We have covered the Paypal issue extensively on TechVorm. If you aren’t aware of the problem read the following articles :
If you are tracking this problem then you might be knowing that though you can send or receive money through your Paypal account but cannot withdraw money to your Bank account. This problem has caused a liquidity crunch amongst various freelancer’s (including companies) that depend solely on the web income.
Although in the recent post at paypal blog, it was mentioned that the Bank withdrawal facility will be available in the next ‘few’ days but nothing has happened so far. In this post, therefore i am going to share with you the authorized payment processors in India using which you can withdraw money without worrying about the same thing happening to you as in case of Paypal.
The Reserve Bank of India (RBI) has listed some of the legit payment processors using which you can withdraw money to bank’s in India. Here is the entire list as mentioned in the The Payment and Settlement Systems Act, 2007 (Last updated on January 31, 2010) :
- Bahrain Financing Company, BSC (c )
- Buyindiaonline.com Inc.
- Coinstar Money Transfer (Ireland) Limited
- Global Foreign Exchange Inc.
- MoneyGram Payment Systems Inc.
- Royal Exchange (USA) Inc.
- UAE Exchange Centre LLC
- Wall Street Exchange Centre LLC
- Western Union Financial Services Incorporated
You most probably wont have heard of most of the names given in the above mentioned list (and neither have i). But one positive thing i found while carrying on a search on these name was that Buyindiaonline.com Inc is sister concern of Xoom. Meaning Xoom operates in India with same name as far as regulation and banking is concerned. In short, it is safe to use Xoom for receiving money from outside India.
Moreover, in order to verify that Xoom works, i am withdrawing some amount via Xoom. Though the withdrawal is not a receipt from outside India rather, it has been self financed by my own paypal account. So, if everything goes well i will publish a new post explaining the procedure i followed.
P.S – You can check out the official RBI notification containing details regarding the above mentioned payment processors HERE.