A lot of PayPal users in India are facing problems in withdrawing money to their bank accounts these days. These are the users who tried to withdraw the money around 27th and 28th Jan or after that. Few days back when I tried to verify my PayPal account then the money got credit into my account within 2 days only. But now almost every Indian PayPal user is facing issue with bank withdrawal.
I tried to withdraw money on 27th Jan (Around $160) but the money is not credited into my bank account till now nor it is reverted back into my PayPal account. PayPal is showing status as “completed”.
The money withdrawal usually takes 5-7 working days to complete the transaction to bank accounts. But it’s almost 12 days now and I am still waiting for the money to be credited into my bank account.
When I contacted the PayPal team, they gave me the following explanation:
Dear Simrandeep Singh,
Thank you for contacting PayPal.
I reviewed your account and I was able to see your withdrawal on Jan 27,
2010 amounting to Rs.7,204.35 INR ($160.52 USD). Please note that
Electronic Transfers to your bank account usually take 5-7 business days
to process. Holidays and weekends are not recognized as business days
for most banking facilities, which may result in a delay in your banking
The status of your withdrawal is ‘Completed’, which means it has
completed through the PayPal system. Please note:
* PayPal has no control over the length of time it takes your bank
to post their credits, and we do not receive confirmation when your
credit has been received by your bank
* Usually, if there is a problem with the transfer completing, it is
rejected back to PayPal and the funds are reversed back into the PayPal
* At this time, this transaction has not been rejected back to us.
Therefore, we suggest that you contact your bank and ask to speak with
someone who works with Electronic Funds Transfers. This Department
should be able to verify that your deposit was received.
* If you are unable to locate the deposit at your bank, and the
status of the transaction is still listed as completed, we can initiate
a trace on these funds once 14 business days have passed. In this case,
please contact us and our Customer Service will provide all the
information to initiate the trace procedure.
Thanks for sharing your concerns with us and I appreciate the
opportunity to assist you. I’ll be glad to hear from you if you need
clarification as we try our best to give you immediate answers, or
kindly visit www.PayPal.com/101 for more information. Thank you for
choosing PayPal for your online payment needs. We appreciate your
PayPal, an eBay Company
They cleared it that PayPal has no control over the length of time it takes your bank to post their credits.
Conclusion : If you are like me who is waiting for the money to be credited into your bank account from PayPal, then the only solution is that you should wait for 14 business days from the date of initialization of payment. After 14 days, contact the PayPal team so that they can initiate a trace on your funds.
UPDATE : You can read my post on How To Withdraw Funds From PayPal To Bank Account In India to withdraw funds to your bank accounts quickly. Its tried and working method.
If you have any other solution, Please share it with us so that other users can take benefit of it 🙂