Many of us don’t find ourselves in good health when the question of transferring money through an online medium comes into mind. Everybody wants to feel themselves safe and secure. There are many programs nowadays wherein you can make money online and many of the companies pay via PayPal a well known medium to transfer the money. Earlier you were either required to add the credit card details to enable the PayPal account or you need to provide the details wherein PayPal used to send the check at your mentioned address check that normally took 2-3 weeks for processing. The process was time consuming. But now good news for PayPal users in India. You can now transfer money from your PayPal account to any of your bank account in India directly from the PayPal website. This new e-transfer process normally takes less than a week.Earlier PayPal used to charge $5 per transaction irrespective of the amount on the cheque.But now it had scrapped the withdrawal fees for electronic transfer if the amount withdrawn is more than Rs 7000 and a nominal Rs 50 for small transfers.To transfer your money from PayPal to a bank account in India, all you need is your bank account number and the IFSCI code of the bank branch where you have the account - call your bank customer care service and ask for IFSC code -it’s an 11 digit code maintained by The Reserve Bank of India.
The e-transfer facility from PayPal India is available to anyone having an account in leading banks like HDFC Bank, Bank Of India, ICICI Bank, ING VYSYA Bank, Axis Bank (formerly UTI Bank), State Bank Of India, Canara Bank, Union Bank of India, HSBC , Citibank India and Standard Chartered Bank.
Before you withdraw the amount from PayPal to your Indian Bank account, ensure that name of the bank record and PayPal matches else the transaction will not go through and PayPal would also charge Rs 250 as a processing fee.
PayPal offers another option for Indians who hold a Visa credit card or debit card - you can withdraw funds directly to your Visa branded credit, debit or prepaid card.This service is available since long.It has an intelligent currency manager built-in. PayPal manages your payments in multiple currencies. Accept, make payments or maintain a balance in one of these currencies:
Canadian Dollars,Euros,Pounds Sterling,U.S. Dollars,Yen,Australian Dollars,New Zealand Dollars,Swiss Francs,Hong Kong Dollars,Singapore Dollars,Swedish Kronor,Danish Kroner,Polish Zloty,Norwegian Kroner,Hungarian Forint,Czech Koruna,Indian Rupees
Is PayPal Income Taxable in India - If you are earning online income through blogging or any other program and your money is deposited in PayPal you must declare the PayPal money while filing the Tax Returns in India.