Paypal just offered another excellent feature to become a leading payment processor in india by adding directly funds withdrawal option in indian banks which previously was just limited to US banks. Currently only 2 countries ie US and India are allowed to use this feature as far as i know from the withdrawal page of paypal.
I didnt expect them to launch this service nearby soon which is the reason i already withdraw around 16k$ this month from paypal via secure check service which was their older service and i can expect that check to come via post at my place by next month end 🙁 , and this new service credits the funds in most reputed private banks within 5-7 business days which saves every paypal user’s time.
The service costs the following to paypal users :
Free >for 7,000.00 INR or more
50.00 INR > for 6,999.99 INR or less [Approx 1.4USD Fees]
To get started using this feature you need to first Add your bank account to your paypal account, which needs the following information :
The safety and security of your bank account information is protected by PayPal. We will never reveal your financial information, and PayPal will notify you by email whenever you initiate a transaction with this bank account.
Your bank account in India must be able to receive payments in India Rupees.
Please enter your name exactly as it appears on your bank account. If the names do not match, your payment will be returned and a return fee will be charged.
Bank name: Select your Bank Name from the Drop Down List
IFSC: Read the posts end to understand IFSC Source for Codes List
Account number: Your Banks Account Number
Re-enter account number: Your Banks Account Number
Indian Financial System Code (IFSC) : The Indian Financial System Code (IFSC) is an alpha-numeric code designed to uniquely identify bank branches in India. This is an 11 -digit code with the first four characters representing the bank code, the next character is a control character, and the last 6 characters identify the branch.
The Reserve Bank of India publishes the IFSC and MICR codes, but only IFSC codes should be used. Please contact your bank in India for this code.
Also dont forget to read other excellent features which were launched recently :
Paypal Increases Monthly Withdrawal Limits to 20000$
Withdraw Funds to Your Visa Card PayPals New Feature
Paypal Withdraw Funds to Card Works
Dont forget to let everyone know about your personal experience with these new features!