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

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

Originally Posted by pathiks

@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]

Originally Posted by pathiks

@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

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!

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 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 - and when your branch is located, it will show the IFSC code too.

FOR ICICI - This link - 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]

Originally Posted by 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.

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 accounts.

Do check this:

http://jagannath.net.in/2007/11/01/p...s-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

[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.jagann...98592559014370

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