PayPal – Funds Withdrawal Options
If you are a new India user of PayPal, or planning to open an account, here is a complete step by step guide to how to withdraw funds from your PayPal account, and especially into your bank account. Procedures described in this article are specially meant for India users but anyone else could have a general guidance.
Withdrawing money from your PayPal balance is easy. India users can move money from their PayPal balance into their local bank account or to a US bank account any time. It takes about 5-7 working days for a local bank, and about 3-4 working days for a bank in the US. Just link your bank account to your PayPal account. Yoy may also request a cheque from PayPal, processing time is about 4-6 working days. But withdraw to a credit, debit, or prepaid card in India is not possible as of today.
If you want to withdraw fund to your local bank account then first you will have to add a local bank account to your PayPal account.
Add a Local Bank Account
- Log in to your PayPal account
- Click Profile at the top of the page
- Click Bank Accounts under Financial Information column
- Click Add
- Enter the required information, then click Add Bank Account
The required information to be provided are Name on account, Bank name, NEFT IFSC Code which is a 11 digit code for your bank (you can get it from your bank branch, it is also printed on your bank cheques, see more information below), and Account Number. To avoid withdrawal failure and a return fee of Rs.250, the name on your bank account must match the name on your PayPal account.
The NEFT is a nation-wide system that facilitates individuals to electronically transfer funds from any bank branch to any other bank branch in the country.
Indian Financial System Code (IFSC)
The IFSC is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is a 11 digit code with the first 4 characters representing the bank, and the last 6 characters representing the branch. The 5th character is a 0 (zero). IFSC is used by the NEFT system to route the messages to the destination banks / branches.
The list of bank branches participating in the NEFT system and their IFSCs is available on the website of Reserve Bank of India.
More details about NEFT System
You may add more than one bank account, and remove an account.
Remove a Local Bank Account
- Log in to your PayPal account
- Click Profile at the top of the page
- Click Bank Accounts under Financial Information column
- Select the bank account you want to remove, then click Remove
Transfer Money to Your Bank Account
- Log in to your PayPal account and click My Account
- Click Withdraw at the top of the page
- Click Withdraw funds to your bank account
- Enter your information and click Continue
- Click Submit
You will have to enter the following information, amount of withdrawal in USD, name of bank, and purpose of withdrawal.
Purpose of Withdrawal
You will have to select a purpose from a dropdown menu. This calls for a detailed discussion, and I shall take up the topic in a separate article to be published soon. See the Paypal Purpose of Withdrawal in the screengrab below.
Make sure to provide the right information as the transaction is not reversible. Currency converter is available in a pop up window.
Get Your Money by Cheque
- Log in to your PayPal account and click My Account
- Click Withdraw at the top of the page
- Click Request a cheque from PayPal
- Enter your information and click Continue
- Click Submit
Withdraw Money to Your Credit Card
Not allowed for India users
Fees for Withdrawing Funds
Banks in India
Fees will vary according to the amount to be withdrawn.
Free for Rs.7,000.00 INR or more
Rs.50.00 INR for Rs.6,999.99 INR or less
Banks in the US
Free for banks in the US
Cheque Request
$5.00 USD
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Electronic withdrawal service continues in India
Inconvenience caused to India PayPal users due to upcoming changes
2 Comments
I hope someday we can use paypal as americans do!
grants for single moms
Yes, you are very much right, you cannot open a PayPal account for Charity, if your charity is registered in India, same thing happened with me also, I applied a Charity account for my client and after completing all the formalities they just denied for the account.
I have a suggestion for you, apply for a normal account with some other website and then use it for your Charity website, I have list of websites who are doing the same thing.
You can also try some other Payment Gateways like CCavenue, but in case you are using Vbulletin script, I don’t think so that it may help you. The first suggestion may work for you.
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