PayPal Will Resume Bank Withdrawal for Indian Paypal Users From 3rd march

This is sign of relief for Indian paypal users, as Farhad Irani from Paypal team has announced in a blog post that Paypal will resume local bank transfer in India from 3rd March.

Till now Indian paypal users were trying to take out cash using alternative method, and I  personally tried Xoom which worked for me and later on even Xoom stopped working. Right now you can request money using check option.

Here is what official paypal blog has to say about the latest development :

I’m pleased to tell you that the RBI has now allowed us to resume bank withdrawals for settlements for exports of goods and services. We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service. As part of the changes, you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions. On Monday, March 1st, we will be back in touch with specific instructions on how you can move your money into your bank account. I will be posting another blog then.

Though as we can read there will be something new here in terms of PayPal export code, which we will get to know about on 1st March.

Another thing which is clear that personal payment will take time to resume in India.  Though 3rd March is tentative date, and  I will suggest paypal users to wait for the official announcement for the resume of service to avoid any hassles.

Most of paypal users like me, also received an Email from paypal about this latest development.

Meanwhile I will love to know about your reaction on this latest update from paypal team.

Related posts:

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  2. PayPal Update on Withdrawing Money to Indian bank Account
  3. Paypal Refunding Withdrawal Fee Charges to Indian Paypal users
  4. Paypal official Announcement on Paypal India Fiasco
  5. Paypal Scammed Indian Paypal users With Reversed Transaction fees