Indian PayPal users are facing difficulties withdrawing money to their bank accounts for last couple of weeks. The users who were in urgent need of money and couldn’t wait for the problem to be solved, they were forced to withdraw money using alternative methods. Even I used an alternative way to withdraw money using XOOM. It worked fine for few days but later on it also stopped working.
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.
Almost all of the Indian PayPal users are now aware of the PayPal fiasco in India. From the past few days there have been issues between PayPal and Indian users. The users who requested to withdraw the money from their PayPal accounts to bank accounts are now receiving the funds back in their PayPal accounts. Even the money that was deducted while withdrawing funds is also refunded back into the accounts. But it’s still not confirmed when this withdrawal problem will be fixed.
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.
PayPal users need to verify their accounts in order to send and receive money. Without verifying the account, the users can only transfer the money up to $500 . But the limit can raised if we have a verified account and to verify the account we need to link credit card with our PayPal account. For Indian users it’s a big problem as most of the Indians don’t have credit cards. But now Indian users can easily verify their accounts using Bank account only 🙂