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.
Country: INDIA
Bank name: Select your Bank Name from the Drop Down List
IFSC: Read the posts end to understand IFSC Source for Codes List
Example: ALLA0123456
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.
Once you fill all the options you need to review and complete the transaction and you are done.
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!
hey, this is gr8 news, lol, came to know about this from here now…thanks..this looks like a gr8 addition for indians from paypal.
Good news coming up for Indians. 🙂
But the revenue sources are decreasing due to Google’s policies. 🙁
That is really a good new for Indians. Nice review Amit.
@Meet – What has paypal to do with google policies?
Excellent.. This is the first time i will be withdrawing from paypal and which will come directly yo my bank a/c It sounds really SUPER DUPER COOL!!!
Great and excellent news for all Indians. Excellent update.
Thanks
wow this is realy great features.. google should start same service asap
Amit, does this mean that we can get verified by just adding the bank account and we dont need to add credit card now?
Now if only google follows and starts the Western Union payment!
I dont think this feature can be used to activate your new paypal account, since this option comes up when you go to the withdraw funds option only.
This is really a great new for all Indian paypal users.
Wheer can i find IFSC no for ICICI(hyd)?
just visit http://www.rbi.org website for IFSC code…
This is really great News, Now I don’t see paying Xoom for getting money to India.
@Paramjeet: You can find IFSC code behind a cheque leaf and on the cheque book. Also here is a list of IFSC code for almost all Indian bank branches. But its always good to confirm the IFSC code from the bank branch.
Nice feature that Paypal launched. I hope they launch Debit Cards in India soon.
Can one make a Paypal withdrawal to Indian Bank with Unverified Paypal account?
Thanks for an informative post
I have already provided the link to the IFSC code website and the answer to pratik is i guess you can withdraw from a unverified account, though i cannot check out and confirm since my account is a premier verified account, you can yourself login to your account and check out!
I am so happy now! Paypal loves India!
We won’t have to wait for weeks and months anymore!
But one sad news for us – Google adsense did not support western union money transfer payment method in india but did so in Pakistan….
Answer To Queries
Paypal unverified acc. can withdraw but after u withdraw till limit or after a no. of transactions your paypal will get limited and you loose all the money so be verified using a VCC or some one’s cc.
Bank can not be used to add funds and verify paypal.
Adsense does support Western Union Money transfer in Pakistan but not in india.
@ Blogging tips
1.You wont lose any money in paypal… if u r unverified then after certain transactions they just freeze your account and not take all money… which upon verification they give access to all your money and this is just in the interest of the safety and legal guidelines..
2.You can use VCC to verify the paypal account but cant use “some one’s cc” if u use then also u get verified but not for long 🙂 as i have experienced it… I verified my account through a add on card which had same card number as of primary card whose owner is my father and PP a/c was in my name and they freezed my account again asking proof of ownership of card and ID proof… So better is VCC or ones own Credit Card 🙂
Abhishek Daaga’s last blog post..World Bank Web Site Hacked
i even donot own a creditcard yet but i’ll take one next yr. after joining wipro…cc is not a habbit here…
blogging tips’s last blog post..Get Advertisements Worth $1000 In Adwords Free Using Coupons: See Your Site Appear As Ads In Google & Other Sites
@ blogging tips
Let CC be a habit or not… but if u dont know the proper information why do u say ??? Just saying as people come here presuming they get trusted content here 🙂 and if they see this and use some other’s CC then they might get into trouble na ?? So comment on a unknown topic is always dangerous :-s
Abhishek Daaga’s last blog post..World Bank Web Site Hacked
i have withdrawn through my SBI a/c, in Nov`07. the monthly withdrawal limit for unverified a/c is $500, but it is not allowing any furgher withdraw in DEC`07. I have withdrawn around &$600 so far, far less than the limit $3000/-
Hi arabinda, I just wanna confirm whether you can withdraw to SBI? becoz I added hdfc and it never worked. Please let me know at the earlist so that I can open an account in SBI and proceed. I have Indian verified Paypal account
Do we have to get registered with RBI or so to get paid by GOOGLE/Kindly provide the detail in both cases when payment is in name of personal & when it is in company’s name.
