Withdraw Paypal Money Now to Your Bank Account in India

November 1st, 2007 | email this

Leave your comment Posted by Life is Colourful

Published in Paypal

Paypal’s recent move of allowing withdrawal of Paypal money on Credit / debit cards has been welcomed by all Non-US publishers who earn money in USD and see their money lying in Paypal accounts. The only reason for people not willing to withdraw money from Paypal through checks was the time and fees involved earlier in withdrawing Paypal money.

Withdraw Paypal Money to Bank Accounts in India

It’s a fact now, that there are many top Indian bloggers like Amit, who have become full time publishers and make money online by online advertising and reviews. Big chunk of their money must be coming through Paypal, and I will call it as a boon for Indian publishers.

This Paypal e-Transfer facility is available with following banks in India: Axis Bank [UTI Bank], Bank Of India, Canara Bank, Citibank India, HDFC Bank, HSBC, ICICI Bank, ING VYSYA Bank, Standard Chartered Bank, State Bank Of India, Union Bank of India.

While adding your bank account to Paypal, your last name [surname] will be pre-populated but the money can be transfered to anyone in your relatives who share the same last name.

You might face a little problem while adding your Bank Account in India to paypal, if you don’t know the IFSC Code for your bank branch. You can check out the IFSC Code [Right click and save] for your bank branch in India here or download here from Life is Colourful.

IFSC Code for Banks in India

[From Paypal] The Indian Financial System Code (IFSC) is an alpha-numeric code designed to uniquely identify bank branches in India. This is 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. The Reserve Bank of India publishes the IFSC and MICR codes.

Please make sure that you bank account name and the name in bank account added to Paypal are exactly same, or your transferred money will be returned with charges of INR 250.

Paypal will not charge any money for withdrawal amount of 7000 or more. Anything less than that will be charged INR 50. This is really a good news for Paypal users in India and reason to rejoice!

44 Responded To This Post

831. Ravi said in November 1st, 2007

Hi you have mentioned it right but for Taking a Look at the IFSC codes you can have a look at the cheque leaves which you bank provides .
Like My IFSC code for Axis Bank is
UTIB0000053 it is Lucknow Branch.
and for HDFC it is like HDFC0000XXX where xxx is your Bank Code No like mine is 412 again Lucknow

838. Ravi said in November 1st, 2007

Ya buddy It is not from my Single Blog . Now I own a network of blogs there are around 3 blogs in that and this resulted in the income from all the blogs not a single one

839. Life is Colourful said in November 1st, 2007

But still the figure of $1050 income last month was impressive. Even if its from 3 blogs. You must be spending a lot of time in blogging. Good going buddy!

Friends, we are talking about Ravi’s income from his blog which he posted at his blog recently, why don’t you advertisers help him increase the revenue by opting for an ad space on his nice blog as well.

840. Jalaj said in November 1st, 2007

Hi Ravi.. can you enlist your three blogs here… will help many other for a case study…

910. Gauhar said in November 4th, 2007

First of all, thank you very much for sharing the IFSC codes. You are really building a cult, a community. Excellent blog, and great help.

Thanks a lot…

920. Sujain said in November 4th, 2007

Hi All,

Can Any body tell me that is the income got at paypal is taxable in India or the only amount which we get from paypal to our bank account in India is taxable and rest of amount which remains in paypal is not taxable.

1109. Selbourne said in November 8th, 2007

What remains in Paypal, no one knows about it as paypal does not ask for the PAN no. So one really does not need to bother. Maybe when paypal asks for PAN details would there be this headache

1246. Joedel said in November 11th, 2007

It seems like paypal has further expanded their services. Just a few weeks ago, they also upgraded new features to Paypal accounts from different countries.

1699. Carpentry Jobs said in November 21st, 2007

That is cool. I did not know that till now. Thanks for telling. Paypal rocks as usual…

1779. Chennai said in November 24th, 2007

Hello.

I am working in one BPO, and earning 10,000 per month..

i dont have PAN card..

If i earn 20,000 from my freelance work .. through this paypal method or western union..

So total = 30,000 RS

Then what about the tax ??

I dont know anything about the tax ??

Please assist me..

I am planing to do freelance works ..

So mail me to versatile.freelancer@gmail.com

Thanks in advance my friends..

2230. abin542000 said in December 5th, 2007

Sir,
I could withdraw a sum of $498/- through my SBI account, in NOv`07. My paypal account is not verified, now I can not withdraw the fund, since there is limit. But they say limit is $500 P.M? what is this,

2261. Jalaj said in December 6th, 2007

@abin542000 - You will need to have your account verified. There is not other way after you cross $500 limit (that’s not monthly!).

4214. bank account said in January 1st, 2008

Thanks for sharing these IFSC codes.

