PayPal Monthly Withdrawal Limit (Indian accounts)

I have a paypal india account and it imposes a $2500 monthly withdrawal limit for check. But does this apply for transfer to an US bank acct also?

 

If you own an Indian paypal account then you will have to do witht the $2500 limit imposed by paypal for withdrawl as Indian paypal accounts cannot transfer money to US bank accounts.
Better way if you need to get INR in your bank account is to send money to some other 3rd party exchanger such as Xoom.


Al

 

I hope so it applies for all withdrawls..

 

No, we can transfer funds/withdraw funds by check as well as US/UK Bank account.

 

I transfered to US bank account, no problem here. But I do not have UK option!

 

Buddy just wanted to add that US banks are always willing to open bank accounts in the name of Non-Resident citizens of other countries but according to RBI rules Indians can't have accounts in other countries outside India without RBI permission.
Please don't transfer money to any US account as this is fairly illegal.



Al

 

A US checking account came with a VMI debit card. Its ok?

 

No, Indians are allowed to have Bank Accounts with banks outside India and also Paypal allows Indian Paypal accounts to withraw funds to US bank accounts if they have one

 

I guess you are right. If it is not a good way to transfer funds to US bank accounts from Indian paypal accounts, then paypal would not have had that option in the first place!

 

The question is if RBI allows Indians to have Foreign Currency accounts in Overseas Bank and it seems that it's indeed allowed. The option to add a bank account however is in all Paypal accounts I think

 

Indians can keep foreign currency accounts but their are some restrictions imposed on it. To keep foreign currency in your account you should be eligible for any of the above

NRI
Dual Citizenship
Have a valid VISA(H1-B or the ones that allow long term residential status to an Indian citizen abroad)
Student studying abroad
Companies having business abroad (although RBI is still not linient with this class)
Travelling businessmen and for recreation purpose such as holidaying abroad etc (Foreign currency is allowed but restrictions are there)

Further, paypal has an option of adding a US account to Indian paypal as it doesn't want to loose these customers who are residing abroad as there spending capacity is way too high.

Secondly, if foreign currency was allowed to be kept by each ordinary Indian each one of us would have had been holding USD instead of INR and the whole INR currency would have gone down the drain as it is a well known fact that $ is the most powerful currency in the world.


Al

 

Dude... check the new paypal limits. Now RBI don't even want us to remit dollars.

 

I have already checked my PP limits however the PP authorities state that it is an error on their part and they will rectify it by this weekend.


Al

 

Hi friend this is only an error. It will be corrected soon.
I also have same problem & still not solved for 2 days.

But here is the proof that it is an error and will be corrected soon.

http://www.onlinemerchantnetwork.com...message.id=451

 

wrong url ^^

 

http://www.onlinemerchantnetwork.co...e?board.id=OnlinePayments&message.id=468#M468

Here is the right url

 

I have a verifited Paypal account which now reflects a zero withdrawal limit. This has been the case for the last week. Any ideas on what Paypal is upto this time? I hear from my other 'verified' friends that they are facing similar problems with their Paypal withdrawal limits.

Let me know what you think! Thanks

 

how can i have a foreign bank account, and which bank.
and is it required to be verified member to use that facility, thanks,

 

Now limit is corrected to $2500 for indian verified accounts.