Withdraw PayPal Money Directly to A Bank Account in India for Free
Some very good news for PayPal users in India. You can now transfer money from your PayPal account to any of your bank account in India directly from the PayPal website.
Earlier, the only option for withdrawing PayPal amount in India was a check that normally took 2-3 weeks for processing. The new e-transfer process should take less than a week.
PayPal has also scrapped the withdrawal fees for electronic transfer if the amount withdrawn is more that Rs 7000 and a nominal Rs 50 for small transfers. Earlier PayPal would charge $5 per transaction irrespective of the amount on the cheque.
To get your money from PayPal to a bank account in India, all you require is your bank account number and the IFSCI code of the bank branch where you have the account - call your bank customer care service and ask for IFSC code -it’s an 11 digit code maintained by The Reserve Bank of India.
The e-transfer facility from PayPal India is available to anyone having an account in HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank (formerly UTI Bank), Standard Chartered Bank, State Bank Of India, Bank Of India, Canara Bank, Union Bank of India, HSBC and Citibank India.
Before you withdraw the amount from PayPal to your Indian Bank account, ensure that name of the bank record and PayPal match character by character else the transaction will not go through and PayPal would also charge a INR 250 processing fee.
PayPal offers another option for Indians who hold a Visa credit card or debit card - you can withdraw funds directly to your Visa branded credit, debit or prepaid card.
Is PayPal Income Taxable in India - If you are earning web income through BlogAds, Text Link Ads, eLance, eBay or any other program where the money is deposited in PayPal, it’s very important that you declare the PayPal money while filing the Tax Returns in India.
Can I remit money to India Using PayPal - When you transfer money from PayPal to India, PayPal would pre-populate the surname field for Bank account holder though you are free to use any First Name. So if you are planning to remit money to some relative who share your surname, it is technically possible.
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That’s nice to hear….it used to be a tough task earlier to get money from PAYPAL.Thank god..they made it for us…
Amit,
What about the Import Export license. Is it required to withdraw any money into India? (Paypal or otherwise)
NICE INFO FOR NETIZENS.THANX.
http://tekno-world.blogspot.com
Cool..
It had to come some day..
BTW Rajeev don’t put links in your comments. High traffic blogs turn off comments due to proplr like you.
Yup, even I was pretty happy with this news. I used to withdraw to my VISA card, which had a $5 fee.
However, the news didn’t turn out all that good for me as I use ABN Amro and that is not a participatory bank with PayPal.
:(
Good News and thanks to Amit.
I have been using the check till now and faced lot of issues.
Thanks again.
Thanks for the update.
I followed you, and did my first $200 transaction to my ICICI account.. Whooop - it takes around 2 days only.. Life was not easier before. :D
Can you help in how to work out of tax with online income ? A new post would be gr8.
A post about tax and online income would be great.
did the participate bank will charge
any amount for withdrawal?
share your exp.
It’s gr8 news,now transferring money to my parents is lot easy :)
Meet,
I requested withdrawal of 150$ on the 15th of november from paypal to my SBI account. In paypal account overview I see the status as completed. But the money has not yet come to my SBI account. By what means and by which name did you receive your 200$ ?
I tried to transfer account to Axis Bank. But it reversed and my 250INR cut. I dont understand why?? I use paypal business account. Please guide!
can i open account in india. i want to send money to other country.
where is the option to enter IFSC code? its asking for VISA/MasterCard no. I want to add my debit card which was not earlier accepted by paypal… is it because my IFSC code was not yet generated by my bank? once this service was enabled can I able to add my card? please let me know…
Hi, I have successfully transfered money to my SBI and ICICI account. now i want to transfer to my parents accounts but want to make sure before proceed so that transaction never fail. Any other user have such experience. Please share if any ?
Thanks
I suppose this is first step towards paypal opening its function for India too.
I mean accpeting INR value too.
I am waiting for that since it will be greatest boon to E-Commerce In India as there is no such free payment gateway in India.
Do you mean to say that we should have a bank account in the same business name as that of paypal ? Or is a personal bank account ok? i am having a business account with paypal. Can you please answer my question. thanks for the wonderful post amit.
I have found the following info in PAYPAL site in my account :
—————–
Add a bank account in India Secure Transaction
The safety and security of your bank account information is protected by PayPal. We will never reveal your financial information, and PayPal will notify you by email whenever you initiate a transaction with this bank account.
Your bank account in India must be able to receive payments in India Rupees.
Please enter your name exactly as it appears on your bank account. If the names do not match, your payment will be returned and a return fee will be charged. Learn more
PayPal uses the National Electronic Funds Transfer (NEFT) system. Please provide the IFSC code of a participating branch location. If you provide an IFSC code from a bank branch that is not part of the NEFT network, your withdrawal will not be completed and a return fee will be charged. Learn more
What is the maximum limit of money to transfer to india from abroad. Then is ther any tax deducted by Pay pall or it’s upto the person who is receivng the fund.
When withdrawing fund from Paypal to State Bank of India, do I have to mention the 11 digit A/c no. which is in the passbook or the full 17 digit core banking A/c no. ?
hai sir,
i have registered in paypal, but i have one doubt that in the last step of sign up in paypal they are asking the account number of credit card or debit card.sir,i have no credit card,i have only state bank of india bank account having only atm card.is it possible enough to sign up in paypal.i am already doing job via internet and having accont internationally.and is it possible to transfer dollars to my bank account through paypal,
thanks and regards,
vijulal.v.s
where is the option to enter IFSC code? its asking for VISA/MasterCard no. I want to add my debit card which was not earlier accepted by paypal… is it because my IFSC code was not yet generated by my bank? once this service was enabled can I able to add my card? please let me know…
many of the questions asked here are so elementary.. please go to paypal.com and you get the answers there..
the real questions are related to practical working of paypal in india..
whats the status of transaction delays in govt banks in india?
should we be having the paypal account in the same name of our business name or bank account name?
What is the maximum limit of money to transfer to india from abroad. Then is ther any tax deducted by Pay pall or it’s upto the person who is receivng the fund.
hi,
i linked my icici bank account. now i’m not able to transfer money to my account and they want me link my credit card?
is it really credit card? bcoz i dont have . or debit card will do?
Its really frustrating….
can i add my debit card to pay pal account to withdraw and send money
Hi i have opened a paypal account, and wish to with draw money to my HDFCbank in india? I have the IFSC can i proceedand transfer the paypal account? pls let me know if its possible with this bank and do they support the NEFT system