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Withdraw PayPal funds in Indian currency!

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

     

Sarvesh Nagpal

11:50 am on Dec 17, 2004 (gmt 0)

10+ Year Member



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

anjanesh

1:05 pm on Aug 22, 2005 (gmt 0)

10+ Year Member



Tabish - how much does Google charge for cheque withdrawal + FedEx service?

tabish

1:47 pm on Aug 22, 2005 (gmt 0)

10+ Year Member



Google does not charge anything for Cheque Withdrawl. for FedEx they charge $25

morpheus83

4:33 am on Aug 23, 2005 (gmt 0)

10+ Year Member



Paypal is know for canned responses.

nileshkurhade

5:52 am on Aug 26, 2005 (gmt 0)

10+ Year Member



Over 15 days past no cheque. What now? My previous 10-12 cheques arrived within 5 days. I am sick worried now. With Paypals support reputation, i do not think I am using PayPal ever again. I thought PayPal was good only because many clients found it easy to use and usually transferred the money fast. I think my money as good as gone now. And trust me it was lot.

anjanesh

6:12 am on Aug 26, 2005 (gmt 0)

10+ Year Member



Well - PayPal always took 10-15 days for cheque arrival on my side. So I guess its worth waiting for a total of 30 days after which you should contact PayPal.

morpheus83

6:41 am on Aug 26, 2005 (gmt 0)

10+ Year Member



Nilesh you mentioned 10 - 12 checks but there is a limit of 2500 $? Also I tried a lot to enroll in the expanded use but it would say "Please try another card".
Rains had caused a lot of delays in delivery of checks. However I feel such a system is too primitive instead of posting checks from Sweden they can make some arrangement where it can be issued by Citibank India. However direct transfer will be the best for which I dont mind paying $ 10 also. Lets hope Google pay service has all this ;-)

tabish

7:44 am on Aug 26, 2005 (gmt 0)

10+ Year Member



I got two ceeques from PayPal, First Cheque was dropped in my neighbor and he is a nice guy so he given that to me after keeping it 5 days with him. Second Cheque again dropped at the basement of my building and my home is on 5th floor, so luckly watchman got that and given to me.

I written Paypal and that mail and their reply i posted in this thread but moderator deleted it because it was a violation of TOS.. In short they written that they deliver cheques only through Government Post, I asked them when will they start FedEx service like google does.. they said right now they are not offering.

I didnt expect this kind of carelessness from Paypal, We use paypal only for money transaction and they send cheques through local delivery.. It is very easy for soemone to get an account open with the same name and submit the cheque and till then Paypal will reply our queries.. our money will be gone.

Whenever you write them, they will give you canned response.. they have pre prepared answers and they will keep telling you same thing again and again no matter whatever your question is.. you will get same reply for all. they keep telling you that their cheque is secure and we issue cheque WITH YOUR PERSONAL NAME/PERSONAL ACCOUNT NAME only so that no one can get it cashed.. i dont know what kind of security it is, everyone gives cheques with your name only, then why paypal praise himselvs for releasing cheques with your personal name only?

anyway.. i am not going to use Paypal anymore because it is good to avoide it at first place rather than getting worried about loosing your money in the way.

morpheus83

10:00 am on Aug 26, 2005 (gmt 0)

10+ Year Member



Paypal support also replies after 3 -4 working days. They should have a option of courier. There is no other alternate to Paypal at the moment.

anjanesh

10:40 am on Aug 26, 2005 (gmt 0)

10+ Year Member



I think its too soon for PayPal to focus extensively on other countries.

PayPal's main catch is the %share it gets from Premium and Business memberships. For that people have got to business using PayPal and not just withdrawing cheques for $$$ got from elsewhere. If more and more business people in India integrate PayPal's buy button, then PayPal may even add the option of transferring funds directly to an Indian bank a/c?

morpheus83

10:53 am on Aug 26, 2005 (gmt 0)

10+ Year Member



More and more people will use Paypal after they provide voice support in India and transfer to Indian banks.

nileshkurhade

5:56 pm on Aug 26, 2005 (gmt 0)

10+ Year Member



Phew, got my cheque. It must have been thrown at my door sometime in the afternoon. I noticed it when I was about to step outside. Well after having got it I think 15 days is not a too long a time but we need some tracking.

