PayPal has introduced its brand new support for Indian banks. You can withdraw money from your PayPal account to approved Indian bank accounts.
Currently, the banks participating with PayPal are State Bank of India, Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis(UTI) Bank, Standard Chartered Bank, HSBC and Citibank.
- There is NO minimum withdrawal.
- Un-verified PayPal members can withdraw only a maximum of $500 per month.
- You will get money in Rupees (INR).
- There is a fee of Rs.50/- for withdrawals LESS than Rs.7000/-.
- There is NO withdrawal fee for withdrawals MORE than Rs. 7000/-.
- It takes around 5 to 7 days for you to receive the money.
To withdraw money to your accounts in any of the banks listed above, you need to add the banks to your PayPal account first.
- Login to your PayPal account or create a new PayPal account if you don't have it yet.
- 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.
What is IFSC Code ?
The IFSC code is 11 digit long, where the first 4 are Alphabet and the last 7 digits are Numeric. It is generally written on your cheque leaf. The IFSC code is NOT the SWIFT or the MICR code. If you use your SWIFT or MICR code you will NOT get your payment.
- Click 'Add Bank Account'.
- You are now able to withdraw funds from your PayPal account to this bank account.
PayPal uses two types of verification methods. One can face any one of these or BOTH depending upon their relation with the bank you have chosen.
- POSTAL Method - PayPal sends you a postcard with verification code to conform your identity and address just like Google AdSense does.
- BANKING Method - PayPal deposits one or two very tiny amount (money) in the bank account you are using with your PayPal account. Now, you have to tell them what the amount is ?
Don't worry, you won't have to return the money back.
I'm yet to check out this method of withdrawing cash. I’ll keep you posted.
This is a pretty cool step by PayPal. This means that more Indians can utilize the services of PayPal. It could become a great medium of transactions. Hopefully, they’ll introduce the PayPal Visa Credit Card in India soon. Enjoy!