Now a days RBI (Reserve Bank of India) is asking PayPal to follow so many guidelines to keep an eye on the payment activities and money flow. Because of that, PayPal is issuing so many restrictions and limitations on PayPal India users. Here is a list of alteratives of PayPal for users in India.
You can’t keep money as a balance in your existing PayPal account, you can’t take money more than $500 per transaction from any buyer and for services, money transferred in your account should be withdrawn to back account in 7 days of transaction confirmation….. These and many more new restrictions and limitations are coming on PayPal from 1’st March 2011 for Indian users in order to follow the guidelines from Reserve Bank of India (RBI).
Good news for bloggers or publishers who use to monetize their site thru In-Text Advertising. Kontera is a leading advertisement platform in In-Text advertisement, from today they have reduced the payment threshold from $100 to the new value i.e. $50. This threshold is true for all payment methods whether it is PayPal, Check, ACH and Wire Transfer. This way you can now get the payment in half time from Kontera.
PayPal India users were facing issues with PayPal withdrawal and personal payments, where finally local banks withdrawal is working fine but a new problem has come which is the latest fees structure specially designed for Indian users. If your account is in PayPal India then you will be paying fees for receiving payments even on your personal account. Previously the fee was taken in case of Premier account only but now they have changed the structure and taking huge fees on received payments.
In previous update, PayPal Asia Operation had told us that Indian PayPal users will have to use “Exporter ID” to get the amount into their local banks and there were speculations hat the ID is nothing but Importer Exporter Code (IEC) but today’s update has clarified the issue that the new field has nothing to do with “Exporter ID” but that is a “Purpose Code”. Purpose Code is a simple code defined for PayPal to tell bank authorities about the reason of withdrawal.
According to the latest update from PayPal Asia Operations, the suspended money withdrawal in local banks of India may resume from 3’rd March 2010. It is now more than a month since Indian publishers, exporters, service providers, freelancers etc. are facing the problem of money withdrawal to their local bank in India from PayPal. But yesterday, PayPal sent an email with updates on PayPal money withdrawal in local banks, and now it seems that the withdrawal to local bank will resume from 3’rd March.
Today PayPal posted an official update about the personal payments and withdrawal issues. In last few days, people like us who depends very much on PayPal payments were worried about the current status and development on the same. But today PayPal released an official communication stating that the personal payments to and from India will be suspended for few months.
PayPal stopped allowing personal payments sent to and from India. In fact the worse part of this story is that they have started reversing some already completed transaction which were basically donations, gift, or any other personal payments. Lot many webmasters, merchants and other online business people in India are suffering because of this. Get the details related to communication with PayPal team about this issue.
PayPal users can withdraw amount in some local banks (nationalized). Before withdrawing the amount, if you want to check the current exchange rate on PayPal, then you can check that thru ‘Currency Converter’ available on PayPal.