I went through your blog to read up on paypal procedures and was impressed with the detailed instructions to do so.
I have some small questions about procedures involved in linking and confirming my debit card, and in linking my bank account. I’m fairly sure you have been through the same situations as me and you have successfully linked your account and your card, so you could offer my accurate advice on how to handle things.
- I would like to ask is about linking and confirming the card (It is a VISA compatible card). I have entered my debit card’s number accurately along with the CVV and billing address. When I clicked on “Save and Continue” it said that I will be charged $1.95 on my card. I have to refer to my billing statements for that month, lookup paypal’s transaction and not down some 4-digit code, which I will need to confirm my card, and also verify my paypal account. Two days later I checked the account to see that Rs.2 was mysteriously missing from my account (instead of $2 lol). I think it might be paypal’s transaction and I’ll go through the card’s billing statement soon, but I dont understand how paypal could have confused $2 with Rs.2.
- Another thing is about linking bank accounts. I have obtained my bank’s IFSC code and entered it, but it asks me for my account number. What number should I enter?
* The long 18-19 digit number which is printed on receipts from an ATM?
* Just the simple account number on my passbook?
* Some longer number? (the bank account number field in that form accepts 30 digits)
Let’s assume that I do successfully link my bank account. Is there any way for me to confirm that it is MY account which has been linked to my paypal account? Any way to view the details of the linked account through paypal?
- To withdraw funds to my card/bank account, do I have to convert the funds from USD to INR myself or will paypal do it automatically?
- In order to “Add funds” (from my card) and to send money, do I have to confirm my card and verify my paypal account?
Hi, thanks for reading our tech blog, here are the answers to your questions in detail. First of all you asked me about the Verification of your Paypal account. For this you need to get a VISA Credit Card and enter the 16 Digit Number along with the Debit Card or Credit Card Holder’s billing address and the CVV Security Code. Once you have entered this information, Paypal.com would debit your Credit Card with a 1.95$ refundable charge. This is done to verify that you are actually the real holder of the CC and on the billing statement you would find a 4 digit code which should be entered in your Paypal account for completing the verification process. Once the verification is completed, paypal would refund the 1.95$ verification fees back to your Credit Card and you would have a confirmed account.
Its recommended to use a Credit Card which has Online Statements feature because this way you can quickly check the statement and get the 4 digit code for completing the verification process. Your account was charged with 2Rs instead of 1.95$ would have been some kind of error because they cannot get confused 2$ with 2Rs as the charges are actually 1.95$, hence this can be some other charges and you need to try the whole process again to get the 4 Digit Code.
Next regarding the Bank Account Linking for Withdrawing Funds to Bank Account , you will need to find the IFSC Code which is different for every bank and every branch. You will be asked for your Bank Account Number which would be like – A total digits number which is a Online Bank Account because only Bank Accounts which have NEFT ie Online Funds Transfer can only be used to transfer funds, hence don’t try to add Bank Accounts of Banks which are like Co-operative Banks or small non-online Bank Accounts. Just check your Bank Account’s PassBook and you will find your Bank Account number and avoid the number on the ATM because in that case you may get confused sometimes with your transaction number too. Make sure you correctly Enter your Bank Account number if not whenever the payment fails, there are chances that your money would get transferred into someone’s account or else the funds transfer transaction would be cancelled and you would even get charged with a 250Rs fees. Once you complete entering all the details its recommended that you go for a very small amount withdrawal in the first transaction because in this case you are on the safe side and the cost is just 50Rs for a transaction with less than 7000Rs withdrawal, so go for a 200-500Rs withdrawal and once this goes successful go for a larger amount.
Regarding the Funds withdrawal you cannot do anything because Paypal offers you with a USD conversion rates which are calculated by them and you cannot do anything with that. Generally the USD rates are 2.5%+ lower than the actual current $ rates and this is because of the international inter-countries funds transfer charges.
Once you have confirmed your Paypal Account after linking your Credit Card with it, its totally verified and you can send funds to anyone through your Paypal account and the money would be debited towards your Credit Card. So you dont have to worry about Adding Funds because if you have got good funds limits in your Credit Card then the funds would be automatically debited to it and you can use the money to send it to someone.
Hope all the above answers can help you out, though if you still have got more questions, feel free to ask them using the below comment form.