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PayPal started Bank Transfers in INDIA

Discussion in 'PayPal' started by Abhik, Oct 30, 2007.

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  1. navjotjsingh

    navjotjsingh Peon

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    #281
    It seems, I need a new bank account. :D UCO Bank is not supported.
     
    navjotjsingh, Nov 6, 2007 IP
  2. chandubhai

    chandubhai Banned

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    #282
    What about income tax problems?
     
    chandubhai, Nov 6, 2007 IP
  3. dotcompals

    dotcompals Prominent Member

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    #283
    you should pay taxes as usual.. according to your income.
     
    dotcompals, Nov 6, 2007 IP
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  4. chandubhai

    chandubhai Banned

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    #284
    I heard the foreign revenues earned are not taxable.
     
    chandubhai, Nov 6, 2007 IP
  5. theanand

    theanand Active Member

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    #285
    Of course they are taxable as any other source of income...
     
    theanand, Nov 6, 2007 IP
  6. Abhik

    Abhik ..:: The ONE ::..

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    #286
    Just go through the first few pages..
    IT was well explained.
     
    Abhik, Nov 6, 2007 IP
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  7. secgeek

    secgeek Well-Known Member

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    #287
    just checked,amount is creadited to my account :)
    so i guess it taken 6 days in my case longest in this thread?
     
    secgeek, Nov 6, 2007 IP
  8. Rohit patel

    Rohit patel Prominent Member

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    #288
    Well I requested funds on Sunday and I am hoping it by tomorrow or on 8. I will updates you whenever I got funds. I requested $300.
     
    Rohit patel, Nov 6, 2007 IP
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  9. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #289
    You'll get it by tommorow for sure IMO as it'll take 3 business days.
     
    deluxdon, Nov 6, 2007 IP
  10. agnivo007

    agnivo007 Peon

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    #290
    Asked PP if they plan to add more banks soon (eg - IDBI)

    They replied :
     
    agnivo007, Nov 6, 2007 IP
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  11. kiviniar

    kiviniar Notable Member

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    #291
    Just a heads up, if you are using the list here.

    I got a different IFSC code from my Bank than what is listed here

    It would be advised that you would call you Bank for the code
     
    kiviniar, Nov 6, 2007 IP
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  12. ghm

    ghm Peon

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    #292
    agni, thats a great news, paypal would certainly become one of the preffered brand in India with this kind of ease of access.

    others I transffered money from Paypal to ICICI and got it a couple of hours back.
    its appearing as "NEFT FRM PAYPAL PRIVATE LIMITE" i started the transfer on Friday, November 02, 2007 9PM and got it Tuesday November 06, 2007 7PM so its just cool.
     
    ghm, Nov 6, 2007 IP
  13. ghm

    ghm Peon

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    #293
    It would be best to check with the Bank before you use IFSC code,
    I think real time check can only be done by the method i provided in this thread earlier.
     
    ghm, Nov 6, 2007 IP
  14. megri

    megri Active Member

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    #294
    The major question

    Will it be treated a foreign remittance
    Will any bank issue foreign currency receipt certificate
    Will it be treated as Indian Receipt?

    There are lot of legal concept which are not clarified by any bank. I asked few banks but they are not sure
     
    megri, Nov 6, 2007 IP
  15. vvtv

    vvtv Well-Known Member

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    #295
    This is considered as NEFT - National Electronic Fund Transfer.... So I think it will not treated as foreign money. PayPal transfers money from their Indian account (Citi Bank-I think). Any bank issues NEFT, the request goes through RBI and they approves it. If they found any thing wrong, they will inform to the concerned authorites....
     
    vvtv, Nov 6, 2007 IP
  16. lavista4u

    lavista4u Member

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    #296
    Guys Consider this also when withdrawing:-

    PayPal Exchange Rate: 38.02

    Xoom: 38.91

    ICICI Bank: 38.68



    PayPal exchange is not as good as it should be, we have to pay nearly 1000 bucks for payment processing which sucks..Xoom has sensed the competition and their exchange rate is better at the moment.

    Yet all payment processor sucks one way or the other...

    Guys..make it a point to write to paypal every now and then to reduce their exchange rate..this is India..we work hard all day and graveyard shifts to earn in dollar and both ways we are sucked with dollar going down and paypal sucking up on fees...this is extortion and slavery :confused:
     
    lavista4u, Nov 6, 2007 IP
  17. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #297


    Surprised :eek: Until now there is only 0.1 to 0.2 INR difference between XOOM and Paypal Exchange Rate but now there is 0.89 INR difference :confused:

    I think xoom now understand that people avoid their service due to paypal's direct bank deposit service so they suddenly increase exchange rate (reduce their profit margin) :D Hope this competition give us (Indians) good exchange rate overall ;)
     
    deluxdon, Nov 6, 2007 IP
  18. DarkX

    DarkX Peon

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    #298
    and we might see new coupons or low fee from Xoom soon.

    I'm still using Xoom, because of the fund transfer time. Paypal takes upto 5-7 days, whereas Xoom only takes 2 days (usually)
    though that's my personal opinion and experience.
     
    DarkX, Nov 6, 2007 IP
  19. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #299
    No DarkX. Thats not true. I know that they says '5-7 days' for bank transfer but based on my own experience and other members experience they transfer funds to your indian bank account within 3-4 days (same as Xoom).
     
    deluxdon, Nov 6, 2007 IP
  20. dotcompals

    dotcompals Prominent Member

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    #300
    Update:

    I got the test amount to my ICICI account .

    I initiated the transfer on
    Friday, November 02, 2007 7PM
    and got it
    Wednesday, November 07, 2007 7.30 AM

    So it is less than 5 whole days. 4 & a half days.

    --------------
    All said and done. I now think, Xoom is a better option for me because,

    # Xoom takes much less time - 48 to 60 hours
    # Paypal can only transfer money to accounts with exactly the same name, with xoom, I dont care about the Name of the account and I can transfer Money to any bank account in India
    # Exchange rate is higher @ Xoom.
     
    dotcompals, Nov 6, 2007 IP
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