6529. Newspaper Classified Ads said in February 12th, 2008

VISA enabled UTI or AXIS debit cards cannot be verified in PAYPAL. They want credit cards for verification. I dont know which debit cards paypal allows. But my AXIS Debit card with VISA electron failed to verify my paypal account.
press release service

7191. Triguna said in March 18th, 2008

Hi,

I have transferred 85$ from paypal and I was ready for -50 INR from paypal. I gave all the information correct as of bank information is considered and I gave my ICICI account number and IFSC code properly. But my money got returned and I lost 250+50 = 300/- and I didnt get the money even.

Please help me in this regard.

Whats wrong with my account. Why it got returned.

I used IFSC Code as - ICIC0000000

Thank you in advance.
Triguna M S

7248. aks said in March 20th, 2008

IFSC code has to be specific to not ur bank but the specific bank branch.. the code u have mentioned seems that of the main branch of ICICI bank.. it has to be specificaly of ur bank branch in ur city.. get that code..

7743. Vishnu (BEAUTIFUL MINDS) said in April 4th, 2008

Dear,
I havent verified my account.. i have already send around 2000 usd, I think i have to get another account soon, as the limit is 3000. btw, before this facility was there, i used to find many vendors in ebay.in , who accept pay pal to buy stuffs. now, its all solid money.

9263. Greg Brave said in April 30th, 2008

Yep, these are great news for us
I hope that they won’t change their minds !

10558. Michael said in May 24th, 2008

They wont change their minds about this as long as it’s generating more coin for them. Pau\ypal is still ypour best option but it is starting to get pushed by some up and comers.

12138. Elroy said in June 13th, 2008

it makes it so much easier before I used to use xoom and I have to pay 7$ per trade but with paypal I only have to pay 50rs

16259. jayanta das said in July 24th, 2008

india’s paypal transaction banks ?

24996. Prajith said in October 23rd, 2008

The withdrawal to bank account is failing and the funds are returned. They are not showing any description for that action…

- Prajith

25775. hari 1976 said in December 13th, 2008

hello i am from nepal i want debit card to verify paypal can you help me to open the account of mine to get the debit card to verify paypal

26924. Denzil said in January 25th, 2009

Paypal’s feature of linking an Indian Bank account to it is good.
But, how do I send money through it (add funds)so that I can pay for the services of my webhost?
We have to put money first, don’t we?…before thinking of getting it?

27332. new2Paypal said in February 4th, 2009

Besides the withdrawal fee of 50Rs, does Paypal add any more charges at the time of withdrawal?

Also, for the wire transfer to an Indian bank account, would the Indian bank charge any service charge/education cess, etc or will I get the entire amount (less 50) that I had in my Paypal account?

27367. Life is Colourful said in February 5th, 2009

@ new2paypal, Indian bank won’t charge you anything for Paypal amount being transferred as Paypal would transfer this in INR than in USD.

You would get everything except Rs. 50 if you are withdrawing below Rs 7000 and no fees for more than that.

27368. new2Paypal said in February 5th, 2009

Thanks for the info. I appreciate that!

One other thing. Do you have any idea how much the Indian credit card issuing companies charge as “Foreign transaction fee”? That is, when I buy something online in Indian currency using my US credit card, Citibank charges 3% of the amount as Foreign transaction fee. What about vice-versa?

27376. Life is Colourful said in February 5th, 2009

Usually they charge $8-10 on vice-versa transaction. But to be honest, it depends upon the bank as it’s not fixed anywhere. Every bank can set it up as per their policies. I think ICICI bank in India charges least.

27378. new2Paypal said in February 5th, 2009

Hmm. Looks like ICICI charges 3.5% (http://www.icicibank.com/pfsuser/cards/creditcard/cc_eligibility_fees.htm#table3).

Hey, I got some really useful information on your website. Keep up the good work!

27379. new2Paypal said in February 5th, 2009

One basic question about credit cards.

I have a website that sells some products using Paypal gateway. Lets say someone from India buys a product on my site for 100$/5000Rs.

Paypal contacts the credit card company and the credit card company authorizes the payment of 100$. The item gets shipped.

When would the amount be credited into my Paypal account? If that happens exactly at the time of purchase, I would get 100$ (less the Paypal transaction amount). But if that were to happen after 2days, and lets say the dollar value drops to 48 Indian Rupees after 2 days. In that case, will the credit card company still transfer 100$ or will it transfer 5000Rs/48=104$ to my Paypal account?

This might sound silly, but I had this doubt since some of my credit card transactions appear with a latter date on my statement. I have never used my US credit card for purchases in India, so I don’t know how foreign currency transactions work.

