Paypal to Indian bank, made easy!

Paypal has certainly matured into a very reliable monetary portal, one through which we can all transfer our funds safely without any hassle whatsoever. I have the pleasure of being a member of Paypal for quite a while now. The changes that have taken place since I was first a member here are too many to mention here. Anyway this post is in relation to the other post that I had made on Paypal with drawl.

Like I had mentioned earlier, paypal has modified its with drawl process by allowing its Indian members to withdraw their funds directly to their bank accounts. This is a decision that has been welcomed by nearly all the Indian members, mainly because the only other option available to them earlier on, was to depend on the check. The check usually got sent through ordinary mail and most of the times, the person to whom the check was sent to, did not even receive it. The mail got lost as it usually happens and now as a result of this policy modification on the part of Paypal, we can all rest happily and withdraw our funds with no anxiety what so ever.

All you have to do is to go to the paypal members profile tab and click on 'add bank account'. Then, please follow the process set up there and you should be able to transfer your funds right away. I added my Bank account using the methods listed out b Paypal,and it was a total success. In the beginning, after having initiated my transaction to withdraw the funds from Paypal to my Indian bank account, I thought that it would not come through. Initially Paypal completed my request and sent the funds to their United states bank account. From there , it was later relayed on to my Indian bank account. The whole process on Paypal's side took only about 1 day, and then onwards, it took roughly about 3 days for the money to get credited to my account. My first with drawl was for the amount of 250$, but seeing how safe and easy it is, I do not think that I would have any qualms as far as transferring funds, small or large, anymore! Just check out the links and add your bank account! Wish you all success!

Withdraw to your Indian bank from Paypal!

Well, I finally did this! I managed to initiate the transaction with Paypal transferring the my balance to my bank account. The whole process was very quick and Paypal finished the transaction within the same amount of time that it does to transfer the balance to your card.
I have to say that considering everything, the whole process was very swift but was it successful? Well, as to that, I can only answer it tomorrow. I know that the paypal people have completed the transaction on their side and that they have sent the payment to their bank but since all banks are closed on Sundays, I would have to wait until tomorrow morning to see if the transaction did go through. Shall update you all on this, then!

The paypal to Indian bank accounts - transfers!

The good news is that the Indian paypal members can now transfer their funds to their bank accounts directly without any hassle. I did try out this feature out and I have to say that on the whole, everything went off well.
The first thing that you would have to do is to go into your Paypal account and click on the profile tab. Once you do that, you can then click on 'ADD BANK ACCOUNT' choice in the profile.
Once you do that, you would have to enter your bank name, your account number and the
IFSC number. please remember to either call up your bank directly or go to the bank in person to get the right number. Once you have filled up all the details, you are all set to go.

The Indian banks that are acceptable to Paypal for doing these transfers are listed below.
1. State Bank of India

2. Bank of India

3. Canara Bank

4. Union Bank of India

5. HDFC

6. ICICI

7. ING VYSYA

8. Axis Bank

9. Standard Chartered Bank

10. HSBC

11. Citi Bank
Please take note that some banks may charge a fee for in coming receipts, mine does not, but you should ask your bank about this anyway.

The thing to remember when you are doing this is ,
1. have your account number ready s you will be prompted to enter it right away
2.the bank account in question should be in your name
3. The most important thing is to know that NOT all banks allow paypal transfers, so check if your bank is acceptable by paypal and vice-versa.

Hope that you are able to set up your bank account without any hassle, I did so and was able to complete my first transaction smoothly. Also Paypal charges a fee of 50rs for any transaction less than 7000 rs. Anything more than that is totally free and the process time for such transfers is between 3-5 business days. Good luck!

The Paypal to Indian spice!

Like I had mentioned in the beginning of this blog, I would also be discussing all payment gateways from time to time. As such, since Paypal has kid of emerged the leader in all payment solutions it seems that is what I would be discussing for today.

Paypal, when it started, was rumored to have an Indian connection and that I have to emphasise is till a rumor as far as I am concerned since I have not found any real facts on that. Anyway to get on with my story, when Paypal started it was meant to be a payment gateway for people with credit cards, that is, if you had one you could use Paypal to send and receive payments. The problem was that Paypal advertised its services as one that could be used by anyone and everyone, it did not say that only people with credit cards can utilise its services to withdraw money.

So a lot of people joined up with Paypal only to find out that although they could receive funds into their account they could not withdraw it without a credit card. This caused a lot of problems for the many Indian customers since most of their local bank issued credit cards were not accepted by the Paypal system, and also since their debit cards did not have the required CCV number in the back.
Then, some of the paypal customers in the United states decided to sue paypal for misleading the customers as well as fraudulent practises and this went to trial. Since this case is all over and done with, I guess that I can discuss it here. Anyway, the case was settled and the court ordered that certain changes be made to paypal immediately and that meant opening up their services in full to All customers.

Since then, Paypal has installed a verification service and made sure that the non verified members especially those from Asia can utilise the payment facilities of the gateway without any hassle of any sort. And now, the good news is that Paypal has made further changes by which most of the Indian banks issued Credit cards are accepted by Paypal without any problem what so ever. The best part is that since these CC'S are accepted by paypal this also means that one can utilise these cards on Ebay and start shopping like mad.

Today, Paypal has evolved into a mature and trustworthy payment gateway providing a lot of payment solutions to a lot of people,individuals and small business alike. Today, many Indians can withdraw the money in their account to their Indian bank directly and this issue I will be covering in a later post today or tomorrow. Paypal is one of the leading payment gateways that is available for all to utilise for their freelance payment purposes and it is fast and reliable! I am one satisfied paypal customer!

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Paypal comes to India!

Paypal has finally made it easy to send money to India, with the changes that they have made to the with drawl process. Before if you were in India, the only way that was available for you to withdraw your money was by way of check. Soon that changed to include transfers to credit and debit cards. But the catch , as there always is when it comes to Paypal, is that the credit/debit card should be internationally viable, meaning that it would not be possible for you to use your local bank issued cards to do the with drawl with. The whole thing did not make any sense, if you could use some of the local bank cards to verify your identity with paypal then logic holds that you should be able to use the same to withdraw your money from the paypal account.
But sadly it seems that Paypal had not heard the term reciprocity,anyway they have corrected this goof up with their latest measure allowing anyone to be able to transfer their money directly into their bank accounts. Not all the banks are listed as 'viable partners' for this process but most of the important banks are listed. So from now on you should have no problems whatsoever in withdrawing your money from Paypal. Now you can transfer the money directly into your checking account and again the only catch is that you should be a verified member so that the entire process is smooth and it takes about 5 -7 working days to complete the process!