PayPal, the prompt paying Internet Bank has a problem in India
The most trusted Internet Bank of the world – PayPal – is presently encountering a problem with regard to sending money to Indian Bank accounts.
In this Internet era, there may be only a few who are not aware of PayPal. Everyday some 30 million people are visiting the net world. Of them a majority are doing business with one website or the other. For all these commercial transactions of – online purchases; invoicing; collecting money from buyers and crediting the proceeds to the respective site, PayPal has been the first preference for years.
The best part is anyone having Internet access can easily open a PayPal account for free. No hassles, no commuting, no meeting with the Bank official and no waiting in the queue. Just fill up your particulars in a form and submit through a click …you are done.
You can open a Personal Account or a Business Account and operate the same from wherever you are in the world. PayPal takes all the precautions to keep your privacy as a closely guarded secret. It often advises its customers not to reveal your password even to PayPal staff.
Because of its hassle-free operations, both for depositing and withdrawing money online, millions of netizens have placed their trust on Paypal. Ironically, the Indian Banks, though bragging of “computerization” of their accounts and induce their customers to engage in “net banking”, do not recognize Paypal. Many of their staff does not even know what is “Paypal”.
However for Indians who have been hitherto Paypal customers, there was no problem in either depositing or withdrawing money. Yes – there were delays in transacting the withdrawal requests – from 6 to 8 days – which Paypal themselves are plainly informing right at that time, when you make the request.
Considering the size of Paypal customer community and comparing the service of Banks in India, the Indian customers could not grumble. But to the surprise of everyone, Paypal has admitted that they have some problems in processing bank transfers of money of late.
Here is the advice received from Paypal in respect of a withdrawal request for money from an Indian customer:
“Thank you for contacting PayPal.
We are currently experiencing an issue processing bank transfers to India bank accounts. As a result there may be some delays in both withdrawals and random deposits.
We are doing everything we can to process your withdrawal as soon as possible; however, we do not have a specific timeframe to share at this time.
I know that this is somehow inconvenient on your end; I assure you though that your money will still post to your bank account and we are sorry for any inconvenience.
I’ll be glad to hear from you if you need clarification. You can also
visit www.PayPal.com/101. Thank you for choosing PayPal for your online payment needs. We appreciate your business.
Sincerely,
Elma
PayPal, an eBay Company”
It is a moot point whether the “problem” is with the attitude of Indian Banks or whether PayPal is seriously ridden with a crisis. Whatever it is the customer is the ultimate sufferer. We can only wish PayPal crosses over this crisis very quickly to regain the unassailable confidence reposed by their world-wide customers, which includes the “already suffering” Indians.
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Comments
Sonam, there is an issue with Paypal and regulators and it can take several months… lets hope to solve this soon
India Users can use Xoom for withdrawing money from PayPal to their Local Bank Account
http://qualitypoint.blogspot.com/2010/02/india-users-can-use-xoom-for-withrawing.html
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Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):
A) Should we trust PayPal in future?
ANS: ABSOLUTELY NO
B) Are they really concerned about our Money?
ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?
C) Is RBI responsible for this?
ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of pure frustrating, destroying trust & spreading chaos.
D) So what does PayPal tell us now?
ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”
D) What now?
ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.
Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.
it takes 4 weeks to confirm my bank account and yet to confirm… even got mail that i ll get two small deposit to confirm but i didn get any deposits yet.
i contacted more than 4 times but still process is incomplete
can you do some thing for this.
thank you.
sonam