As everyone of us is aware about the currently going Paypal Withdrawal Problem in India, there are very few options left out for us as a account holder and most of the freelancers and small business owners are facing problems towards withdrawing money and even receiving money. There have been Paypal Withdrawal Delays but this time, this is a sort of permanent issue and has been acknowledged too, hence there have been few updates from the Paypal Team which says that the Funds withdrawal option to your Bank is not going to happen anytime soon and this can even take upto a few months.
For freelancers, there are different options to receive money which can be done by using Paypal Alternatives like Alertpay, 2CheckOut, WesternUnion etc, a list of which you can find here – Paypal Alternative. You can also send your funds to a new Alertpay Account, which can again be withdrawn to credit card, ultimately helping you to transfer all the money.
For Paypal users whose money has been blocked in their accounts, there are few working options available at the moment. Here is some information on the same.
- Withdrawal to Credit Card : Paypal offers you to withdraw your money to the confirmed Credit Cards which you have added in your account and this is done with a fees of 5$. The withdrawal option is available under the Funds Withdraw section and you have a daily limit of maximum 500$ withdrawal with the funds transferred to your Credit Card within 72 hours time and at the local currency & would be displayed as a Credit Payment in your statement.
Here are some of the stats of one of my recent Credit Card Payment withdrawal which can give you a idea. On 15th Feb 2010, i had made a withdrawal of 500$ to my CC and the details are shown below.
The same amount was credited to my CC on 16th Feb 2010, ie within 24 hours time and in Indian Rupees. for 500$ , the 5$ fees was charged and the balance 495$ was transferred at 44.28Rs rate making it 21,922.98 Rs.
- Withdraw via Check : Paypal offers you to ‘Request a check from PayPal’ under which there are different withdrawal limits ranging upto 20000$. Normally there is a Monthly Limit of $2,500.00 USD for most Paypal Account holders and these limits can be increased once you have a requirement and call their customer care. The checks would be in USD currency and once you deposit them in the Bank, the bank has to resend it to the International Bank for clearance and this process takes a minimum of 15-20 days time along with which the local bank would also charge you a clearing fees which normally starts at 250Rs to no limits based on the bank branch. This is a good option if you dont have a NEFT Linked Bank Account or a Credit Card, since the check is sent to literally any location and if time is not as barrier, this is one of the best option recommended.
- Xoom Withdrawal : I have done more than 25000$ withdrawal till date through Xoom in the past few years and have always liked their services. Most of the transactions through xoom were completed within 4 business days with the check delivered to me via professional couriers. You can check out the following screenshot to find out the reports given by them. Before you try out the service you need to keep the following in your mind. When you visit the site you would find a decent amount of withdrawal charges on the website, which can make you stay away from using these services, but if you make the right calculations, you will find xoom services quite better than others. Here’s how in the form of a example.
If Paypal withdrawal rate in USD > INR – 45Rs, then Xoom Withdrawal rate would be around 46.50 Rs. Now if you are withdrawing more than 2000$, the service charge is around 55$, hence the final amounts you would receive are :
Paypal : 45 * 2000 = 90,000Rs
Xoom : 46.5 * 2000 = 93,000Rs – 55$ Fees = 90,440Rs
Overall the amount of money you would get is quite near to what you would get through Paypal, hence its one of the best alternative to paypal at the moment for withdrawing your hard earned money and since there are no updates on the Bank Withdrawal option to be active soon.