Funds from my Paypal account are automatically withdrawn into my linked local bank account after 24 hours. It takes almost 5-7 days for the money to arrive. Is there a way to disable this option, so that the funds remain in Paypal? Is there a way to convert Paypal funds into hard cash INSTANTLY?
Oh, OK. Thanks. I had linked my local bank account for Paypal verification. So, my Paypal account is verified. Now is it possible to unlink the bank account so that funds cannot be withdrawn into it? If it is possible and I unlink my bank ac, will my Paypal status go back to being 'unverified'? The only option I see is to transfer the funds somewhere else in less than 24 hrs, before they get automatically withdrawn. Anyways, is there any service (in India preferably) that converts Paypal funds to hard cash for a certain charge?
Whats the problem with paypal auto withdrawal ? Within 2-3 business days money is there in your indian bank account. DON.
In my local Indian bank ac, it takes 5-6 business days. I guess it differs according to each bank. Actually I need some money urgently right now and the only source is funds I have in Paypal. That's why I am trying to find a solution for quick conversion to hard currency. Do you know any way by which this can be done?
For a safe side it is always recommended that direct paypal withdrawal to your own bank account IMO. DON.
PayPal is no longer used as an online wallet in India so the money that comes to it will be transferred automatically to the bank account attached. You can't do anything about it. However, PayPal offers another option for Indians who hold a Visa credit card or debit card – you can withdraw funds directly to your Visa branded credit, debit or prepaid card. I'm not sure , but withdrawing money to your card can be faster and take less time than withdrawing to the bank account.
PayPal India has to comply with Section 2 (vi) of this RBI notification which states that balances held by Online Payment Gateways has to be credited to exporter's bank account in India within 7 days You can't do anything about it, since it's central bank's order
Thanks Joe Badger and nihangshah for the info. Is it possible to transfer funds I have in my Paypal to another Paypal account owned by a different person, before they are withdrawn into my local bank account, i.e. before 24 hours? If it is possible, I will make the transfer in exchange for hard cash.
You can't use PayPal balance (before it's withdrawn to local bank account) to send money to another PayPal account The only way to send money to another PayPal account is by using debit/credit card