Finally - Withdraw Paypal fund to Indian Banks - Yes, legal way

[din]

After years of waiting, yes, the dream came true !!!

Great news.

Withdraw Paypal fund to Indian Banks now.

Source (http://pages.ebay.in/paypal%5Fbankaccount)

In just a few easy steps, you can add your Indian bank account to your PayPal account in order to conveniently withdraw your money.

Login to your PayPal account.
Click the 'Profile' subtab on the Account Overview page.
Click the 'Bank Accounts' link in the Financial Information column.
Click Add.
Fill out the Add Bank Account form.
Click 'Add Bank Account'.
You are now able to withdraw funds from your PayPal account to this bank account.

Which bank can I use to withdraw my money?

State Bank of India , Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, UTI Bank, Standard Chartered Bank, HSBC, Citibank are the participating banks.

How long does it take to receive funds to reach my bank account?

It takes 5-7 business days, but may take more time, depending on your bank's policies.

Are there any minimum or maximum withdrawal amounts?

No, there are no minimum withdrawal amounts or maximum withdrawal amounts. However, a non-verified PayPal members can only withdraw US$500 per month.

How much does it cost?

For withdrawal amounts of more than 7,000 Rupees are free. For withdrawal amounts of less then 7,000 Rupees, there will be a fee of 50 Rupees.

Please note that some banks charge their customers a fee for electronic funds transfers. PayPal can make no assurances that you will not be charged by your bank. Please ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.

EDIT

I was not 100% sure when I posted the news ! So I logged into an Indian paypal account just now and I see it there :) So it is confirmed now. All banks mentioned will be listed in the dropdown. We can select the bank and add the bank account. Really a happy news.

[Third Eye]

Thanks din for the info. :)

[Gigacore]

thanks for the info buddy... :)

[preshit.net]

Damn :( I just ordered a cheque 5 days back :((

[Pathik]

@din wat was the earlier illegal way???

[CadCrazy]

Thats very good. I too got mail regarding this

@din wat was the earlier illegal way???
I think that was e check

[amitava82]

Rs.50 fees for less than 7000 is too much.. One can pay using online banking for free, or credit card. I guess its the fees that actually goes to the Bank. otherwise Paypal wont take any charges..

[navjotjsingh]

@din wat was the earlier illegal way???

Xoom.

Damn...I don't have any account in those 10 banks. :(

[Pathik]

@navjot yup i know about xoom but y was it illegal???

[navjotjsingh]

Don't know but according to some govt policies and regulations, Xoom's method is officially illegal.

[appu]

kool man....its now easier to witdraw money from paypal for users like us[indians].

[a_k_s_h_a_y]

that's really cool..!!

and can i transfer money from my SBI account to pay pal ??

[navjotjsingh]

Only if you have a SBI Credit Card. Payment can only be deposited in paypal via credit cards.

[blackpearl]

What about SBI debit cards? Can't they deposit to debit cards?
And why doesn't Adsense implement direct transfer to bank a/c too? Sending checks is soooooo old fashioned.

[din]

@navjotjsingh

ICICI or HDFC may need a min balance of 5K to start account (and maintain too). But SBI, you need only Rs.750 min balance. So it worth even opening a new account for this.

@blackpearl

Withdrawing to Visa debit cards - option is already there.

Read more at the link below

Withdraw Paypal Funds to Your Visa® Card (http://pages.ebay.com.sg/sea/paypal/withdraw.html)

From that page ....

We’re pleased to announce the launch of a new withdrawal feature, allowing you to transfer funds from your PayPal account to your Visa® branded credit, debit or prepaid card. This new feature will enable you to gain convenient access to your funds and is available in 26 countries, including Malaysia, India, Indonesia and the Philippines.

Important:You’ll need to be a verified PayPal member to use the new withdrawal feature

[tuxfan]

Where's the thank you button? DAMN! Digit has installed the thank you mod! :p

Thanks din for the update. You were kind enough to send the link even in yahoo messenger :)

[Charan]

Great.. Now purchasing online will be even more easy and secure :) . Thanks for the post din :)

[din]

Have a look at this link (http://www.idrbt.ac.in/index_fromsm.html?ifsc_directory.html?infinet) for IFSC codes of banks which is needed in paypal account. I am not sure whether this list is latest, but have a look.

For SBI - Click Here (http://www.sbi.co.in/branchlocator.jsp) - and when your branch is located, it will show the IFSC code too.

