I’ll not bother you much describing what is PayPal and how can you do your business with Paypal as the information is available at Wikipedia.
Instead I’ll describe how you can connect your bank account, credit/debit card with your Paypal account.
First of all, if you’d like to withdraw money from Paypal to your bank account, there are few charges that you need to note. However these charges only apply when you withdraw an amount less than Rs.7000. A charge of Rs.50 is levied for a transaction involving an amount of Rs.6999 or less. If the amount is greater than Rs.7000, the transaction will be done free of cost.
To withdraw amount, first you have to link your bank account with your Paypal account. To do so, click the Withdraw tab under the My account tab in your Paypal account. The click on the ‘Withdraw funds to your bank account’ link. Fill the details like the your name, Bank name, IFSC code and account number. To find the IFS code of your bank visit this page on RBI website and choose your bank branch code accordingly.
Ensure that the name is you bank account exactly matches your name in Paypal, else the withdrawal will not be processed and instead a fee of Rs.250 will be charged. If you need to change your name, you can contact Paypal. If it is only a minor change involving a typo or up to 2 characters mistakes, Paypal team can change the name for you. If you have more than 2-3 characters to change, you better open another account with the correct name.
Once you link your bank account successfully with your Paypal account, you can seamlessly transfer any amount into your bank account which will be done with in a week.
If you have a credit card powered by Visa or Master Card, you can also link your card to withdraw the amount to your card. Once you successfully link your card, a nominal charge of $1.95 will be charged against your card.
To verify your card, you have to login to your credit card online account and see a unique code that was used by Paypal and come back to Paypal and enter the same. If you successfully do so, $1.95 will be returned back to your Paypal account.
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{ 8 comments… read them below or add one }
PAYPAL IS A FRAUD, they freeze moneys received without any reason. My money for goods sold has been frozen .. they call it limitation. they say limitation can be removed by submitting photo id. the photo id they need is passport, driving licence and national identity card. In Mumbai the Government has not issued the National Identity Card as yet as the scheme is still on paper. I have submitted passport and driving licence and told them that no national identity card has been issued to residents in mumbai (some cards were issued in a pilot project in delhi) However in spite of this they do not want to consider or review as they claim the documentation is not completed.. When you try and call their helpline number .. they have a IVR that asks you to punch in your telephone number. and when you punch in the number you are calling from the IVR says “I am sorry I do not understand your input” and the call cannot proceed. so you waste international call charges. They are smugly sitting on your monies.. they dont care about you.. I beleive they have over one million such cases.. which means they are illegally sitting on millions of dollars.. Nice way of making money.. SO DO NOT TRUST PAYPAL OR USE THEIR SERVICE..IF ANY OF YOU ARE HURT OR HAVE A PAYPAL HORROR STORY CONTACT ME ‘kiran@hautecouture.in’ or 09892597665 . Let us jointly fight this horror.
please tell can PNB ATM-cum-Debit card works in pay pal .I have only need to recive money from my clints in USD .
also tell me that what kind of account is needed if i am working as a freelencer labour.
(NOT THAT I AM IN INDIA)
PNB doesn’t support paypal transactions. Visit this post for the list of banks supporting paypal withdrawals.
i tried to link my Axis Bank Debit card(International debit card). It is a visa card. But it doesn’t get connected. why?
HOW TO GET EBAY-PAYPAISA CREDIT CARD IN INDIA? IS IT AVAILABLE? WHAT IS THE PROCEDURE? CAN YOU GIVE ME cONTACTS. ? CAN WE PAY THROUGH PAYPALPAISE DEBIT CARD FOR EBAY GLOBAL PAYMENTS AND INDIAN PAYMENTS. iS tHERE aNY eASY mETHOD oF pAYING bY cHEQUE tO lOCAL eBAY oFFICE iN iNDIA fOR aLL eBAY PURCHASE iNDIA oR gLObal purchases. by check or pay order. this will be easier instead of present cumbersome procedure for payment.
useful info.. thanks for sharing
But linking debit/credit card and getting verified isn’t as easy as its given here coz Paypal doesn’t support most of the Indian Debit/credit cards.
Generally many people think that their ATM-cum-Debit card (VISA/MAESTRO) is enough to get verified in PAYPAL but it isn’t so. You have to have INTERNATIONAL DEBIT/CREDIT Card.
As far as working with State Bank of India (SBI) is concerned, only
-> Gold International Debit Cards
-> Yuva International Debit Cards
-> Vishesh Debit Cards
are valid to add with PAYPAL and get verified.
For more info on HOW TO GET VERIFIED in PAYPAL with SBI check this very useful site which is run by CUSTOMER RELATIONS ASSOCIATES of SBI. http:/paypal.statebank.org.in/
Hope this helps…
P.S
If you can use the comment section here to provide details of how to get verified with other Banks with the url’s of any FORUMS or SITES , this can be a great source.
Regards,
This same withdrawal feature in Paypal during the bank account adding process, the BANK NAME field is a drop down box some years back, where only certain banks name are available. But now This BANK NAME field is a text field, wherein we need to enter the name of the bank.
Does this mean that Paypal now is allowing all banks in India to withdraw?? Please clarify..I want to withdraw to my ABN-Amro bank..
Thank you!
Sri Hari
The transfer is done through NEFT system. You can check if your bank and in particular, you branch is participating in the NEFT system or not by visiting the RBI link given in the article above.