28337. changdeo said in February 26th, 2009

Dear Sir

I opened my an account in Paypal bank but Identity proof and residential proof I unable to upload so where I can upload this documents. please suggest me.
PLEASE SEND ME DETAILS ON MY ID changdeo3713@gmail.com

Regards

C.B.KATE

28717. confused said in March 5th, 2009

Hi,
I am a new freelancer and have managed to earn some money. But my dilemma is how to get money to my bank account. I reside in Lucknow U.P. and am contemplating opening a new axis bank account for the same. Is a savings bank account legally allowed to do such transactions or do I have to have a business account.
Thanks.

29424. nav said in March 25th, 2009

I want to know about IFSC code of ICICI Bank. They have provided me the two codes one is NEFT IFSC code - ICIC0SF0002 and other is RTGS IFSC CODE - ICIC0000007

Which one i will use. ?

29499. ram said in March 31st, 2009

friends:
Ratekhoj.com has a search page where you can search for bank IFSC codes, MICR codes etc. It’s http://www.ratekhoj.com/banks/index.php

29784. Deep said in April 19th, 2009

Hi,
I want to know the verification based on credit card.Can i use my friends credit card as i dont have one.If i use my friends credit card would it go to his account or to my ICICI account which i have attached to my paypal account.As i did not get my money from paypasl and it showing trnsaction complete.Please reply….

30003. amjthaha said in May 3rd, 2009

i need to open the paypal trading account give me the sugession for that, i need the local bank phone no or contact no my mobile no is 9884090072 my name is M.Thaha

i hope that u will call me back

30983. Rajani said in October 3rd, 2009

Hi,
I m having US paypal account n around $600 is there in that account but now we came to India and my account is limited.Its asking for phone number verification but i had given US address n phone number which i cant use now. Can i get verified with india address and phone number?
please help me, i m not able to withdraw or purchase anything as my account is limited

31418. gedet basumatary said in January 19th, 2010

Hello,

I found another easy to use tool for searching any IFSC code of any bank of India. You can find the details and link in the blog post - http://gedetbasumatary.com/search-ifsc-code-of-any-bank-in-india-easily/

Hope it helps.

Thanks
gedet

31466. Life is Colourful said in January 30th, 2010

Gedet, I shall say that’s it’s very well written post to explain how IFSC code can be found out for any bank in India. The link you have given a little bit old database of bank though. I checked for a city which has two ICICI bank branches now, but it only showed one. So that can be told to the website owner as feedback.

32285. ekta said in February 16th, 2010

Are u sure about HDFC and ICICI. both banks replied to me that they have no such facility.

33944. Anirudh K. Mahant said in February 27th, 2010

Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):

A) Should we trust PayPal in future?
ANS: ABSOLUTELY NO

B) Are they really concerned about our Money?
ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?

C) Is RBI responsible for this?
ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of pure frustrating, destroying trust & spreading chaos.

D) So what does PayPal tell us now?
ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”

D) What now?
ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.

Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.

33982. Life is Colourful said in February 27th, 2010

@ Ekta, Yes, it works for ICICI and HDFC both banks. The banks would not be able to answer as they are not responsible for transfer as it’s usual foreign currency transaction for them whether it’s from Paypal or some other source.

@ Anirudh, I understand what we all are going through. But let’s be patient and see what will change to resolve this issue. Thanks for writing your opinion here.

34300. paras1234 said in March 2nd, 2010

ok now i tell u the truth, we r living in a fucking country, name is india,we wont ever developed ok, all our politicians r stupid, they need only bribe and if paypal agree to bribe them, this will also start to work here in india, so paypal is not offering the bribe, anyway, we r indian, we r backward, i have been trying to verify my credit card from icici , hdfc bank , but they basterd know anything about paypal, they r jut hired without any knowledge, everyone is doing their job , they r getting salary for doing nothing, that’s why look at us indians, whenever i visit to any country like usa, russia, or even bulgaria, haah believe me, those r soooooooooo faaaaaaaaar faaaaaaaaaar better than india, but still we keep saying bharat mata ki jai, inki saalo ki maa ki aankh, they keep proud saying oh the girl from india r traditional, we r cool but there is no any single reason on which we can proud, we all have covered our eyes and keep saying bharat mata i jai, this is sick , hell, everywhere is dust, so much pollution, no place to live, we r like the dogs in the view of foreigners, they come to india, they say that woow india is a cool country, they keep laughing b4 us and keep saying india is cool, but when they go back to their own country then they make so worse worse comment about india, this is the fact, and look at us, paypal kis kicking us all indians, haha and what our rbi is doing ? this is also doing nothing, otherwise the government should develop their own system sothat foreign currency may come to india, but governenment is sleeping , why ?? bcoz look at our politicians all r old, all dontknow when they will die, but still they r eatin gmoney form both hands, fuck the up ;