I still do not understand why they cannot use a courier service.

I am a lot wary and not sure if I will use PayPal again. Exchange rate is lower, cheques are sent without any tracking, no support to speak of, once the cheque is on its way you are on gas .....

anjanesh

6:05 pm on Aug 26, 2005 (gmt 0)

10+ Year Member



Exchange rate is lower

You are selling a dollar - not buying it.
Selling rate is always lower than the buying rate.

nileshkurhade

8:01 pm on Aug 26, 2005 (gmt 0)

10+ Year Member



You are selling a dollar - not buying it.
Selling rate is always lower than the buying rate.

Did you ever request a cheque from Paypal? The exchange rate is lower by as much as Rs. 1.5 when compared to that given by bank for Wire Transfer on the same day.

anjanesh

3:19 am on Aug 27, 2005 (gmt 0)

10+ Year Member



Twice I've got a cheque from PayPal. Isnt it something like Rs 42.50 right now?

yashsr

7:05 am on Aug 27, 2005 (gmt 0)

10+ Year Member



Yes its somewhere around the Rs.42.50 mark which is about Rs. 1.10 lower than the current buying rate...

Ok just in case you do not get your check, wait until 45 days even if you get you regularly get the checks much earlier than this. Then if you do not get check, order paypal to stop payment. You will be charged $15 plus $5 for your next withdrawl which means $20. Now someone mentioned he had ordered a check which was 'a real lot'. So I guess paying $20 should do the job for him. Here is one of the canned responses I got when I questioned PayPal which should be helpful to many.
------------------------------------------
PayPal has added several security features to ensure the safety and
security of your check.

Your check is not cashable. This prevents anyone, even the one the
check is issued to, from cashing it.

Your check can only be deposited in to a bank account that matches
the name that the check has been issued to. Even if your check is stolen,
it is highly unlikely that they will be able to deposit it.

Please take extra care when supplying the mailing information for your
check since PayPal is not responsible for inaccurately entered mailing
information.

If you have not received your check after 45 days from the time it was
issued, we can request a 'Stop Payment' on the check. If approved, the Stop
Payment is processed in 5-7 business days. If we are able to determine that
the check has not been cashed, the funds will be returned to the PayPal
account, less the $15.00 USD Stop Payment fee. If the check has been
cashed, the funds will not be returned, but you can request a copy of the
check. PayPal will not return any check withdrawal fees.

If you did receive the check and it has been lost or stolen, it is not
necessary to wait 45 days before requesting the check be stopped.

When you request a stop payment for a check, a fee of $15.00 USD will be
assessed. If we are able to stop the check, the amount returned to your
PayPal account will be the amount requested minus the $15.00 USD processing
fee.

Before we can process the stop payment request, we need confirmation from
you that you have agreed to the $15.00 USD fee. Please reply to this email
with your response, or contact us on the secure webform at
[paypal.com...]
---------------------------------------

I hope that helps fellow Indian PayPal users. :)

yashsr

7:16 am on Aug 27, 2005 (gmt 0)

10+ Year Member



PayPal makes a huge profit from us users... Here how:

1) $5 per withdrawl

2) They claim PayPal is free. However, a bank is never supposed to be only free but it should also give us interest. PayPal doesn't give any interest!

3) I am sure it also earns something in the currency rates. They give us Rs.42.50 only. I am sure they earn something out here as well...

So why not send checks via courier services instead of ordinary posts? Electronic fund transfer directly to our Bank Accounts would be the best method though.

Having said all the above, I will continue using PayPal because Wiring the money directly to our bank accounts costs $50!

anjanesh

7:53 am on Aug 27, 2005 (gmt 0)

10+ Year Member



However, a bank is never supposed to be only free but it should also give us interest. PayPal doesn't give any interest!

Now thats one thing I didnt think abt - interest - just like any other bank! Good Question - Why on earth isnt PayPal not acting like a 'real' bank?

Electronic fund transfer directly to our Bank Accounts would be the best method though

No doubt abt that.

