Withdraw Paypal Funds to Indian Bank Accounts
Posted by Sree Pillai on November 26th, 2007 under category General
Topics: India, PayPal
I use PayPal for aggregating advertisement affiliate revenue from amazon.com, shaadi.com, etc.. It has been difficult to get the money to my bank account in India. Since banks in India were not supporting direct online withdrawal from PayPal, I have been depending on the PayPal cheques. It takes 2-3 weeks for the PayPal cheque to arrive and another week for cashing the cheque to my account. Though I was earning some money online, I was not able to transfer the money to my local account online!
Recently PayPal enabled adding Indian bank account to PayPal account and withdraw money directly to the Indian bank. This helps a lot of people like me, who are earning and living online! 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. It takes about 5 to 7 business days to receive the money in your bank account.
Currently a few selected banks are participating – State Bank of India , Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank, Standard Chartered Bank, HSBC and Citibank. You can have upto 8 bank accounts in PayPal.
In order to add your bank account, you need to know the IFSC code. The IFSC code is 11 digit long, first 4 are alphabet, last 7 are numeric. To get the IFSC code, either call/visit your bank branch or log on to RBI website. The IFSC code is NOT the SWIFT or the MICR code.
Author Email: sree@teck.in
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 purely frustrating, destroying & 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 would to do some home based business,Could you suggest me something
i have 20 $ in my paypal account, how can i tranfer them to my bank account, i am from india,can i do it , or will i have wait until my balance reaches 150$ or so speaking the minimum withdrawal amount. am i wrong.because i will have to wait for many months for that much money in my palpal account, what should i do.
is there a option that first i can convert my dollar in to rupees, and then transfer them to my bank account.you guys might help me, because i is a big problem, what do i do with the dollar in my paypal account
Hi Abhi, I am glad that the article helped you.
This has come as a big surprise. Thanks for this update.