Hello Friends,
Cool news for all the Indian $$$ makers, at last paypal announced an option to withdraw the paypal balance to many Indian banks. I am sure it’s a great thing for the Indians who were getting funds in paypal account and did not have good solution to cash it in INR (Indian Rupees).
Earlier there was only one option for paypal Indians. Have to request paper check from paypal when the balance reaches $150 and have to wait for months and months for the arrival of postman (of course Indian postal delivery is too fast). More than all, there is no assurance that the check will at least arrive after the long time waiting. I have heard and read that so many peoples never received the checks even after many months. They did not even have good responses from paypal customer care for this. But any way, finally they could have got.
How it would be to the persons when they do not see their balance in paypal account and also did not receive it in paper check even after many months after withdrawal request. It’s really hard moments till it is refunded to the paypal account or receives a new check. Thank god! I did not request any checks from paypal as I was waiting for the convenient options.
Other options from the thirds parties like xoom to withdraw the paypal funds are not affordable to the peoples who have had little paypal balance. Just think, will you spend $12 dollars as fee to receive $50? Finally we got solutions from paypal itself.
The announcements on paypal withdrawal to Indian banks are follows:
- Withdrawals Rs 7000 and above are free of cost and there is no additional fee. But withdrawals below that will have Rs 50 as fee which is really affordable.
- The transfer should take between 5 - 7 working days (business days) after the request.
- Indian Banks supported for paypal withdrawals: State Bank of India, Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING Vysya Bank, Axis Bank (formerly UTI Bank), Standard Chartered Bank, HSBC Bank and CitiBank
How to with draw found from paypal account to any of the above Indian bank?
- Indian Financial System Code (IFSC) of your bank. This would be an 11 -digit code with the first four characters representing the bank code, the next character is a control character, and the last 6 characters identify the branch. You can get the IFSC codes of all banks and branches – Click here to download IFSC code.
- You’re Bank Account Number (the full number most probably a 12 digit one). Be assured that your bank account name should match the paypal account holder name.
I just added my account bank account to my paypal account but still did not request withdrawal. Just saving my $$$ for futures…. 
Post your experience on comments if you have used this new option.
Cheers,
Praveen Kumar C
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