Verify/Withdraw INDIAN PAYPAL using PREPAID VISA cards

Paypal allows Indian accounts to withdraw money to prepaid cards. I have been doing some research on the possibility of withdrawing money to prepaid VISA Travel cards. These are in USD and are issued by many banks in India but afaik only SBI and ICICI allow internet shopping.

If you withdraw money to bank or debit or credit card paypal charges 2.5% conversion fee. Since travel cards are in USD there is no charge. Also using your credit card co charges 3.5% for any purchase in currency other then INR. There is no such charge with travel card when paying in USD. So this card can save lot of money if you regularly shop online on international website or you can use the money abroad.

Note: There is a 3.5% charge when transaction on ICICI is not is USD. idk about SBI.

Paypal charges $5 withdraw fee. Max withdrawal limit is $500. Which means 1% charge. After withdrawing money to the card you can go to any branch of issuing bank which has a forex desk and get refund in INR. SBI has better rates then ICICI. But ICICI offer temporary card blocking service which IMO is worth it. This is NOT a credit card. Incase of fraudulent transaction you lose your money and bank cannot help you.

Note: This card can not be used in India, Nepal, Bhutan. You need to get refund from bank to use the money.

looking forward to comments or questions.

 

very nice informations,i heared some peoples can make bank accounts in USA to withdraw amount with any name
is it the same thing?

 

Another option of verifying/withdrawing from Paypal is to open a regular savings account in HDFC bank. Once you have opened the account and got the debit card, you can request for your internet banking activation. Once you do all you have to do is link your internet banking with the debit card. HDFC bank has a unique feature, that is creation of one time use virtual cards. You can easily use that virtual card to make any payment anywhere. As soon as you create a virtual card, the amount will be debited from your account and you will be provided card details. The details will be just like any credit card details with the card no., three digit card verification code, date and month of expiry. The only difference between that card and a regular credit card is that providing your regular credit card details can be used for fraud purposes but virtual card details cannot be used again as it can be used only once.

You can also use that card to verify your paypal account. Just create a card equivalent to $1.95 and submit the details using the "verify your card" process. Once verified you can always withdraw your earnings to your regular saving account.

Anil Pandey

 

Not same. With a real US bank account you have to wire money to India, if you want cash. Using US debit card in Indian ATM will incur many charges. With a local travel card you just go to your local bank branch and get refund on the card.

Anil, pls read my original post.

 

really nice info