Having said all the above, I will continue using PayPal because Wiring the money directly to our bank accounts costs $50!
- Same here - I dont think many Indians are earning amts huge enough to spend $50 for wire transfer.

yashsr

6:30 am on Aug 28, 2005 (gmt 0)

10+ Year Member



Thanks anjanesh.

Please see this thread also:
[webmasterworld.com...]

morpheus83

10:49 am on Aug 28, 2005 (gmt 0)

10+ Year Member



Paypal is not a bank. If it were a bank non US residents wont not be able to open accounts.
Paypal transfers payments free to bank accounts to US, UK and some other countries.
I feel Paypal service is quiet good allows easy transfer of funds only thing they need to improve on is Customer service.

yashsr

2:12 pm on Aug 28, 2005 (gmt 0)

10+ Year Member



Ah yes, true! PayPal is really useful and from one point of view, really cheap. The only things that they should take care of is:

1) Customer service
2) Use Courier instead of Post. Its a real headache to keep waiting and searching for posts although I have got it in all my 3 withdrawls until now. You cannot have faith on Indian Postal System!

Ignoring these things, PayPal rocks! It just costs me $5 per each withdrawl. This has solved my problem of receiving payments from abroad as you all.

anjanesh

1:51 pm on Sep 2, 2005 (gmt 0)

10+ Year Member



Current Exchange Rate in PayPal : 1 U.S. Dollar = 42.8115 Indian Rupees.

wordprofile

2:44 pm on Sep 10, 2005 (gmt 0)

5+ Year Member



Hi folks.

I'm just looking at my first paypal withdrawal. Info contained in this thread has been helpful.

May I contribute my bit (this is also a request for further opinions!)

I just came across two services, remit2india.com and cash2india.com, who receive paypal payments and transfer money to many local banks.

I'll wait for others to have a look before commenting.

anjanesh

2:54 pm on Sep 10, 2005 (gmt 0)

10+ Year Member




I just came across two services, remit2india.com and cash2india.com, who receive paypal payments and transfer money to many local banks.

Now that is News! Need to check if they really transfer from PayPal without taking a percentage of it!

morpheus83

2:58 pm on Sep 10, 2005 (gmt 0)

10+ Year Member



I have tried cash2india they are quiet fast a draft is couriered at in 48 hours. However someone from the USA should order the funds and not from India they track it via IP address. But they are quiet expensive also.

wordprofile

2:59 pm on Sep 10, 2005 (gmt 0)

5+ Year Member



They definitely take fees :)

But the good news is TIME. remit2india seems to offer next day bank transfers..isnt that GREAT news?

It appears to be a subs. of the Times of India group. I've just registered.

Cash2india's fees structure appears a bit complicated.
https://cash2india.xoom.com/fees

http://www.timesofmoney.com/remittance/jsp/remit_moneyTransfers.jsp

[edited by: lorax at 4:08 pm (utc) on Sep. 10, 2005]
[edit reason] delinked [/edit]

morpheus83

3:02 pm on Sep 10, 2005 (gmt 0)

10+ Year Member



Cash2india also issues draft in individual name only and not Company.

wordprofile

3:10 pm on Sep 10, 2005 (gmt 0)

5+ Year Member



Have just emailed remit2india for confirmation of service availability to resident Indians. Hope this works.

I guess most of us stay up late at night. R2I says that if we make the transfer before 4AM IST, they'll transfer to recepient's bank account the same day. touching wood with crossed fingers :)

anjanesh

3:22 pm on Sep 10, 2005 (gmt 0)

10+ Year Member



Registered with Cash2India. How do I receive money from PayPal?

morpheus83

3:34 pm on Sep 10, 2005 (gmt 0)

10+ Year Member



Follow the instructions it is quiet easy. They also have Live Chat I guess.

wordprofile

1:01 pm on Sep 11, 2005 (gmt 0)

5+ Year Member



Hi all.

Does anyone know funda regarding tax and regulatory issues when one is paid from abroad? (like via paypal, since most users here would be using paypal to receive payments)

I cant seem to search the site for other threads.

Thanks,
Deepak

This 93 message thread spans 4 pages: 93
 

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