Facebook is known to be a company that keeps changing its policy based on user feedback. They take a step forward, a few backward, turn around and jump the gun.
Paypal seems to follow Facebook policy (though there is a lot more at stake here and their policies are governed by RBI regulations) earlier (July 28th to be precise) announced that Indian users will not be able to avail electronic fund transfer and today, the company has announced reversal of this policy, i.e. electronic withdrawal service continues in India.
In appreciation for the loyalty from our India users, we will extend the processing fee refund of $5 USD for any cheque withdrawals made from July 29, 2010 until further notice.
Thank you, The PayPal Asia Team [source]
What’s important to note is ‘until further notice’ – this can change at any point in time – so if you have money stuck in your paypal account, time for you to withdraw it right away.
Email sent to Paypal users
We’ve received good news. You can continue to enjoy electronic withdrawals just as you did before.
While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service.
Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice.
|Withdrawal to local or US bank:||Withdrawal by cheque|
|Step 1:||Log into your PayPal account, click on ‘Withdraw’.||Log into your PayPal account, click on ‘Withdraw’.|
|Step 2:||Click on the ‘Withdraw funds to your bank account’ link.||Click on the ‘Request a cheque from PayPal’ link. It usually takes 4 to 6 working days
to process the cheque (excluding delivery).
|Step 3:||Enter the withdrawal amount and select the bank account, then click ‘Continue’.||Enter the withdrawal amount and select your mailing address, then click ‘Continue’.
Please note that a monthly withdrawal limit of $2,500 USD applies.
|Step 4:||Click ‘Submit’ to confirm your request.||Click ‘Submit’ to confirm your request.|
Related Discussion: Paypal issues again