hi. i ahve about 1500$ in my paypal account. i want to withdraw them so i can use them elsewhere. now ia hev 2 ways which are ok with me: one is Bank account and other is Check. now i have few question: for check, Paypal will deduct 5$.After i deposit the check, does the Bank deduct any further amount?or will it deposit the total amount mentioned on the check?will the check be in USD or INR? regarding Bank account, paypal will not charge any fees as it is the amount is about 60K.now will the bank charge any processing fee? also, for bank account i see that we cannot chnage the name. does the name have to be the same? what about check payments? Please let me know ASAP as i want to withdraw money soon.
the best way is to receive cheque. But they do a mysterious currency conversion from USD to INR no one knows the exchange rate. But no other deduction willbe made by banks. If you choose wire transfer, then currency conversion, inward remittance charges my correspondance bank, your bank all are applicable. But it is fast and reliable.
After you deposit the check in your bank, there is no deduction from your bank from your check amount. Paypal send you check in INR not in USD. If you withdraw through bank account then there is also no deduction from your bank (no processing charge). Your name at paypal and on your bank account must match in both cases. DON.
Well best thing is you should withdraw through bank account since is RBI approved process and PayPal use NEFT service to transfer your funds without any charge. If you ask check then you need your PAN card number because you can't deposite more than 50,000 Rs without PAN Card. So better do transfer funds through bank account which also help you in terms Tax.
ok. one more question, can i see how much money wil actually be deposited?(like the exchange rate Paypal can give me?) also, what details are needed for bank transfer? in my bank, the name is my name fathers name and then surname. but in paypal it is just my name and surname. will there be any problems in this matter?
At the time of withdrawal you can see exact amount in INR so no worries about that. And as you said There is no problem. You can still withdraw without having any problem. DON.
bank account transfer is so much faster, easier and safer.. the only thing that bother me is that they've put a cap of $2500 on monthly withdrawals.. anybody know how you can increase that?
If you want to raise your monthly withdrawal limit then you need to contact them through phone for quick response and after submitting few documents required by them, maybe they will increase your monthly withdrawal limit. DON.
Nice info DON Usually exchange rates in paypal is Rs 1 less than normal exchange rates n r updated in 12 o clock noon n midnight. Normal rates now Live rates at 2008.07.28 21:22:25 UTC 1.00 USD=42.6215 INR Todays paypal rate - 1 USD = 40.9305 INR So u loose abt Rs 1.6 per dollar and and total abt Rs 2xxx but no alternative.
You can withdraw from paypal and online credited to your bank account soon. I do each month this type with small amount of money and direct deposited in my indian bank account.