Verify/Withdraw PAYPAL using PREPAID VISA cards

[huzefasid]

Paypal allows Indian accounts to withdraw money to prepaid cards. I have been doing some research on the possibility of withdrawing money to prepaid VISA Travel cards. These are in USD and are issued by many banks in India but afaik only SBI and ICICI allow internet shopping.

If you withdraw money to bank or debit or credit card paypal charges 2.5% conversion fee. Since travel cards are in USD there is no charge. Also using your credit card co charges 3.5% for any purchase in currency other then INR. There is noo such charge with travel card. So this card can save lot of money if you regularly shop online on international website or you can use the money abroad.

Paypal charges $5 withdraw fee. Max withdrawal limit is $500. Which means 1% charge. After withdrawing money to the card you can go to any branch of issuing bank which has a forex desk and get refund in INR. SBI has better rates then ICICI. But ICICI offer temporary card blocking service which IMO is worth it. This is NOT a credit card. Incase of fraudulent transaction you lose your money and bank cannot help you.

looking forward to comments or questions.

[stylish_india]

This card has risk ??
How can I get this card ?? I don't understand the whole procedure of withdrawing my money through this card

[stylish_india]

Have you ever withdrawn your paypal money with this card ??
Which Bank has Forex Desk ?

[huzefasid]

>Have you ever withdrawn your paypal money with this card ??
I have not used this method but planning to soon, once I setup my export business in a few weeks. But many users have done this successfully.

>Which Bank has Forex Desk ?
All major banks have forex desk and offer travel card. eg. corp, Axis, Citi, HSBC, SBI, Yesbank, ICICI. AFAIK only ICICI and SBI offer internet shopping facility. Pls recheck.

>This card has risk ??
can you be specific?

>How can I get this card ?? I don't understand the whole procedure of withdrawing my money through this card

You need a VERIFIED INDIAN paypal account. You can verify the account using this card. Just go click on withdraw on the account overview page and select "Withdraw funds to your card" option. google for more info.

Note: Note: There is a 3.5% curreny conversion charge when transaction on ICICI card is not is USD. idk about SBI. This card can not be used in India, Nepal, Bhutan. You need to get refund from bank to use the money in India.

[stylish_india]

I really thank you for your help. But I don't know which bank to contact to get this Prepaid card. I have an Indian paypal account but getting this type of card through bank is not easy :(

[huzefasid]

It is very easy if you are living in major city. Just go to the ICICI head branch and ask for "Travel Card".

[huzefasid]

see:http://www.icicibank.com/pfsuser/cards/travel_card/index.htm

You need:
Passport
A2 form
PAN card/ Form 60

[onesimpleman_in1]

you can draw money from paypal straight to your Indian Bank Avccount. Why loose 3% by withdrawing to a prepaid card?

[pal-2-pal]

jst in simple terms can u tell me will i be charged for transfering funds from paypal to my a/c in india?

[sounak_ray]

I have a ICICI Visa Prepaid Card for USD, and want it to register with my Indian PayPal account. However, I'm not being able to do so. While trying to verify the card, it won't charge my account. I've already activated the e-com option from my ICICI account.

Any help will be greatly appreciated!