FOR ICICI - This link (http://ebusiness.icicibank.com/imarkets/products/tb/Banks%20enabled%20for%20Customer%20Payment%20throu gh%20RTGS.xls) - It is a 6 MB Excel file with IFSC code and branch details

For HDFC and IDBI - already printed in the cheque books I think.

Will try to get other banks IFSC codes and will keep you updated.

[a_k_s_h_a_y]

Some One Please Help

how do i put money into my paypal account so that i can buy stuff online

i just have a SBI Internet banking account also SBI Savings back account and SBI debit card

[din]

SBI net banking / ATM / Debit card will not be of much use to deposit money. You may need a credit card. Or need someone to send fund to your paypal account from their paypal account / credit card.

[a_k_s_h_a_y]

SBI net banking / ATM / Debit card will not be of much use to deposit money. You may need a credit card. Or need someone to send fund to your paypal account from their paypal account / credit card.

oh dats sad...

will a SBI visa basic credit card work ?? or do i need an international card ?

[din]

I think you will need an international card. One of my friend had a credit card from Canara Bank - it was written - Use only in India and Nepal - that didn't work for Paypal.

May be international cards share some info, so while we add it in paypal, paypal can check whether it is correct etc.

[alsiladka]

Cool, now only thing remaining is where to get the money into paypal from ;)

[naveen_reloaded]

Can i transfer money from my debit card to paypal?
Please help!

[Abhishek Dwivedi]

hmm...cool info....i too got da mail frm dem...

[DigitalDude]

I too got an email today and immediately added my two accounts.
I have written a post about this in my blog with details and screenshots. Do check. Read Here (http://jagannath.net.in/2007/11/01/paypal-now-enables-funds-withdrawal-to-bank-accounts-in-india-details-screenshots/)

[mad1231moody]

Now one problem here. I don't have a bank account, but my bro has one with citibank. The add account page says that put the exact name as in ur bank account. So what should I do. As the bank account is on my bros name.Help out

[din]

Paypal will ask you to add your credit card and your bank account. So if they are not in your name, you can't add it.

If both are in name of your bro, you will have to start a new paypal account in ur bro's name.

[mad1231moody]

Then i will have to transfer the money to my bro's paypal account, and then withdraw right. But are there any charges for PP to PP. And I think then I will use my bro's account primarily and get it verified with my bro's credit card.Reply:o

[DigitalDude]

There is an option to change the first name.. the only thing you cant change is the last name. I have been using my mother's credit card as obviously the last names are same

http://picasaweb.google.com/a.jagannath/PayPal/photo?authkey=K4h9bRyhYSs#5127898592559014370

so i dont think you should have any problem using your brothers credit card/bank account. do try and tell

[mad1231moody]

Well thanks for the idea dude. Will check it out. But whats the rate of PP to PP

[DigitalDude]

^^^
no fees for sending... for receiving check here: https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-fees-outside

[din]

Oh yes, forgot that option. You can change the name and can use the CC. Try that option as suggested by DigitalDude.

[mad1231moody]

Hey the problem is that my bro is my cousin brother. So his surname is different.So only changing the name will not suffice ;-). So all I want to know is that when I transfer the money to a new account of my bro then how much the charge will be , to me or to my bro's account . How much. The link given above says it is free. So please verify

[navjotjsingh]

Its free...sending money from paypal to paypal is free. But if your bro got a premier paypal account, fees will be deducted from money received at bro's end.

[hmmmmmmmmmmmmm]

if u guyzz need paypal $ give me indian cash i wil send u $ frm my indian verified pp

thank you,.

[mad1231moody]

Hey if I create a personal account of my bro and verify it and then transfer the money then there will be no charges on both the ends, receiving and sending!!!
So that is great. I will do that right away

[navjotjsingh]

Yup. No Charges then.

[mad1231moody]

Thank you the transaction is done !!

[amey_dude]

i opened a new account in paypal. The primary currency i selected is US $. So when i tranfer my money from my creditcard to paypal...will it be converted from INR to USD ?? also when i withdraw money from it will i get INR or USD in my bank account ?? Also how to tranfer money into the paypal acc using the credit card ??

