You can do that using xoom: http://www.xoom.com But unfortunately xoom accepts withdrawing highest 2000$. So you need to split your amount and then withdraw the money.
^^ so you mean to say that if i need to withdraw $4000 from xoom...i will need to apply for two cheques of $2000 each.... Or will i need to make two accounts...like there is a limit of $2000 on each account?
$2000 ??? from paypal ! Great ! But please be sure the authorities have an eye in this transaction.I think u have to invest something from it. Since Income tax can catch u !!!
If you signed up for an Indian Paypal account and residing in India, your only option would be to withdraw by way of a Paypal check which is drawn on an Indian Bank in Indian Rupees. The conversion rates is done by Paypal at the time of the withdrawal after they deduct their 2.5% foreign exchange charges and service charges for the check issue (if any). Bank withdrawal is not something which is offered to every Paypal supported countries.
Malaysia seems to be placed in a very complicated situation which although is allowed to send and receive funds in Paypal, cannot withdraw to a local bank or get a US check. The only option seems to be to withdraw to a US Bank but then the catch-22 is that you cannot open a US Bank account unless you open the account face-to-face in a bank in the US. I am not sure why they have that category 'Send. Receive. Withdraw to a U.S. Bank Account. Send and receive payments in these countries. Withdraw from your PayPal account to a U.S. bank account.' in the first place.
There are many alternatives available, if you want to withdraw more than $2500 from Paypal. 1. You could fax in your "business details" to paypal and get an increased withdrawl limit of $10000/month 2.You could use Xoom and transfer $1000/transaction (max limit for bank transfer for Indians) subject to a maximum of $3000 per month and a max of 12 transaction/year. 3.If you keep on using Xoom services regularly and on a frequent basis then Xoom will raise your per transaction limit to $2500 i.e. $2500/transaction (max limit) but still subject to 12 transactions per year. Xoom doesn't pays via cheque firstly. Secondly a max amount of $3000/month can be withdrawn if you happen to be a new Xoom user. Well bro, as soon as you get your money credited in your bank account, you are entitled to pay income tax for the said year, however it is a subject matter on an individual basis to pay or not to pay income tax. Also wanted to point out, that income from foreign sources can't be compensated against any due losses in any category. Even if you made a loss in your local business (say work/share market), you can't offset this loss with the gain from the foreign income and be subject to zero tax. You are still suppose to pay tax on the amount you gaines from foreign sources. Here also, I differ with my frd eddy, Indians have an option of attaching a US bank account, but not many Indians have a US bank account so they ask for a check from Paypal authorities. I hope this clarifies the situation here. Al