Paypal Bank Withdrawal Problem – Payments Not Processed
There are reports all over the web that the Paypal to Bank withdrawals which were made between Feb 19 to Feb 24 are being delayed and not being processed in the Indian Bank Accounts. But in a interesting situation i made a withdrawal of a small amount on feb 26th and another withdrawal was made on March 3rd which is yet to be completed.
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 transactions.
The paypal withdraw funds facility is generally completed within 2-3 business days and delayed only in case there is a public holiday at any end and you can find the funds credited to your account with no extra charges because there is a fixed rate of charge on the funds withdrawn to your bank accounts which is 50Rs for funds withdrawn below 7000Rs and no charges if the amount is above 7000Rs.
When i contacted Paypal.com regarding this issue they notified me saying that this is normal and the funds would be credited on time but this is a serious problem as most withdrawals made in this period are not yet credited to the customer accounts.
Next when i contacted the ICICI Bank India Account Manager regarding the issue they confirmed me that they are also looking up my account activity in detail for any pending funds credit and will update if there are any receipts.
Did you get any problems with the Paypal to Bank withdrawal recently? If you got any success in the transaction do let me know because the information may be helpful to many other Paypal users who are still stuck with the payments which are shown Completed in their Paypal accounts but are not really completed.
This problem is faced by 99% people. Hopefully will be solved asap.
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Even I did a transaction on the same day when it was 49.7 rs per $. The exchange rate was 48.15Rs. and it was ended soon by 25th of Feb. No probs for me…
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Paypal with drawl to india are delayed. it has been more than 14 days and no withdrawl.
I mailed to paypal paypaljason@ebay.com . the reply was
” Thank you for providing me the specifics of your impacted transaction. PayPal is aware of the situation and is working to resolve it as quickly as possible. We have an internal report on accounts that are affected and I have added your information to the report so that your specific concern can be addressed as part of the resolution of the matter.”
I dont know whats the hell is going on
Tarakesh
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Yes. Even we are facing this issue with over Rs. 65000 blocked in the transactions. Till the issue is not resolved, we are holding of from withdrawing any amount from Paypal. Please update me if any of you guys receive the payment.
Ruchir
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this is crap i just withdrew 10k from paypal 200 usd and i got it in my icici in 2 days
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I withdrew on 18 Feb and till 6th March there is no sign of money in my bank. this is awful
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I faced same problem in Feb 2008. I requested 5000 Rs to my Canara bank account. Its arrived after 6 months… That is I received my withdrawal amount at October 2008.
But that is not problem with paypal. It’s big problem with Canara bank. They don’t know about Paypal. They are asking,… What is paypal…? Where Paypal bank is located… ? Like this…
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My friend also withdraw money during this period and he didn’t get money till now.
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What is going on? I have also withdrawn $500 on 26th and haven’t received the payment till date. Any idea when it will be credited?
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We withdrew funds on 20th and 26th Feb and neither of these has been credited to us yet. Received a reply from Paypal saying they are looking into the issue.
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[...] sure most of you are having Paypal withdrawal problems who did recent funds withdrawals to their bank accounts because of some internal problems at [...]
Guys, don’t worry. I have received the payments today. Check your bank acct. It will be there. njoy
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Hi, after that email to PayPal i got my funds today. Check your bank account you might have got the payment too
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Today rec. the below email from Paypal.
We recently encountered a system issue which caused a withdrawal(s) that you initiated between February 19 and March 5 to be delayed. Please note that we have corrected this issue and the funds should post to your account within the next 5-7 business days.
We sincerely apologize for any inconvenience that this may have caused you.
Sincerely,
The PayPal Team
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HI I guess all of you might have got funds, i emails pay pal and their response was
Dear Tarakeshwar Rao,
Thank you for contacting PayPal. We regret the delay in responding to
your service request.
Hello my name is Mary Grace, Thanks for writing to PayPal’s Customer
Support. I realize that this situation can be frustrating, and
appreciate the opportunity to help you resolve this issue.
I sincerely apologize for the inconvenience this has caused you.
The PayPal website experienced slow-loading, as we were upgrading the
system to provide better service. Some people were unable to access the
site or complete transactions.
We have completed the necessary maintenance to resolve this situation
and we sincerely apologize for any inconvenience these delays in service
may have caused you. Thank you for your patience and for choosing PayPal
as your online payment service!
It should be on your bank account since we have already submitted it to
them you just have to update and give them the information such as the
date and amount of the withdrawal.
We appreciate your patience and understanding regarding this matter, and
wish you continued success on PayPal.
Sincerely,
Mary Grace
PayPal, an eBay Company
Copyright © 1999-2009 PayPal. All rights reserved.
Consumer advisory – PayPal Pte. Ltd., the holder of PayPal’s stored
value facility, does not require the approval of the Monetary Authority
of Singapore. Users are advised to read the terms and conditions
carefully.
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I recently tranferred an amount 350 USD to my Citibank account which had took only two days. There had not been any delay regarding transfer from PayPal for the past few times I had used it.
But, really it might have been a pain in the a$$ when you had to wait for months altogether to get the money credited when you have transferred it when you are in some dire need.
PayPal team’s response is quite good too.
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Hi,
I had made a withdrawal of $500 from my PP account to my bank account (ABN Amro) on 23rd March.After this transaction, my PP account came to about $19. That was the remaining balance. However, when i checked my PP account on 26th, I was surprised to see close to $480 in my PP account! How come this happened? Will i get my money back?
Please help
Thanks,
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Amit Bhawani Reply:
March 26th, 2009 at 7:04 am
If you got charged then its Return fees and it seems like you entered some wrong information for your Bank account.
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OH by my mistake i have withdraw the funds to my wrong bank account. I think i am gone
.
What paypal and bank take action on this mistake ?
Please help
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Amit Bhawani Reply:
May 5th, 2009 at 5:37 am
Sandeep if you gave wrong Bank Account Details, you need not worry because within a weeks time you will find the money back in your Paypal account with a 250Rs Return Fees in your Bank Account.
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I have made a PP withdrawal on May 11 to my HDFC account and still have not received the funds which is weird since usually it takes only 2-3 days. Is the PP withdrawal problem ongoing? Has it not been resolved? I wonder when I will receive the money.
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SUna! Did you recive your money? Because I withdrawed on may 25 and till now it is still pending!
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Same problem here, though the delay is only a day. I am still waiting for the funds to arrive. i really hope PayPal fixes this, sometimes the banks are not to be faulted, really.
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