Delay in PayPal Funds Transfer

[cosycom]

Hi friends , Normally all funds withdrawn from Paypal to our bank account are credited within 3 to 5 days .
I have withdrawn some funds on 19th feb 09 . Paypal shows funds already transfered but they are not received in my ICICI account till date . Anybody else also facing same problem ???????

Paypal seem to have an office in India but their address and contact information is not available anywhere .:(

Regards

Narinder

[deepachikan]

I am surprised that old ebayers are saying all this. Whatever the exchange rate may or may not be you will get exactly that amount in INR which was shown at the time of withdrawal. Of course that is a different thing if the withdrawal is reversed. let me tell you that lots and lots of people who made transactions between 18th Feb and 24th Feb have not received payments. It is not just ebay users. Some people are saying that paypal is broke some are saying that site is hacked. Some are saying CITIBANK has crashed. All sorts of speculations are there.

[stylish_india]

There is an announcement .. hope everyone checked this :
Here is the part :
[ We are aware that some users who initiated withdrawals from their PayPal accounts on or after February 19th are experiencing delays with the funds posting to their bank accounts despite the ‘completed’ status shown in their PayPal account. PayPal has resolved this issue and normal processing cycles have resumed.

IMPORTANT: Please note it will take 4-7 business days for funds to reach bank accounts in accordance with the normal processing cycles. If you have any questions or are still experiencing a similar problem after 4-7 business days, please contact PayPal customer.]

I really hope that everyone will get their money asap now.

[stylish_india]

Can anyone tell me what is completed status means in paypal account ?? when we withdraw our funds ?? I guess pending means that the funds are not transferred to our bank account. Completed means what ?? -- ( that the funds has been transferred to our bank account ?? )
If yes then I have not received my funds in my bank account 😞
I made the withdrawal request on 4th March and the status is coming as completed -- and there is no money in my bank account so where is the money exactly ??

[stylish_india]

I thought that the transactions done in the month of February are affected but came to know today that transactions for the month March are affected as well. I need my money badly 😞
May all sellers including me get their money fast. Everyone needs money badly 😞

[parasghoda101]

deepachikan,

When you hit the 'withdraw' button to withdraw the funds from PP, it does not mean that your fund in $ or any other currency is converted to INR at the very same moment. The currency conversion which is shown by PP and agreed by us is just an intimation we give to PP to convert our foreign currency funds at the rate which PP has shown and we agreed to accept that rate. Now, actual transaction takes place after a few days when PP or its bankers like Deutsche or City bank issues NEFT to the bank a/c where the funds are to be transferred. So in the mean time if the exchange rate goes up PP can holdup the fund and give us some foolish reason like what is given this time. If there really is a problem PP must let the users know in details.

I saw the posting by ebay in Community News saying that the glitch is solved. If it is true, Cheer up.

Regards to all.

[indraneel@ebay.com]

Hello members,

I understand that sellers are worried about their withdrawals and money. As a seller I can relate to it as well.

However I'd request all the members to prevent any speculations and rumours and keep faith in the system as you all have been doing so far.

Moreover, we have identified the issue and resolved the same which means any withdrawals or PayPal transactions won't get affected henceforth. For all those transactions that got impacted, we are manually reconciling the same and should also be done shortly and should not take a long time.

I believe that all sellers understand that we would not resort to any such practices such as witholding the moneys to arrive at a specific conversion rate.

I'll keep you posted in case I've further information to share on this discussion.

We request all members to be patient and understanding while we try to settle this issue with all our efforts and resources.


Keep Posting!!


Regards,
Indraneel

[parasghoda101]

Indraneel,

You informed that the glitch is pointed out and being resolved and you mentioned that, 'which means any withdrawals or PayPal transactions won't get affected henceforth'. So, does it mean that if I withdraw it will be credited in my bank account within 7 working days maximum? To keep my business going I have to withdraw my newly deposited funds from PP.

Regards.

[cosycom]

Thanks Indradev , Hum bechare sellers ko to ab bas tumhara hi sahara hai . Jaldi se Paypal ke badalon se hamere paise barsa do.........nahin to hamare bank balance sookh jayenge.....

Indraneel ki jai ho

Narinder

[stylish_india]

Indradev ji -- barsaat kab aayegi ??
Mujhe laga tha ki February ka mahina sookhe ka hai.. lekin yahaan to march ko bhi sookha pad gaya 😞
Barso re megha megha 🙂

[venusjewellers]

HELLOW GOOD NEWS I GOT MY PAYPAL FUNDS FINALLY CREDITED IN MY BANK ACCOUNT,
THANKS GOD AND THANKS TO COMMNUTY MEMBERS AND INDRANEELJI,,
FINALLY
BARSAAAT AA GAI