Paypal India Discontinuing Electronic Bank Transfer

Another unexpected announcement from PayPal (for Indians): You’ll not be able to request Electronic fund transfer from your PayPal account starting July 29, 2010.

I’ve put this BIG news in one plain sentence, I know, but I am out of words to explain this news in any better way. This is simply unacceptable. And with India known as an IT super power house where part of people make their living with online money, this will create a havoc among Indian PayPal users.

Paypal India Stops Electronic Bank Transfer 2010

It was pretty obvious when the e-mail was inboxed at 5am from the PayPal team, the obvious thing: its a bad news. I can’t recollect any good news shared by PayPal to the Indian users other than fixing the issue dealt with Indian authorities in the past.

However, on a positive note, Indian users can still request a cheque with $5 fee waived off from the amount. Although the check withdrawal in India is a slow process, but with such limitations imposed by Paypal, you’re left with no choice.

Here is the e-mail for your reference on how to withdraw cheque from your Paypal account.

What’s your say on this? Don’t you think we need an alternative payment processing system?

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