[DigitalDude]

...will it be converted from INR to USD ??
yes

also when i withdraw money from it will i get INR or USD in my bank account ??
it will be converted from US$ to INR.. so it will be INR in your bank account

Also how to tranfer money into the paypal acc using the credit card ??
after logging to your paypal account.. in your 'Profile' menu click 'Add or Edit Credit Card' after you have added your credit card, paypal will charge a small amount to your credit card and it will appear in your credit card statement with a small code.. after you received your cc statement you have to enter that code into the paypal account to confirm your credit card ( if you have the facility to check your statement online you can do this immediately). then paypal will credit that small amount back to your paypal account...

now if you purchase something online and it accepts paypal, you can login to your paypal account and use your creditcard as a funding source to pay in the transaction

but you cant just simply add funds to your paypal account from the credit card without a transaction...

[amey_dude]

@DigitalDude Thank you very much....

[hmmmmmmmmmmmmm]

Can we add same bank account in 2 paypal accounts with same name, any idea?

[DigitalDude]

^^^
according to Paypal TOS, you can have two accounts provided the two are different types (for eg: personal & premier, personal & business, premier & business .. etc) but not two accounts of the same type.

and you can't add the same bank account to both of the accounts you own.


additional info:

and if you dont use a paypal account and want to close it, please first delete the bank account info and credit card info and then delete your paypal account. bcos if you later open a new account, and add the same bank details you would not be able to add it as it will be still attached to your previous paypal account.

[hmmmmmmmmmmmmm]

^^^
according to Paypal TOS, you can have two accounts provided the two are different types (for eg: personal & premier, personal & business, premier & business .. etc) but not two accounts of the same type.

and you can't add the same bank account to both of the accounts you own.


additional info:

and if you dont use a paypal account and want to close it, please first delete the bank account info and credit card info and then delete your paypal account. bcos if you later open a new account, and add the same bank details you would not be able to add it as it will be still attached to your previous paypal account.


tanxx for info...

[shyamno]

Which credit card is best to be used for verifying in Paypal ?

Also can anyone give some details of the minimum amount to be kept inorder to create a new bank account in different banks ??? Which bank offers the minimum ...other than SBI ???

[ravi_9793]

Which credit card is best to be used for verifying in Paypal ?

you can use any...Try to get 1 which has minimum charges.



Also can anyone give some details of the minimum amount to be kept inorder to create a new bank account in different banks ??? Which bank offers the minimum ...other than SBI ???
PNB offer zero balance saving bank account.

[shyamno]

you can use any...Try to get 1 which has minimum charges.

Can you name some of those minimum charges CC ??Is there any CC which offers minimum credit for the card ?Usually what is the minimum credit for a CC ?

PNB offer zero balance saving bank account.
I don't think Paypal supports PNB does it ???

I don't have any idea about the functions of CC so asking some silly questions...so please reply..

[hmmmmmmmmmmmmm]

can paypal will be verified wit ICICI Debit card ??

[preshit.net]

^^ No

[din]

Which credit card is best to be used for verifying in Paypal ?

There is nothing like that. You can add any CC thats accepted by Paypal. Paypal is a rputed company and they will not misuse your CC or CC details.

Can you name some of those minimum charges CC ??Is there any CC which offers minimum credit for the card ?Usually what is the minimum credit for a CC ?


Most of the CC now offer annual / renewal charges free. There may be some hidden charges, so ask for all including minute details when you apply for a CC

Regarding the credi limit - That is not a fixed amount. The Bank or agency which give you CC will decide the credit limit based on many facotrs - like your salary / income / whether you can pay correctly etc. And they increase the credit limits by time to time. Very similar to the increase in credit limit in post paid mobile phone connection.

[preshit.net]

There is nothing like that. You can add any CC thats accepted by Paypal. Paypal is a rputed company and they will not misuse your CC or CC details.

Totally agree.

[din]

I don't think Paypal supports PNB does it ???

Read the first post in thread for the list of banks supported by Paypal - if you meant the paypal fund withdrawal to banks.


Also can anyone give some details of the minimum amount to be kept inorder to create a new bank account in different banks ??? Which bank offers the minimum ...other than SBI ???

For most of the new generation banks - HDFC, ICICI, IDBI, Kotak - the min balance is Rs.5000

Many banks offer something called - No Frills Account- where there is no need to keep min balance and some even give ATM / Debit card for such accounts. SBI is an example. Please check with your nearest branch for the same.

[blackpearl]

What about SBI credit cards? Does paypal support that?

[preshit.net]

All ( Most ) CCs are supported. Debit Cards are not.

[sivarap]

when u transact in $s there is a charge of 3% in most of the cc. please confirm.

I've never used paypal...what is it used for? hoe is it better than using credit card itself?

[din]

Paypal is an online payment system to send and receive cash.

