Wednesday, March 3, 2010

Indians Can Withdraw Funds From Paypal To Their Bank Account Using Purpose Code

During my previous post about mail from Paypal, I said I was confused what to do with the export code. Now, Paypal has announced that bank withdrawals to India will be reinstated and while withdrawing funds, Indians have to specify purpose code and not some export code. Now, that is a pretty good news for freelance writers like me because we don't really export anything.

From the information available in Paypal blog, it seems that freelance writers should be using P0805. But it can be really confusing when you get paid through Paypal by providing multiple services. It will be a frustration again for many Indian providers who provide multiple services like SEO, marketing, affiliate marketing and others.

I am going to receive funds through Paypal this time and check out how bank withdrawal goes with purpose code. May be will update after a week. I am skeptical though :(

Till now, personal payments are suspended. So, you can't receive donations and if you have donate button in your blog, better remove it. And those living in abroad using Paypal as a remittance service should start to look out for other alternatives because no purchase code is available for such a service with Paypal.

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