Withdraw Paypal Money Directly To Indian Bank Account
Paypal has added a new feature for the Indian paypal users through which all Indians can withdraw their paypal money to their bank account and there is no minimum withdrawal limit. However there is nominal fees of Rs 50/- if you requesting less than Rs 7000/- while there’s no fees for withdrawal of more than Rs 7000/-
Until now the Indian paypal users either have to wait for their cheque or have to give 9.99$ fees to Xoom to get their paypal money. This is really a breather for the Indian users and this move from paypal is welcomed by everyone.
Requirements:
- Indian Bank Account( with same name as your paypal account will be preferred)
- Indian Financial Service Code(IFSC no.)
- Call your bank or check your cheque book for this code
- Login to your paypal, add your bank and withdraw thats it
It may take 5-7 business days or more depending on your bank.
More information about Indian bank account withdrawal
You can also join the discussion at this Paypal Indian withdrawal DP thread
List of Paypal supported Indian Banks :
HDFC Bank, ICICI Bank, Axis Bank, HSBC, Citibank, State Bank Of India, Bank Of India, Canara Bank, Union Bank of India, ING VYSYA Bank, Standard Chartered Bank.
From my personal experience Paypal to Indian bank transfer takes 2-4 working days for the funds to visible in my bank account, it may however take longer if you request “paypal fund transfer” during weekend or during holidays.
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I got the mail yesterday on adding the bank. I am yet to try it out. I have to get the bank code.
Hey thanx for the info, i will withdraw money now. I have lot of money in paypal.
i want to know do they pay unverified members via paypal to Indian bank or simply can we verify our a/c using bank detail rather than cc
Hey here you can get IFSC codes for all indian banks
http://www.idrbt.ac.in/index_fromsm.html?ifsc_directory.html?infinet
@Nirmal
After you have tried don’t forget to tell us how smooth it goes..
@Ram
hmmm
Lots of money
Also to let you know Xoom has a Diwali offer in which there’s no fees in transfers above $700 so you can use xoom also for 2-3 days quick payment.
Also make sure that your bank doesn’t charge any additional fees.
Thanks for adding the IFSC code list.
@Sachin
This option is only available to verified members i think
For paypal verification you need the Credit card or Hdfc netsafe card .
I was able to transfer money to my icici account,
just by adding my bank account I was able to do the transfer nothing else.
not all Banks have IFSC Facility even Canara Bank also don’t have this Facility Thats y i dont able to transfer my money to my bank account
RBI’s PDF file for IFSC code is wrong.. i tried to transfer from paypal to HSBC.. In the RBI PDF, it says “HSBC01INDIA”, while using this my money bounced back with penalty charges… then i confirmed with customer, it is “HSBC0695002″. so please confirm with ur correspondence bank and do the transaction which is the safest way to avoid unwanted leiving charges.
I hope it would be very useful.
neelan
it is safe to give IFSC code to paypal site?
@CoolPintu
Yes it is perfectly safe to give Indian Financial service code to Paypal.
Its Great, I have received money from PayPal to my Axis Bank. it had take only 5 days to transfer.
Hey guys
1) Is there any way, other than putting your Credit Card details to verify your Pay Pal account. For payment gateway integration for specific company divisions, its very difficult to obtain a credit card number.
2) Also is it possible for a customer in Pay Pal to pay in Indian Rupees?
@Chandresh
Yes you can use HDFC netsafe VCC card to verify your paypal account. Also there are some people who sell VCC( virtual credit card) for verifying paypal but that is not recommended. HDFC netsafe is safe.
Nope, Indian Rupees has to converted to US dollars for transaction however if you wish to withdraw paypal money to Indian bank account they will be first converted into rupees before wire-transfer.
Thanks Shashank
My clients are based in India, so I don’t think Paypal is feasible fr me.
Thanks again fr the feedback
hi can someone tell me whether it is possible to open a paypal account using only a Debit card or bank account? I do not have a credit card and i do not intend to get one. If it is not possible how can i start a paypal account wthout credit card???
@Sona
You can open a paypal account without debit card but it will be a limited one, there will be limitations in sending and receiving money. Account verification is necessary if you are receiving regular money via paypal.
Debit card and bank account can be used to verify account in US and some other countries, you cannot verify a Indian paypal account with debit card or bank account.
If you have a HDFC bank account, you can use HDFC netsafe VCC( virtual credit card) for verifying Indian paypal account or you can use VCC cards that sells for anything around 7$-20$ for paypal account verification but they are not recommended.
How do we verify Paypal using NetSafe VCC?
Is it by simply adding the card number in the Paypal account?
Willn’t Paypal take some cash from the card and
give a ‘code number’ into the Card statement for
putting that number in the Paypal page?
@Kumar
After you have created HDFC netsafe VCC simply add it to paypal…after that paypal will deduct $1.95 which will be credited back to your paypal account.
Now to complete the verification you will need a 4 digit verification expuse no., either you can wait for cc statement or call your bank customer care for the 4 digit code associated with $1.95 transfer or login to your hdfc netsafe control panel :
Go to “All account/services” then click on “TXN details”
there you have it “xxxxPAYPAL expuse” the first four digit before PAYPAL is the required number.
Enter that no. in Paypal and your account will be verified instantly.
Hello Shashank,
Thank you for your valuable instructions.
Eventhough I was using NetSafe for last 1½ years,
I hadn’t noticed the tab ‘TXN details’.
One question.
Can we use NetSafe Card as an ‘anonymous card’ as
other VCC sellers say and use it with any Name &
Address for online purchases and for verifying other
Paypal, eBay & Adwords account?
@Kumar
Yes, you can but i am not sure of it. If you are thinking of becoming a VCC seller then its not a good idea as VCC selling is illegal and netsafe card isn’t always work online for eg. Godaddy doesn’t accept netsafe VCC.
Hello Shashank,
I asked this not for selling VCC.
It is for verifying other family members account.
I didn’t know that Godaddy don’t accept it.
I feel that NetSafe is not accepted in casinos.
It is always declined.
@Kumar
i think you can verify your family members account using Netsafe, why don’t you just give it a try and let me know if it has worked for you or not, if the verification fails, the money will return to you anyway.
and about using Netsafe in casinos, have a look at the new “Paypal acceptable use policy” beginning 5 Nov 2008
You may not use the PayPal service for activities that:
“involve gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes unless the operator has obtained prior approval from PayPal and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law”
[Quote:]
and about using Netsafe in casinos, have a look at the new “Paypal acceptable use policy” beginning 5 Nov 2008
You may not use the PayPal service for activities that:
“involve gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or —–
[/Quote]
I had told about NetSafe using in casinos, not Paypal.
I know that Paypal has severe restrictions.
@Kumar
Oops my mistake!
Never tried Netsafe in casinos…anything else you want to know?
Is there any bank issuing Credit Cards after taking a deposit of Rs:10,000 or less and without any Income/Salary Documents?
(ICICI Bank gives CC with a deposit of 20,000/-)
^^
, anyways if you have a old savings account, means 6months-1 year old bank account and you have kept good regular balance then they will give you cc without Income/salary docs… in this case your minimum deposit will be the “banks min. deposit” which is Rs 5,000 for both HDFC and ICICI.
Well the bank needs some assurance that you will not go bankrupt in future
and if you do find a bank( i think you will not)which gives you cc against 10,000 FD, the spending limit of the cc will be badly affected. Try talking to the customer care of banks.
i sell vcc only $5
and my contact email id buy_vcc@yahoo.com i m always online.