Hi Amit , i have money in Paypal inform of $(dollar), and i want to transfer that money in my bank account so what i have to do? How can i convert USD$ into Indian Rs? – Mohan
In order to answer this question first of all you need to let me know with the type of paypal account you hold , because paypal offers different options based on account type. Anyway since you are looking for the Indian Rupees Conversion Rates and withdrawal the services are all accounts is same.
If you check out the Paypal.com User Account Area , under withdraw you will be finding 3 different modes of withdrawal ie –
Withdraw funds to your bank account
Request a check from PayPal
Withdraw funds to your card
1. Withdraw Funds to your Bank Account – This seems to be one of the best ways to withdraw money to your bank account. The funds are normally transferred to us within 4-6 business days and there are no withdrawal charges unless you withdraw less than 7000Rs at a time and get charged only 50Rs withdrawal fees. In this system you need to Add a Account of your Bank which is able to recieve payments in Indian Rupees. Read here on how to withdraw funds to bank account. There were recently some paypal withdrawal problems, hence you need to make sure you read different blogs or forums before making a withdrawal. You need to enter IFSC code while adding your Bank Account details for payment withdrawal.
2. Request a check from PayPal – This is the first funds withdrawal option from paypal.com and under this option Paypal converts all your money to your Local Currency ie Indian Rupees and sends you as a check, but make a note that you will be charged 5$ withdrawal feeds and atleasy 4-6 days processing time would be needed. Even after this since the checks are sent through Local Posts in India it takes from 15-25days to recieve and you will have to wait a long time for getting the money in your hands in the form of a Bank Check issued on the Account Holders name.
3. Withdraw funds to your card – This is a nice option useful for people who want to pay their Credit Card bills directly through the Paypal funds, because once you withdraw money using this option you will be first paying 5$ as withdrawal fees after which the money is converted and sent to your account as a Credit Amount, hence all your debit balances in your CC account can be easily paid off though this option.
If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction.
Paypal Withdrawal Conversion Rates are same in any type of withdrawal you make and on all these withdrawal pages you will find a link to Currency Converter , which when clicked will show you a small conversion box to check out the current USD to INR conversion rates.
All the Payment Withdrawals include a 2.5% Exchange Rate fees which is automatically decreased while you check the currency conversion rates which is the reason you would normally find the Indian Rupees converted amount a bit less than the actual conversion rate in the market.
Hi amit thank you so much to give me a this helpfull information. I am happy that you publised this post once agin thanks,
take care
mohan desai
If we transfer money directly to our bank account, then Paypal automatically converts the money and than show you actual amount which we are going to receive. Also I t deducts Rs.50 as transaction fee if the amount is less than 6999.
Thanks Amit that was really useful, i was searching for this long time
can anyone please confirm if this method works with unverified(not added credit card yet) paypal accounts ?
Conversion charge usually is not more than 2.5% but Paypal charges around 3.6%. For instance, If actual exchange rate is 1USD = 49 INR then paypal will convert it @ 47.2 INR. This means you loose 1.1% over actual conversion rate when you withdraw through paypal. Eg. For every $2000 withdrawl from paypal you’ll loose Rs 1150 which is really unfair.
Dear Amit
May I know your contact/phone number
Thanks
Basil
But getting an exchanger would be much better
hi amita, thanks for the nice information. mentioning of pan details is must before withdrawal of funds? can we pay our foreign us dollar bills directly from paypal credits instead of withdrwing the funds?
Hi Amit,
Thanks for the information
I am searching this only.I see a lot of difference in the actual currency rates and the rates are offered by pay-pal.Now I know the answer to this with help of this article.
By default pay-pal charges 2.5% to any withdrawal.
Thanks
Hi !
Today, when I checked my PayPal account, I found that there are no fees for Cheque Withdrawal. It shows $0.00 for cheque withdrawal fee.
I want to transfer money to my alert pay account please help
@mahesh – there are no fees for check withdrawal and neither are there fees for bank transfer (provided u withdraw more than 7000rs) but you lose money in their conversion rates! paypal conversion rate is usually 2- 3 rs lesser than standard rupee conversion rate going at that time. Cant help it!
Hi,
Is a PAN card number required while withdraing to Bank account?
Hi Amit,
The problem I am facing is that, while checking for the conversion rate, I do not find Indian Rupee in the drop down. Do you know what can be the reason?
yes, PAN card is required if u wish to withdraw funds to your bank account. and from 1st march 2011, in india, it is compulsory to withdraw the funds within a week of credit. the credit amount cannot be used for paying / buying another goods.
Actually i have a Paypal account in South Africa. Now Iam in Hyderabad, now i want to transfer that money to Indian Rupees. Please reply me the clear Process to convert my money in to Indian Currency.
Hi
I am anirban From Kolkata actually i have some dollar in my paypal account so i want to transfer these amount to my bank account so my question is while i withdrew money from paypal then will pypal exchange money aromatically to Indian rupees