Checkout www.paypal.com for more details

And yes, in most cases using paypal is better and more secure than using credit card.

[shyamno]

If I apply a CC from my father's card as a Addon Card ..can I use it to get verified in paypal....as i am not eligible for CC directly.

[preshit.net]

Yes, you can use the addon card to verify the paypal provided it is not barred from online usage.

[shyamno]

....How can I know..if it can be used for online usage or not....

Customer Care ??

[preshit.net]

It cannot be used if your dad ( the parent card holder ) specifically bars it from online usage.
By default, all addon cards are accepted online.

P.S: I've even answered your query in CHIP :)

[shyamno]

....another query.....

If I add a CC and it gets expired by a month or so...do I need to add another one ..and will it be causing my account to be limited....

And also...can i remove CC after getting verified....?????

As I have heard in some other forums that one do not need to keep a VCC(so asking about CC) attached to their account once verified..

[din]

@shyamno

I am lil confused on this. I remember last time I had to re-enter the CC number (it was same after renewal) in Paypal when it expired. But this time there was no reminder or anything to re-enter the CC details. May be they changed their policy ? Sorry, not sure.

[~Phenom~]

I am new to paypal. Wanna make an account there, which type of paypal account should I make ? peronal , premier or business???? and can we change the type of account later ???
what things/precautions should I know before I make an account there ????

[Sukhdeep Singh]

Paypal Accounts Comparision
https://www.paypal.com/us/cgi-bin/webscr?cmd=xpt/cps/general/PayPalAccountTypes-outside

Most likely, you should be fine with Personal Account. Yes, you can upgrade to Premier/Personal Account later :)

[~Phenom~]

^^Thanx sukhdeep, and what things/precautions should I know before I make an account there ???? and while using paypal ???
I am planning to verify my paypal account by my standard chartered bank debit card.
I am bit skeptical as I have never done any online transaction before. except that giftmate thing. hehe.

[Sukhdeep Singh]

No Precautions, Paypal is Simple and Easy just like your Email Account :) unless you fall for any phishing mail or stuff like that :)

As for verifying using standard chartered bank debit card, i am afraid you wont be able to :( Paypal for some reason doesnt accept Indian Debit Cards even if they are "international"

[~Phenom~]

^^ok. Thanx bhai. :-)

[mns.saraf]

do anyone know ifsc code of ing vysya bank ???:confused:

[ravi_9793]

^^ok. Thanx bhai. :-)
A easy methos to verify paypal is via virtual credit card.

[~Phenom~]

A easy methos to verify paypal is via virtual credit card.I know u can do it for me using your VCC but how will I pay you ?? My standard chartered bank account has just Rs.11/- left. lol:p

[ravi_9793]

I know u can do it for me using your VCC but how will I pay you ?? My standard chartered bank account has just Rs.11/- left. lol:p

I cant talk here.Forum rules.
take my yahoo ID from my profile..we can talk there.

[DigitalDude]

I know u can do it for me using your VCC but how will I pay you ?? My standard chartered bank account has just Rs.11/- left. lol:p


hahah are you on a salary account ?? :D

[~Phenom~]

^^yes, How do u know ??http://gigasmilies.googlepages.com/39.gif

[DigitalDude]

^^^^

even I was in the same situation a few times hehe :D so just a guess

[shyamno]

Do all the banks and their branches have IFSC code....??

Few days back I opened an SBI ac and now when I asked them their IFSC code..they haven't heard any such things...even the bank manager can't do any thing ......

What should I do ???

[mad1231moody]

Strange that even the bank manager doesn't knows the IFSC code lol.
Surely every bank has an IFSC code and SBI surely does. Call their toll free number and ask for it. I do the same for my bro's citibank account.

[din]

@shyamno

Go to page 1 of this thread. Read post #18. That may help.

[shyamno]

@din
I have checked there ..and i also found out my branch but the surprising thing is that the IFSC field is blank....

May be my branch doen't support that feature of money trasnfer,can this be the prob ???

[din]

Mostly all branches of SBI should have that code. But I am not 100% sure. Anyway which is your branch ? Please post the name, place and branch code here, I will give a try.

Offtopic : WOW post number 1000. I am really getting old ;)

[Ankur Gupta]

@shyamno (http://www.thinkdigit.com/forum/member.php?u=7655) vbmenu_register("postmenu_740110", true);
http://www.rbi.org.in/scripts/neft.aspx
Get the list of IFSC codes in the list of NEFT enabled branches.

[shyamno]

..finally got it...from that list....thanks...