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Paypal Reverses Payments Made To Indians
bhagwad writes "Beginning January 28, Paypal has been reversing the payments made to any Indian provider of services. In addition, Indian users have been unable to withdraw their money to their bank accounts. As a result, a large number of Indian Paypal accounts have negative balances running into the thousands of dollars. The worst part is that users weren't informed beforehand — the funds were just whisked away. Indian providers have gone ballistic, with over 2,000 posts on a thread on the reversal of payments and over 700 posts on this thread about the delay in transfers. Paypal hasn't given any explanation to this behavior other than they're looking into it. Although Paypal claims in the above blog post that payments made for 'Services' are not being reversed, this is not true. All payments not made for 'Goods' with a shipping address have been reversed — in fact, the Paypal e-mail tells the Indian sellers to encourage their clients to lie and claim that they're paying for goods with a shipping address instead."
This is due to some change in the regulations by the Reserve Bank of India (RBI) regarding offshore money transfers. I read somewhere that RBI is demanding some documents form PayPal to make them eligible to transfer money to and from Indian Banks. Apparently PayPal hasn't been able to furnish those documents.
Posted anonymously to keep moderation.
http://www.paypalwarning.com/paypal_phone_number
That's not very convenient for instant or simple online sales. Also you normally get hit with a $15 wire transfer fee on top of it. For large purchases it's doable, for paying some coder by the hour it'd be a hassle.
http://www.gunpal.net/
It's an alternative.
Who are you? The new #2 Who is #1? You are #617565. I am not a number, I am a free man! Muhahaha.
No, it's a fee you pay for a regular wire transfer from one bank to another. Its absence is what makes PayPal so convenient.
.sig withheld by request
Anywhere but the US, you just sign in to your internet banking account, key in his branch ID and account number, and away the money floats, on a surge of digital freedom! In the US however, try this approach, and your rent just become $355.