PayPal started Bank Transfers in INDIA

Indian bank IFSC code is also written on cheque book

IDIB000-XXXX

 

Yes, at the moment paypal is the best. Even if it was costing me a little more with paypal i would have used them. Its a much 'clear' way of getting the payment and no worries...

Will inform everyone when i get credit for this withdrawal.

 

thanks for the info. Now we can get our money faster. Cheers for paypal

 

Wow! And i was about to use xoom. When i just searched for a thread regarding xoom transfer in India and found this... kool!

Contacting branch for code

Lets see how it goes. Cheers!

Regards,
~KMKM

 

But there is no Indian Bank or Corporation bank.

 

Yes, there are already 7-8 banks listed..
Can you elaborate it a bit more?

 

Just initiated a bank transfer Could get IFSC easily through web, confirmed (they had to search for it, its not used much within India. MICR is more common here) with the branch (2 mins from my house)

Lets hope it goes well.

Here is my 0$ paypal
http://img527.imageshack.us/img527/6545/paypal0wz7.jpg

From tomorrow, my 15k challenge starts. So hopefully there will be more such transfers

 

Hi there!

Great News!

I was about to withdraw $200 to my credit card.

And saw that paypal is now supporting Banks in India!

Added bank account and initiated bank transfer

But, I dont know my name change will affect the transfer or not.

The cause is , my paypal business name is one and bank account name is another.
I know that this will cause the issue in cheque . But what about bank direct deposit ? Will it cause trouble ?
If then, paypal is telling that, the amount will again be credited into paypal after deducting the bank fee and Rs250 paypal fee.

I am waiting for a call from my bank, SBI

Paypal screenshot

http://img161.imageshack.us/img161/1548/paypalkt4.jpg

 

Just one question?

Is it legal to withdraw money via paypal bank transfers?
Any fear from RBI?

 

Nope..
There is no risk on it as the money with will be transferred from Citi Bank India. RBI can easily trace the transaction as they will be using the Online Transfer which is well monitored by RBI.

 

here is the list from icicibanks website.

Check the excel from this page
http://ebusiness.icicibank.com/imarkets/products/tb/gb_RcvingFund.asp

 

Is RBI permits to withdraw money from paypal, xoom, wester union or etc.?

If yes how much money we can withdraw?

Do I need IE code for withdrawls frm upper sources?
I am taking payment on my individual name. Any Risk??

As I talked to CA. He asked it is illegal get money from outside India without firm or company name + without IE code. What you think about it?

 

1. Paypal itself has banking license, plus they operate in India w/ monetary license in India. Any company simply cannot start financial transactions without license from RBI and with banking license. I believe its the reason the have increased the withdrawal limits to $10 or $100k monthly for Indian accounts (just like any other local bank). I may be wrong but its my opinion.

2. Secondly, since PP account is Indian account, how can it be foreign source?

3. Thirdly, the funds credited are in local Indian currency.

 

Great info.

Ifsc code also here : http://72.14.235.104/search?q=cache...ts.xls+ifsc+code+hdfc+bank&hl=en&ct=clnk&cd=2

 

RBI doesn't condemn the use of Xoom, Western union or the likes. What Xoom does is below the nose of the RBI.

However Paypal to Bank Transfer is legal.

 

Well I feel, money were transfered from Paypal by all of us on individual name through cheques in India and deposited in respective bank A/cs. Direct transfer is no different, but still legal issues, if any, need to be considered.

You must be able to prove that where money came from in the Paypal A/c if needed. In any case the money transfered are not too big for most of us.

 

so even if i have an unverified ac u can i withdraw using this new feature?

 

its possible but there is a limit. check out by logging into PP account.