PAYPAL INTRODUCES NEW FEATURE :WITHDRAW FUNDS DIRECTLY IN UR INDIA BANK ACC

[jaipur_fashions]

Hi Guys

Just logged in PayPal and saw that we can now withdraw funds to our Indian Bank account. It includes all major banks like Citibank, HDFC, HSBC, ICICI, SBI, BOI, Stan. Chart. etc.

The most exciting part of the feature is the COST :
Free
for 7,000.00 INR or more

50.00 INR
for 6,999.99 INR or less .

And the processing time is just 5-7 Business days.

It only asks for the IFSC Code and the bank account number and you're done ! 🙂

Isnt it a great news for all PayPal users ?? I am glad and thankful to PayPal.

Cheers
Meenu :-)

[basafath]

Hi Jaipur_fashions
Your thread about transfer of your funds from paypal to your bank account is very interesting to know about and will prove to be of great help to many Indian Paypal users. You have also mentioned that you have successfully transfered $200 to your bank account from paypal.
Kindly let me know which bank, out of the listed banks, has accepted this service. I hope you will guide me as my bank (HDFC) officials are not able to guide me on this.
Thanks
Awaiting your reply.

[jaipur_fashions]

Hi basafath

I used Citi Bank and today I withdrawn 8000 $ and hopefully it too will get reflected within 3 days. I wanted to check whether it takes more time for larger amounts.

I will be also withdrawing to my Current A/c very shortly in HDFC. Will keep you updated 🙂

Let me know if you need any other info.

Thank you

Cheers
Meenu

[snrama]

Dear basafath,

Just got to your HDFC Bank and ask the IFSC Code. Paypal will send you a cheque or payment to that branch. Its not collaborated with any Indian banks.

I haven't tried it. But I have added my Canara Bank account to Paypal and soon I will be withdrawing. ---------------
With Regards,
Navaneeth (snrama) 😉

[microscopesind]

I dunno guys but just be safe.
Now as these payments will de directly transfered to your account from Abroad, Reserve bank of India will be keeping a close watch on all your accounts.
I hope all of you who are withdrawing it directly to your account, have a IEC number, Proper documents (Export invoice, order details, shipping bills) etc and including these in your tax returns as you could be questioned.
If you are a part time seller and dont have proper accounts i would suggest stick to the good old check method. Its in INR and clears from citibank.
Thanks

[nakoda_creation]

Dear microscopesind,

the payment will be transfer via Citi bank , entry shows " paypal private ltd " it means the payment is released from Indian a/c.

As far as any Indian currency deal no IEC code require.

thank you
---------------
With Regards,
Mahavir Computers Pvt Ltd

[jaipur_fashions]

Jai jinendra mahavircomputers_in1 🙂 You're absolutely correct.

[microscopesind]

Well when the payment is withdrwan through check it reflects as citibank. No paypal No ebay US. An INR check cleared from local bank.
And as you mentioned now it reflects 'Paypal' that is a company name and the comapany is headquatered abroad according to RBI regulations they will be monitoring Payments by foreign companies to India.
I am a bit sure about this as i have a few thousand dollars being directly transfered to my account every month for my sales.
Well its just a thought for sellers who do not consider these details. I feel should be a little cautious.
take care guys & enjoy your weekend!!

[amitava123gems]

Hi all there,
Keep on posting your experiences on this thread.This is a very important topic.I have not yet tried.But it is the greatest event in eBay India.
My tips::
List items less than/upto $10 in USA in your shop format with 1 pic.You pay just 6 cents.The FVF is 10%.You dont need a separate shop.Your India shop will do.
Thanx,
Truly,
Amitava

[amitava123gems]

Hi,
I need your help.
SBI gave me IFSC as 4 alphabets+3 zero +4 digit branch code.That makes 11.
Do you think that is okay?
Thanx,
Truly,
Amitava

[snrama]

Hi Amitava,

If the SBI has given 11 digit code, then its fine. ---------------
With Regards,
Navaneeth (snrama) 😉