Guys stop wasting your money on exchanges. If you had sleepless nights over exchanging your paypal to INR then god has listened to your prayers. Paypal has just started a new service which allows people from india and 25 other countries to withdraw their paypal balance to their visa credit,debit or prepaid card. What this means to you is if you have an account with any bank (ICICI, HDFC,Kotak, Standard Chartered, ABN-Amro, PNB etc.) then you also have a visa debit card from them. You can use this card to withdraw your paypal balance easily and securely. More details here Guys this is really amazing becuase now you don't have to beg for exchanges or pay big fees to greedy exchangers to withdraw your money. Now this is also legal as you can directly recieve funds to your self and also claim it in your tax returns.
Discussion already going on here. http://forums.digitalpoint.com/showthread.php?t=500020 http://forums.digitalpoint.com/showthread.php?t=496170
Ask HDFC bank if they are allowing internet transaction on debit cards or not?? I am having a same problem with my Corporation Bank debit card. I\'ve asked them regarding this, they have replied me that they are not allowing internet transaction on debit cards.
Withdraw charge is $5 and it takes 5-7 business days.We may consider xoom as its instant.Xoom still rocks.
For all Indians, RBI does not allow international US$ transactions to debits cards, hence you can use this service, if you have visa credit card. You can withdraw funds to VISA credit card. Xoom is nice but the positive thing is this way we need to pay fees of $5 wherein via xoom its $9.99 So waiting 4-5days isnt bad if you can save 50% fees but it doesnt matter if someone withdrawing good amount. My 5 cents.
Bad news VMT is avilable for cards and accounts only in india. We cant recieve or transfer money to our cards from outside india
I think debit cards will not work with international money transfer like paypal, but credit card should work. Is there any one who have make a WD to his/her VISA or MC credit card.
I was wondering about the legal aspects of transfering INR to Debit Card via Paypal service. I am not still a tax payer so can then also i can use the New Paypal Service??
I have inquired with my local ICICI bank. according to the officer no Indian bank (at least ICICI) offer funding option to debit card. you can only use debit card to withdraw or shopping purchase. So at present Debit cards are only for out going fund not for incoming fund. So forget about debit card at least for ICICI & HDFC. Not sure about any other. Now comes the credit card. So if you withdraw fund to your CC the fund will be credited to your credit card a/c. Means if your CC limit is 30,000 INR & you withdraw 10,000 INR from PayPal to it, your limit will become 40,000 INR . That means you can spend 10,000 more on shopping. Now if you want to withdraw the fund you will have to pay heavy charges like this. $5 PayPal withdrawal charge, 3.5% currency exchange charge (USD to INR) Plus for cash withdrawal charges check HERE for ICICI credit card
no the card issuing bank doesn't charge anything for this i.e VMT(Visa Money Transfer). however, as I said earlier also it won't work in india because all banks are party to the agreement that VMT would work only with transfers within india on cards issued in india and deposit made in india.
I am not sure about what you are saying because I did this only yesterday. I was too irritated after three of my visa cards failed to register with paypal. So I did a VMT among those cards itself. My account is debited and I only need to check if the money is on my card. I will do that tomorrow and verify what you are saying.
I think its better to use Xoom or normal way of check withdrawal. We Indians have No luck this time too.