Paypal offers Withdraw Funds directly into Indian Banks

Paypal just offered another excellent feature to become a leading payment processor in india by adding directly funds withdrawal option in indian banks which previously was just limited to US banks. Currently only 2 countries ie US and India are allowed to use this feature as far as i know from the withdrawal page of paypal.

I didnt expect them to launch this service nearby soon which is the reason i already withdraw around 16k$ this month from paypal via secure check service which was their older service and i can expect that check to come via post at my place by next month end :( , and this new service credits the funds in most reputed private banks within 5-7 business days which saves every paypal user’s time.

Withdraw Funds Paypal Indian Banks

The service costs the following to paypal users :
Free >for 7,000.00 INR or more
50.00 INR > for 6,999.99 INR or less [Approx 1.4USD Fees]

To get started using this feature you need to first Add your bank account to your paypal account, which needs the following information :

The safety and security of your bank account information is protected by PayPal. We will never reveal your financial information, and PayPal will notify you by email whenever you initiate a transaction with this bank account.

Your bank account in India must be able to receive payments in India Rupees.

Please enter your name exactly as it appears on your bank account. If the names do not match, your payment will be returned and a return fee will be charged.

Country: INDIA
Bank name: Select your Bank Name from the Drop Down List
IFSC: Read the posts end to understand IFSC Source for Codes List
Example: ALLA0123456
Account number: Your Banks Account Number
Re-enter account number: Your Banks Account Number

Indian Financial System Code (IFSC) : The Indian Financial System Code (IFSC) is an alpha-numeric code designed to uniquely identify bank branches in India. This is an 11 -digit code with the first four characters representing the bank code, the next character is a control character, and the last 6 characters identify the branch.

The Reserve Bank of India publishes the IFSC and MICR codes, but only IFSC codes should be used. Please contact your bank in India for this code.

Once you fill all the options you need to review and complete the transaction and you are done.
Review Bank Account

Also dont forget to read other excellent features which were launched recently :
Paypal Increases Monthly Withdrawal Limits to 20000$
Withdraw Funds to Your Visa Card PayPals New Feature
Paypal Withdraw Funds to Card Works

Dont forget to let everyone know about your personal experience with these new features!

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About Amit Bhawani

My name is Amit Bhawani and I am the chief blogger at Amit Bhawani Blog and where I like to share my internet/tech experience with my online readers on this website. You can read more about me at my About Page. You can follow me on Twitter, Facebook & Google +1 at +Amit Bhawani

Comments

  1. qwertyweb says:

    thats really cool ! ,i just hope google adsense too create facility of directly withdrawing from paypal , so that a lot of time could be saves :)

  2. It is really very useful info..Thanks for this post..

  3. Anirudh K. Mahant says:

    Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):

    A) Should we trust PayPal in future?
    ANS: ABSOLUTELY NO

    B) Are they really concerned about our Money?
    ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?

    C) Is RBI responsible for this?
    ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of pure frustrating, destroying trust & spreading chaos.

    D) So what does PayPal tell us now?
    ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”

    D) What now?
    ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.

    Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.

  4. manu raval says:

    i have a question about paypal. when withdraw fund in banks by paypal. what to select Purpose of withdrawal for hosting business ?

  5. i sell locally in india and accept payments through paypal in dollars. now paypal has added purpose code for withdrawal of money and transferring it to bank. there is no purpose code for local sales. what do i do? could i be in some trouble as i accepted money in dollars for sales in india?

  6. how can wedrowel my alert pay to my debit card???

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