PayPal issues with Indian bank accounts are still not resolved ans PayPal has officially confirmed that it will take few more months for the situation to come under control. There is no exact date when the bank withdrawals from PayPal to Indian bank accounts will be resumed. In the meantime, if you want to withdraw funds to your bank account then you can use a service called as XOOM.
XOOM seems to be the best alternative to PayPal. From the last few days I was looking for a good alternative to PayPal. Some users have already transferred the money to their bank accounts using XOOM and according to @smartin and @mayurjango it took only 2 days for the withdrawal process. It seems quite better.
You will get three options with XOOM :
Cash Pickup : Pickup money in just minutes at a Punjab National Bank branch in India.
Bank Deposits : Same day Bank deposits are available to Punjab National Bank accounts and the faster bank deposits to any ban in India.
Home Delivery : Home delivery via Blue Dart is also available with XOOM.
The exchange rate of XOOM seems to be too good as compare to PayPal ( USD 1.00 = INR 46.0031 ) when I withdraw the money but their processing fees is higher. You can use the following coupon codes to avoid any processing fees when making payment from PayPal.
Coupon Codes : XOOM2010, FEBXOOM10 (These coupon codes are for one time use only)
Please make sure to :
- Provide your real Name, Address, E-mail ID and Phone number.
- Enter complete details about your bank account.
Disclaimer : Please try XOOM at your own risk. I shared this information after reading about this service at forums at some websites. I will not be held responsible for any loss or problem if you face any.