Withdraw Paypal money in Indian bank account now

1/11/2007

http://socialmediamunching.com

This is probably the greatest news for Indian Paypal users. Paypal has now started a new service through which you can withdraw your Paypal money to your Indian bank account.

The banks where you can withdraw your Paypal money are State Bank of India, Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank, Standard Chartered Bank, HSBC, and Citibank. The money transfers will be completed in 7 working days and are free of cost for transfers above Rs. 7,000. For transfers below this amount, there is a charge of Rs. 50.

The best of this news is that there are no minimum or maximum withdrawal amounts for verified Paypal users. For unverified users, the upper limit is USD 500 per month though.

You can add your bank account by going to your Account Overview page and hovering your mouse on the Profile subtab. A drop down menu will appear. Click the ‘Add or Edit Bank Account’ link and on the page that follows, fill your bank account form. Pretty easy.

This new development means no more transferring Paypal money to our US relatives, or using other money transfer services. In the absence of this service, Indian users have been using services like Xoom and Virtual Money International ATM card.

Guess Paypal has finally recognised the rising Indian market.

Read more about this here.

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There are 17 comments in this article:

  1. 1/11/2007Anonymous say:

    Wow,
    Now that’s a news….
    Now you can gift me “that thing” soon.
    :)

  2. 1/11/2007Indyank say:

    Hi, coincidentally i had the same news on my blog…noticed that you are using blogger…if you want a recent comments widget,do add one by visiting my blog…

  3. 2/06/2008TVN.RAHUL say:

    in bank account details they are asking for isfc code.i dont know what it is……please help

    TVN.RAHULs last blog post..25-50 games direct link download

  4. 2/06/2008Palin Ningthoujam say:

    @TVN.RAHUL, you have to call up your bank’s customer service for that. i did the same with my bank Axis Bank, and they provided me in a jiffy.

    Palin Ningthoujams last blog post..Working with Journalists – What You Should Know

  5. 26/09/2008rahul say:

    thnx for reply.

  6. 14/10/2008AMARENDRA MOHAPATRA say:

    DEAR PALIN
    WHETHER THERE IS ANY LIMIT FOR WITHDRAWING MONEY TO INDIAN BANK ACCOUNT IN INDIA FOR VERIFIED PAYPAL ACCOUNT.AND WHAT IS THE LIMIT FOR UNVERIFIED PAYPAL ACCOUNT IN INDIA

  7. 2/12/2008Mojtaba say:

    hi my dear

    i am iranian and wanna to have a paypal account but for politic problems between iran and usa paypal not accept iranians
    so
    i wanna to create a india paypal account
    can you help me?

    i scare about limitation

  8. 2/01/2009Sujan say:

    Hi….

    The no of banks has grown now… We can transfer the money to a lot of banks now thru paypal…

    Check out Withdraw money from paypal to Bank in India for some more details.

    Cheers,
    Sujan

  9. 2/01/2009Sujan say:

    Hi….

    The no of banks has grown now… We can transfer the money to a lot of banks now thru paypal…

    Check out Withdraw money from paypal to Bank in India for some more details.

    Cheers,
    Sujan

  10. 20/02/2009Pramod say:

    Hi, Please anyone solve my query.

    I withdraw money from paypal and in paypal its being displayed as transfer completed. But the money has not been credited to my paypal account.

    Please suggest me the possible reason.

    Thank you.

  11. 20/02/2009Pramod say:

    (Pls ignore the post above)

    Hi, Please anyone solve my query.

    I withdraw money from paypal and in paypal its being displayed as transfer completed. But the money has not been credited to my indian bank account.

    Please suggest me the possible reason.

    Thank you.

  12. 22/02/2009habiba say:

    Hi,

    i am a resident of India and want to purchase some e-books from a US author. I am not a credit card user. Now the problem is how to purchase things from abroad in the most covenient manner?

    I have my account with ICICI Bank and want to create a PAY PAL Account ? Will this facilitate ?

  13. 22/02/2009habiba say:

    Hi,

    i am a resident of India and want to purchase some e-books from a US author. I am not a credit card user.
    I have my account with ICICI Bank and want to create a PAY PAL Account ? Will this facilitate ?

  14. 23/02/2009Palin Ningthoujam say:

    Paypal allows you to link up to your bank account. I’m sure you can use it like that.

  15. 23/02/2009Palin Ningthoujam say:

    @Pramod: write to papal. they are usually prompt in replying to queries.

  16. 27/02/2009Pramod say:

    Hi Palin Ningthoujam , thanks for the suggestion. I got the solution by writing to paypal customer care.

  17. 27/02/2010Anirudh K. Mahant say:

    Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):

    A) Should we trust PayPal in future?
    ANS: ABSOLUTELY NO

    B) Are they really concerned about our Money?
    ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?

    C) Is RBI responsible for this?
    ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of pure frustrating, destroying trust & spreading chaos.

    D) So what does PayPal tell us now?
    ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”

    D) What now?
    ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.

    Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.

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