Tutorial to Withdraw Funds to Bank Account from Paypal
To withdraw funds from your paypal account to a bank account, you need to give all your Bank details along with IFSC Code and Account number. Before you start doing this you need to have the following information with you.
1. Your Bank Account Name
2. Your Bank Account Number
3. Your Bank Branch Code
4. IFSC Code
In order to find the IFSC code you need to make sure that your bank is NEFT enabled ie offers you Online Banking services. You can also download the list directly from Reserve Bank of India website and check out if your bank is listed. There are many details available in this which includes MICR, SWIFT, IFSC Codes out of which you need to trace out your bank branch and get the code.
While entering your Bank Account name you need to make sure that your paypal’s account also has the same name. You can to your paypal profile page and view the account name you have setup while signing up, which is listed as Merchant Name. You can even request via Help>Contact Us option to change you name in personal and premium accounts.
Then move to the withdrawals tab and select ‘Withdraw funds to your bank account’ option which is free service for amounts more than 7000Rs and chargeable at 50Rs for less than 7000Rs amount withdrawals. With the following screen asking you to ‘Add a bank account in India’
Once you add your bank account with the details, you will be shown with a message like ‘You have successfully added a bank account.’ following which you can withdraw funds. Try to go for the lowest withdrawal possible because 50Rs wont hurt you in terms of fees but its safe to go with the lowest withdrawal for the first time. If your transfer is rejected you will be charged with 250Rs return fees in your paypal account.
Once the withdrawal request is made you need to wait for 5-7 business days for the transaction to be completed. This is a very good option because you dont need to wait for more than a month for withdrawing via check which again you need to deposit in the bank and again wait for clearance.
Thanks for the ifsi list.
I was searching for the same.
And thanks for a nice tutorial with pics
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i know it.Thanx for posting.
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now that net banking and online transfer of funds is freely available and is accomplished in just a couple of hours, why should we continue to use paypal services? can you guide us?
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@n. anjaneya murthy, The international banks and clients from U.S. and U.K. still can not send the funds directly to your local bank accounts, and so this 3rd party site Paypal helps in those transactions.
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I guess there are many portals, infact top notch banks are offering services where you can transfer funds to India. One is http://remit2india.com. Similarly ICICI, HDFC and other banks are also offering the services with a very minimal cost. You can directly transfer funds from any international bank to any indian bank with ease. How is Paypal different?
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[...] are reports all over the web that the Paypal to Bank withdrawals which were made between Feb 19 to Feb 24 are being delayed and not being processed in the Indian [...]
[...] Indian Paypal users are in search for the IFSC Codes which is required when they are trying to Withdraw funds to their Bank Accounts. Paypal uses the National Electronic Funds Transfer (NEFT) system for Funds [...]
This same withdrawal feature in Paypal during the bank account adding process, the BANK NAME field is a drop down box, where only certain banks name are available. But now This BANK NAME field is a text field, wherein we need to enter the name of the bank.
Does this mean that Paypal now is allowing all banks in India to withdraw?? Please clarify..
regards
Sri Hari
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Thanks for this great info. At least now I dont have to use my friends US Bank.
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Hey!
Paypal has reversed my transaction twice.. and the second time, although they have said they have taken 350rs as the fee, they have removed 22$ from my balance..
How do I get this issue addressed? also, I am unable to change my paypal account name to match my bank?
Thanks
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