Paypal recently announced a excellent feature from their side which was really helpful because this time this feature supported countries like india, where in you can withdraw funds directly from paypal to your Visa/Master Card Debit or Credit cards in 26 countries all over the world including Malaysia, India, Indonesia and the Philippines. You’ll need to be a verified PayPal member to use the new withdrawal feature.
Here are some basic FAQ’s regarding this service.
Q. Will every Visa® credit, debit or prepaid card work?
A. No. Eligibility to withdraw funds to a Visa® credit/debit card may vary based on the issuing banks guidelines and regulations.
Q. How do I determine if my Visa® credit, debit or prepaid card is eligible to withdraw funds?
A. If you already have a card with a Visa® logo added to your account, you’ll need to initiate a withdrawal to determine if your card is withdraw-eligible. Once you initiate a withdrawal, the status will show if it is eligible to withdraw funds.
Also, when you add a card, you can verify if the card is eligible to withdraw funds to by following these steps:
1.Click the ‘Profile’ tab on the Account Overview page.
2.In the Financial Information column, click ‘Credit Cards’.
3.The status will show if it is eligible.
Q. How long does it take to receive funds to my credit, debit, or prepaid card?
A. PayPal completes the transfer in 5-7 working days, but your Visa® card issuer’s policies may affect the processing time and could take longer.
Q. How much does it cost?
A. There is a withdrawal fee of US$5.00 (or local currency equivalent) per transaction. Currency conversion and return fees may also apply.
I instantly tried this service by withdrawing a amount of 500$ from my account and following are the screenshots for the same.
Great post Amit, thanks for sharing.
excellent feature 🙂 thx amit for sharing.
I think paypal should also increase the withdrawal amount per month.
wow superb post ,
well my SBI DEBIT CARD WORKS ? WHat u say?
hmmm
which card u tryied?
byeeee
Excellent feature.
@ Dhruv > We can increase our monthly limit from 2500$/month to 10000$/month, i did this 3 months back by just calling paypal on phone , and asking them to increase the withdrawal limits.
@ hmpargi – No it was a Citibank card i tried first , didnt accept as that was my primard card, then i added another ICICI credit card and it worked.
Do let me know when you get the amount
nice one thanks, for this post amit baba
Nice post Amit.. Thanks for updating this valuable.. Now paypal will rock more than earlier & it is easy as we can spend on our CC & pay the dues from pp a/c 🙂
Thanks for a nice post Amit. Do you know that 2co MasterCard will work or not?
thanks amit now it is easy for us to transfer money to our cc
I instantly tried this service by withdrawing a amount of 500$ from my account and following are the screenshots for the same. — Any update Amit
@ Pankaj – No there is no update yet on from ICICI bank side nor paypal side, i will wait for a week more and then will enquire with paypal executives.
last time i tested a transfer from money bookers and it took over one month to process, since then i have not tried any of these. Actually the problem is, this kind of transfers needs a “written reason” about the money that is coming. but Paypal is not going to do the formality, so the Indian banks delay the transfer, hope you get the money soon….
I’ve received the money. well..at least it shows in the internet banking. just have to figure out HOW I put my hands on the money.
tomorrow will try to go to the bank talk with my account manager and see how i spent the money.
the strange fact is that in the demonstrative in the internet banking it shows like paypal is a currency exchange and the nature of the money, that in brazil we have to prove from where it comes, it shows that the money is a VOUCHER – VISA DOLLAR
Hi Amit,
Are you able to en-cash the same using ATM or it is just the numbers in your account to be utilized just to pay your CC bills?
Great i received the money..paypal is for india…i’m happy
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Paypal will soon be the best payment processor/broker in INDIA… i heard from a trustable source that PAYPAL has huge plans for INDIA that is why other than USA , India is the only country they r providing Bank transfers and they generate huge fees from Indian users 🙂 atlast they understand what Indian potential is
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Yes also if we can addfunds to paypal via banks @india how benifited would be that..indians would stop using credit cards
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Yeah as i told Paypal has serious plans in INDIA so this is just starting 🙂 aage aage dekho hota hai kya… they will introduce many unique thing here… and never less than USA 🙂
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wait karna padge..paypal ke naye naye features dkhne milenge….
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Yeah… there is a proverb “PATIENCE PAYS” .. so here use that and wait… I have full confidence on my country 🙂
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Well, that’s great.
I think it’s similar to 2CO’s system, only that they give Master Cards away…
The bad thing with 2CO is that for each website you need a different account.
Paypal might be simpler, I have to check…
its a great feature…………now it so easy to collect payments from paypal
now it so easy to collect payments from paypal
Wow. Great post again. Thank you so much for this one.
GR8 Ideas, I never saw it quite like that before, do you have more blogs about this?