Paypal withdraw guide for India
Hello,
Here I will guide you how to withdraw money to bank account in india from paypal.
People have lots of question,IFSC codes and bla bla.
Here I have given step by step guide with pictures.Hope you will get your doubts cleared after reading this.
Paypal charges 50 Rs for less than 7000Rs withdraw.
Step 1 : Add a bank account.
Under My account tab,In profile menu select Add/Edit a bank account option.
Step 2:Finding IFSC code for indian bank branches
you will see something like this.Now in this step you will need your IFSC code,which changes branch to branch.Every branch has unique IFSC code which does not change.
This below document from Reserve bank of India contains all IFSC codes of all branches in india which supports National Electronic Funds Transfer (NEFT) system.
http://rbidocs.rbi.org.in/rdocs/content/docs/68774.xls
Find your branch,Get its IFSC code.
Enter it in Paypal.Enter your bank name,whole account number.
Continue and confirm.
Step 3: Withdraw money
On my account page click withdraw.
On next page click “Withdraw funds to your bank account”
Fill up the form as guided in below picture
In next step they will ask for confirmation with showing exchange rate they are used for sending you money.
Click confirm if you agree to the rate of exchange ( 1$ USD = 43.79 INR something like this)
Your transfer has been completed.You will get mail receipt and money in 5-7 days.
In recent activity you can see the transfer
Cheers! Happy online trading.
TIP: CREATING A “PERSONAL” TYPE ACCOUNT IN PAYPAL WILL NOT CUT YOUR FEES,YOU WILL GET FULL PAYMENTS EVERYTIME WHEN SOMEONE PAYS FROM PAYPAL BALANCE.
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Nov 17, 2008 at 08:48:00
Thankyou sir, u r great
[Reply]
Jan 13, 2009 at 01:01:29
Hey thanks for this great guide. Short and To-the-point!
[Reply]
Mar 5, 2009 at 11:38:37
Subject: Paypal withdrawl worth millions to india stuck since a fortnight
Date: Wednesday, March 4, 2009, 2:27 PM
I want to inform you that there are a lot of people who are
either web designers or are involved in e-commerce in some
way in India.they accept payments using paypal. Paypal
offers the facility of transfer of foreign currency
accumulated in paypal accounts to banks in iNdia. Normally
it takes maximum 72 hours for the money to come to Indian
banks but what has happened is that withdrawals made between
18th Feb 2009 to 22 feb 2009 amounting to lacs of rupees
have not come into Indian banks till now that is 4th March
2009 and no one knows what is going on . Who is to blame
whether RBI or paypal banks who acutally transfer money in
India like Deutsche bank or Citibank. it is developing into
a big scam . Kindly do a good search and you will find about
this.
If you want you may also check this forum that I found on
the net regarding paypal woes
http://forums.digitalpoint.com/showthread.php?t=1243736
Arun Kumar
India
[Reply]