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Tutorial to Withdraw Funds to Bank Account from Paypal

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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

Paypal Withdrawal Bank AccountIn 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.

Paypal Withdraw Bank India FundsThen 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.

About

My name is Amit Bhawani and here I like to share my internet/tech experience with my online readers. You can follow me on Twitter, Facebook & Instagram at @AmitBhawani I am also the Editor-in-Chief of PhoneRadar & Master Gadgets

Comments

  1. Thanks for the ifsi list.
    I was searching for the same.

    And thanks for a nice tutorial with pics 🙂

  3. 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?

  4. @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.

  5. 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?

  6. 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

  8. 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

  10. Der Amit,

    I am a senior citizen and a journalist. I have been sending content material to a website in the US and the person sent me money to my PayPal account which I opened on his suggestion. Initially, the money would be credited by PayPal to my bank account as PayPal had requested.
    After the first few transations, it began in November 2009, PayPal asked me to upgrade my withdrawal limits by withdrawing through my credit card. I did as they asked and got my confirmation from my bank.
    Then, the money deposited to my accoutn was suddenly reversed back to the PayPal account and money was charged for the reversal. My client tried to withdraw the deposit and pay me through another channel but they would not let him withdraw the money either.
    Then PayPal informed me that access to my account has been restricted unless upgrade my account information and also enter logos from my website. I upgraded my account information several times but I do not have any logo or website to send them. When I type these questions they cannot provide any answer and send me a mandatory reply about looking into the matter within 24-72 hours.
    Right now, I have an amount of $740.85 USD stuck in my PayPal account. I have heard that the RBI has entered into an agreement to allow Indian account holders of PayPal to withdraw their money lying with Paypal.What do I do now to get my money back? I am 66-years old and am surviving only through my writing assignments on a freelance basis. PLEASE HELP!

    • I would recommend you to discuss with Paypal support team on Phone through Skype. They would atleast offer you a option to withdraw the money you have in your account, since thats the only option. Another option is trying to send the funds to another known account if thats allowed.

  11. Presently I don’t have a bank account i would like to open one soon.
    I want to no what kind of account i should open in order to make online transaction.
    I would also use paypal. Is linking the credit card to the paypal safe?
    And i heard that if we link credit card and our account both then there is always a chance that we will be charged on the credit card as well as the bank account should we make a transaction online. This is what i found from a yahoo answerer

    “I have a PayPal account. I use it for many online purchases. They ask you for a bank account number. Apparently you want to use only a bank account number. This is possible but I have no desire to use that method of payment so I took that information away from them.

    I use only my business credit card to pay for purchases. If they have a bank account they will take part of the balance and charge it to the bank account and the rest they charge to your credit card. It makes a nightmare out of bookkeeping for me. When I first had the account I gave them my credit card number and my checking account number for my bank. I thought it was required – there was some warning associated with them not having your checking account information. After thinking I had charged an item purchased online I thought it would be charged to my credit card only. That was not so. I then went in to PayPal and got hold of a person and had my banking account information removed. Now I only get charges on my credit card when I make charges. I have a PayPal account. I use it for many online purchases. They ask you for a bank account number. Apparently you want to use only a bank account number. This is possible but I have no desire to use that method of payment so I took that information away from them.

    I use only my business credit card to pay for purchases. If they have a bank account they will take part of the balance and charge it to the bank account and the rest they charge to your credit card. It makes a nightmare out of bookkeeping for me. When I first had the account I gave them my credit card number and my checking account number for my bank. I thought it was required – there was some warning associated with them not having your checking account information. After thinking I had charged an item purchased online I thought it would be charged to my credit card only. That was not so. I then went in to PayPal and got hold of a person and had my banking account information removed. Now I only get charges on my credit card when I make charges.

  12. Tutorial to Withdraw Funds to Bank Account from Paypal is very good post for all…….I like it very much……
    I would advocate you to talk about with Paypal support team on Phone through Skype. They would atleast offer you a option to take out the money you have in your description, since thats the only option. Another alternative is trying to send the finances to another known description if thats permissible…..