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PayPal has added a convenient new way to withdraw funds for its Indian Members. If you have a bank account in Indian, you withdraw your PayPal funds directly to your bank account. And the best part is you don’t need to pay any fee, if you are withdrawing funds over Rs. 7000. For withdrawing funds below Rs. 6999, they’ll charge you a fee of Rs. 50.
Those having bank accounts in 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 Bank and Citibank can opt for this feature to withdraw funds.
Before transferring funds, please keep in mind that your name on Bank records and PayPal account should match character-by-character. You’ll also need to call your bank and ask for your uniquely identified IFSCI (Indian Financial System Code).
Prior to this, the only option to withdraw funds by Indian PayPal members was by requesting a cheque. This process was slow, and took about 30 – 40 days to arrive via snail mail. Thanks PayPal!
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wrote, on November 1st, 2007
Wow, this is awesome. I saw this in my mail today.
Hopefully this will make more people sign up for paypal accounts from india.
wrote, on November 1st, 2007
Grrr… I had just withdrawn 60 USD from my Paypal account to by bank last month using a service called Xoom.
And I had to pay 10 USD as charges….Could only get 50…
Anyway, Thanks for letting me know..
wrote, on November 1st, 2007
Music to the ears …. Yeah !! And, thilak, is it possible to transfer funds from account to paypal ? Glad to see SBI in the list :).
wrote, on November 1st, 2007
Dude, what happened to the Top Commentators list ? Fix it up man. Its really fun to see my name on there. lol. Just kiddin’ !!
wrote, on November 2nd, 2007
Great News.
Just yesterday I was thinking of using XOOM.
Now, life will be easy.
Rushing to transfer my funds…
wrote, on November 3rd, 2007
This is really a great news for all the paypal users in India,
I think more banks will be added soon.
This is a great oppurtunity for all online workers in India.
wrote, on November 3rd, 2007
I would like to Paypal A/C. Get me more informations.
wrote, on November 3rd, 2007
Yeah got a mail from paypal about it, good as xoom just increased their fee from 8 to $10 ($7.5 if you use coupon) but why pay extra when you can get it done for free !! Thank you PayPal