Wow! Indians Can Now Withdraw PayPal Funds Directly To Their Indian Bank Accounts!
It’s time for some really great news for Indians who use PayPal and wish to receive money from their relatives, friends or professional counterparts who based outside India.
PayPal is an International Online Money Transfer giant and its services are widely used by millions of people across the globe in order to shop online safely, make payments, send and request remittances, and shop especially on sites like eBay. PayPal.com which is originally based in the United States has made transfer of money simpler, faster and cheaper specially for Indians living in India. Now, Indians can withdraw their PayPal funds directly to their Indian bank accounts by adding their banks Indian Financial System Code (IFSC) to their respective PayPal account(s).
PayPal defines an IFSC code as:
“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.”
The participating banks to which an Indian citizen can transfer funds from their PayPal account are ICICI Bank, Bank of India, State Bank of India, Union Bank of India, Canara Bank, HDFC Bank, ING VYSYA Bank, HSBC, Citibank, UTI Bank and Standard Chartered Bank. However, there is a limitation for non-verified Indian PayPal users as they can transfer not more than U.S. $500.00 per month from their PayPal accounts to their bank accounts. Indians can now even upload funds to their PayPal account from their credit cards and bank accounts other than just transferring funds.
The whole process of money transfer from PayPal to your bank account now takes approximately 5 to 7 business days whereas previously, it used to take more than a month or 40 days just to receive a cheque and encashing the cheque used to take another seven business days. The only way to receive funds from PayPal earlier was ordering a cheque for which PayPal charged $5.00 or using the XOOM service costing U.S. $8.00 per transfer which transfers money from your PayPal account to its own PayPal account and takes not more than three days or even by 48 hours. Moreover, xoom transfers money at an exchange rate lower than the market rate and earns a small percentage of the total sum through foreign exchange trading so the transfer is not done at market rates.
Paypal now charges just Indian Rupees 50.00 for transfers of amounts below Indian Rupees 7000.00 and anything above that amount is done for free. Click here to know more.
The competition in the international online money transfer market is going to get better and better with this move of PayPal as PayPal sees India as a huge market still remaining to be tapped completely. This step of PayPal will obviously have an effect on its competitors such as MoneyBookers and others. Thanks to PayPal, What will happen to XOOM and Moneybookers is to be seen?
Source: I received an e-mail notification from PayPal.
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Can you please post the links from Paypal site here so that we canalso read and get to know.
The links are embedded in your e-mail, evident from the Image.
The partnering of Indian banks with PayPal is a good sign. Many business, specially in the SME category will benefit from this.
A very good move indeed.
Hi Reshma,
The link to paypal pages and faq of the move by paypal has been posted at the bottom and end of the posts highlighted under the word “source”.
In any case, here is the PayPal link that I received in my e-mail:
http://pages.ebay.in/paypal%5Fwithdrawal/
Regards,
Ronak Shah.
Associate WATConsultant and WATBlogger.
Wow…. great news indeed!
Not only was the earlier cheque system taking a lot of time, but sometimes it never came to you! Yeah, I have experienced those paypal lapses … anyways, I just had my 1st withdrawal come thru in ICICI and it all seems quite cool now!
Does it mean that one can now add an Indian Bank as a ‘Funding Source’ for the PayPal Account?
Please reply.
I have many ebooks and scripts to attract money to your paypal account. you can visit viphacker.org to download it