One more query do we have to register with RBI to get paid by US DOLLAR checks.
Thank you so much amit,
I have some amount in paypal, but i really dint know that we can transfer our amount to indian bank accounts,
Before i decided to spend that money on buying any thing, but now you really helped me.
It is really a very good news for us.
Hey i just got some cash in paypal.I am an unverified member of paypal.SO my questions are
1)When i deposit directly in my account,will it be in dollars??(because paypal has not given INR as one of its currencies)
2)Secondly how many transfers or how much money can i withdraw until i am unverified
Hello Sir/Madam,
My name is Sumeet Vadnere and having my Website Design Firm and most of my clients are from outside India. I want to know more info regarding how can I receive there money and deposit it into my Indian bank. The amount receive into my account will be in INR or Dollars..?
After getting IFSC code what is next step and how to do transaction.
Looking forward for your positive response.
Thanks and Regards,
Sumeet Vadnere
Hai Guys,
I am unverified member of Paypal account whether I can withdraw funds to my Bank account or Not Please Help Me. and how much limits of unverified members
Regards,
Hall Mittul.,,,,,,,,,,,,
paypal unverified member withdraw limit is 400$ per month or 2000$ per annual…
hi guys,
I withdraw money from paypal but I am not receive money in my bank account .but In paypal payment status is completed .so what I am doing for get money
can I get money or its gone?
How can I create case for the transaction in paypal
I withdraw money from paypal but I am not receive money in my bank account .but In paypal payment status is completed .How to know what is the problems was occur.the money is fraude or it take time to deposit in my bank a/c please help me any one
Hi Buddy, No worries, to which bank did u withdraw? The money will come to ur a/c if it is one of the bank which paypal allows or ur money will return to ur paypal a/c with some deduction. So be cool….
Hi Don’t worry.It could take arnd 7 days to get the money in your bank account.
hi Mohammed
I use SBI bank . I recive money last month but I am not receive money this month.when I saw paypal, payment status was completed but not received.when paypal change the status complted the money deposit in back a/c for last month but this month not deposit money while payment status was done . any one can tell me can i wait 3-4 day or contact to paypal
hi hitesh
when paypal transfer money in my account while status will completed? but this time status was completed but no money deposit.
You have to wait for 7 days.Money will be in your bank account in this period.
Hi All
I received money in my bank account.I am happy…………
Though the question is bit weired, Is that true small retailers are making good amount of sales through their e commerce website useing paypal accounts
$500 withdrawal limit per month if your account is not verified.
Before transfering the money, it gets converted to INR depending on the prevailing exchange rate. Paypal takes a small commission. usually around 2%.
Get your IFSC code from your bank branch where you hold the account. Verify your account by adding your credit card details for unlimited withdrawal.
Money gets cr4edited within 7 working days IF your account details match. otherwise it will be sent back to your paypal account after deducting 250.00 INR and any bank charges. So make sure your details are correct. i screwed up once and lost 250 bucks.. 😉
thats really cool ! ,i just hope google adsense too create facility of directly withdrawing from paypal , so that a lot of time could be saves 🙂
It is really very useful info..Thanks for this post..
Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):
A) Should we trust PayPal in future?
ANS: ABSOLUTELY NO
B) Are they really concerned about our Money?
ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?
C) Is RBI responsible for this?
ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of pure frustrating, destroying trust & spreading chaos.
D) So what does PayPal tell us now?
ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”
D) What now?
ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.
Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.
i have a question about paypal. when withdraw fund in banks by paypal. what to select Purpose of withdrawal for hosting business ?
i sell locally in india and accept payments through paypal in dollars. now paypal has added purpose code for withdrawal of money and transferring it to bank. there is no purpose code for local sales. what do i do? could i be in some trouble as i accepted money in dollars for sales in india?
how can wedrowel my alert pay to my debit card???