace. Postal guy droped the cheque at the basement of my building.. and somehow someone saw that and given to me..

So untill and unless Paypal is not offering FedEx service, it is not worth to order the cheque. You guys must know our Indian Postal Department.

I get google cheque per month via FedEx and that is very good way to get money. I am wondering why Paypal is using that kind of unsecure method to send cheque, even Paypal is only for money transaction and if Google is that much secure.. Paypal should learn how to process payments in other countries.. because Postal department is not good everywhere like USA and Canada.

Anyway, I wil not withdraw anymore money from paypal untill they have FedEx Facility because my luck is not gonna be with me all the time.

Regards
Tabish