Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved yet

[din]

[EDIT]

March 6th 2009 8.40 PM

Happy news. Problem solved. People started getting the funds.

[/EDIT]

Anybody (Indian paypal account holders) tried initiating money withdrawal from paypal to any Indian bank on or around 19th February (using NEFT) ? Most probably you can't see the amount in your bank account yet right ?

This is a problem faced by a lot of users in India and Paypal confirmed something is wrong and they are checking it. I guess they will fix it and money will come to accounts, so it seems no need to panic.

Not sure whether this is a problem at the Paypal end or at RBI. I think some bank strikes were there during that time ?

Withdrawals before and after that period seems worked.

Just thought I will post this. Any Digit members having the problem ?

A discussion is going on here

 

[krates]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

^^yup lolz.. i got my money returned in paypal instead... with 5$ deducted in it

 

[Sukhdeep Singh]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Ah! so i am not the only one here.

I mailed HDFC and they told me to talk to Paypal....i am yet to recieve a reply from Paypal. Thanks a lot Din.

What a coincidence! Had withdrawed today would get better exchange rate

 

[amol48]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Count me in too! I had withdrawn on Feb 19th...

The problem is more with those who have withdrawn between 18th to 22nd Feb..

 

[adi007]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

count me too

I SUGGEST EVERYONE NOT TO WITHDRAW ANY MORE AMOUNT FROM PAYPAL TILL U GET THE OLD AMOUNT
Some say that they have got the amount which they have requested after 1st march but still many say they have not got the amount requested even after 22 nd feb(it is believed that the problem is from 19th to 21 st feb)

 

[ravi_9793]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

I have withdrawn money on 4th march, let me see when it comes to my account.

 

[din]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Ok, those who received money in bank, I mean for transfer initiated after 19th Feb, please post here, so that all will know whether it is ok.

I think it is better to wait before initiating anymore withdrawals.

 

[Sukhdeep Singh]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Ok I just called Paypal on Phone and the CC Guy says that they are facing problems with all Banks in India.

They are *working* on it and there is NO ETA on this. You guy can also call using Skype - +18882211161 Toll Free number

 

[din]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

OK, just heard from my friend who initiated a transfer on 3rd March.

Funds reached his HDFC bank account today.

So I guess it is ok now, I mean for transactions which were initiated in March.

But still no word on the funds which is on hold (initiated on and around 19th Feb)

Anyway as Paypal is aware of the issue and confirmed it, I really hope they solve it soon.

 

[mehta708]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

I had withdrawn $265 on 26th February which hasn't posted yet. Withdrew $250 today, we will see. I will keep you updated.

 

[amol48]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

The problem is NOT with paypal but with our banks. Only the paypal money is not kept on hold but many other NEFT transfers as well as RTGS transfers were delayed due to the holidays and the RBI strike during 19th feb to 22nd feb.

RBI is said to be clearing the back log slowly and hence it;s taking time! If money is not transfered to your account in 14 business days you can request paypal to TRACE the money. So wait till 14 business days then in case they still don get transferred. Had there been any problems from paypal's side, your transaction wouldn;t have been shown 'completed' in the status as well as if the money would have been refunded by then bank, it would have reflected in our paypal account with a fine of Rs.250 as well!

I read somewhere that due the delay in NEFT, some 50k crore worth transaction were pending and around 18 lakh cheques were not cleared out of which 8 lakhs were in mumbai alone!

 

[din]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Good News

Problem fixed. All are getting money now. Those who still didn't get - mostly tomo or Monday itself.

Mine

Date of fund withdrawal - initiated - 19th Feb

Received cash in bank account just now.

Bank - SBI

 

[ravi_9793]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Good News

Problem fixed. All are getting money now. Those who still didn't get - mostly tomo or Monday itself.

Mine

Date of fund withdrawal - initiated - 19th Feb

Received cash in bank account just now.

Bank - SBI

good news.... thanks for update

UPDATE, just checked and I have received my money too.

Requested on 4th Mar, 2009
Received on 6th Mar, 2009

 

[amol48]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Hey just got a mail from paypal that the problem has been solved and I wil get my funds in 5-7 days. Did you guys also get any such mail?

 

[mehta708]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Funds that I had withdrawn on 26th February have been deposited.

 

[amol48]

Re: Paypal - Money withdrawal to Indian banks (February 2009) - Problem not solved ye

Funds that I had withdrawn on 26th February have been deposited.

There was NEVER a problem for funds withdrawn BEFORE 18th Feb and AFTER 22nd Feb!