Finally we have a feature which was much awaited by the Indian businesses and freelancers – especially from the IT community. A few days back, Ebay owned ‘Paypal‘ announced that Indian paypal account holders can now withdraw their funds from their paypal accounts, directly to their India banks. Earlier the options were to either get a physical check via snail mail (which took a long time) or to wire the funds to a US bank account. Also, there were limitation on the amount you could withdraw in a month’s time. This too has been increased substantially.
Paypal Fee: For withdrawal amounts of more than 7,000 Rupees are free. For withdrawal amounts of less then 7,000 Rupees, Paypal charges a fee of 50 Rupees.
Paypal has partnered with almost all the major bank in India, so this immensely increases the reach and utility of this new option. These banks include: State Bank of India , Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, UTI Bank, Standard Chartered Bank, HSBC and Citibank.
Some days back, Paypal had announced another exciting facility – allowing users to withdraw funds from their Paypal accounts to their Visa credit cards as well. Paypal has partnered with almost all the major bank in India, so this immensely increases the reach and utility of this new option.
You can read more about these features by visiting the following links:
A perfect Diwali Gift from Paypal to Indian companies, freelancers and entrepreneurs!