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PayPal started Bank Transfers in INDIA

Discussion in 'PayPal' started by Abhik, Oct 30, 2007.

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  1. karu

    karu Active Member

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    #81
    thx for quick reply , checking it out
     
    karu, Oct 31, 2007 IP
  2. feroz97

    feroz97 Well-Known Member

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    #82
    This new feature will be really helpful.
     
    feroz97, Oct 31, 2007 IP
  3. uttoransen

    uttoransen Prominent Member

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    #83
    looking foreword to the new feature! though i will wait for someone to have successfully transfered before i test it!
    waiting for abhik's reports of the transfer!:)
     
    uttoransen, Oct 31, 2007 IP
  4. agnivo007

    agnivo007 Peon

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    #84
    Well, I didn't find that in the dropdown list! I need IDBI bank support :(
     
    agnivo007, Oct 31, 2007 IP
  5. Mr.A

    Mr.A Banned

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    #85
    I think xoom is best it sends within 24 hours
     
    Mr.A, Oct 31, 2007 IP
  6. breakingben

    breakingben Peon

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    #86
    i prefer xoom to icici banks.. its fast and secure
     
    breakingben, Oct 31, 2007 IP
  7. cool_78

    cool_78 Guest

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    #87
    I hope they expand this service to more countries soon :)
     
    cool_78, Oct 31, 2007 IP
  8. life31

    life31 Active Member

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    #88
    Wow some good stuff going on here. Dont know how i missed it till now. May be cos of the dp problem. I used to log in rarely these days.

    Thanks for the great info lookin forward to try it within one or two weeks.
     
    life31, Oct 31, 2007 IP
  9. KMKM

    KMKM Peon

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    #89
    Me too looking forward to see whether i actually get the money or not lol

    Regards,
    ~KMKM
     
    KMKM, Oct 31, 2007 IP
  10. kittyluver

    kittyluver Notable Member

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    #90
    Yeah... Just now seen in paypal and came here to post it. But noticed already a thread is started. I am tooo late. Anyhow, it is a good news for the Indians.

    Just now withdrawn few dollars to my ICICI account. Let me see when I get money in my account...
     
    kittyluver, Oct 31, 2007 IP
  11. megri

    megri Active Member

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    #91
    It is true that you cannot receive any business income from outside unless you have IEC code. I know there are lo freelance doing work without any govt permission which is illegal as per RBI rules. Well you shall also face Income tax department for this payments. Lot of work is going on India with permissions and Indian Govt can take action.
     
    megri, Oct 31, 2007 IP
  12. MeetHere

    MeetHere Prominent Member

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    #92
    @megri - Without the permission of RBI.. This tie up with paypal and indian banks would not have been possible.
    So no problem i think.
     
    MeetHere, Oct 31, 2007 IP
  13. kanaderohan

    kanaderohan Banned

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    #93
    This is FANTASTIC

    Now i dont have to pay xoom soo much fees + there exchange rates were also too low (38 INR = 1 USD)

    GR8 work PAYPAL :)
     
    kanaderohan, Oct 31, 2007 IP
  14. rufh_s

    rufh_s Active Member

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    #94
    its really amazing:D:cool:...will try it out for sure

    thanks for the info
     
    rufh_s, Oct 31, 2007 IP
  15. reachpradeep

    reachpradeep Well-Known Member

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    #95
    this is really amazing service and thereafter i wont search for XOOM coupon :D

    Do you anyone used this service and got money in your bank account ?
     
    reachpradeep, Oct 31, 2007 IP
  16. samlocalguy

    samlocalguy Active Member

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    #96
    agreed with you megri..
    no sured about it..

    So what we can use to withdraw money safely. Someone tell me about VMI card. How safe these are?
     
    samlocalguy, Oct 31, 2007 IP
  17. Shinoda.Mike

    Shinoda.Mike Peon

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    #97
    The paypal to Indian bank transfer is 100% safe. I just enquired with a friend who is more active on the internet business than I am and he says it's just perfect.

    This is what he told me,

    Paypal sends money from an Indian account, so the money you get is more like getting money from someone in India. Your friend, client or business partner.

    Paypal maintains two treasuries, the US Dollar treasury and the Indian treasury. Now the foreign exchange with RBI was done at Paypal's end, so the users don't have to worry about it. All they have to worry about is paying taxes on whatever they have earned.

    When you withdraw from Paypal account, the money gets deducted from the Indian treasury and when someone pays from their credit card, the money is back to the treasury again.

    Get it ?
     
    Shinoda.Mike, Oct 31, 2007 IP
  18. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #98
    Thanks for sharing this wonderful knowledge with us. Now indian paypal users are withdraw their funds from paypal to their bank account without any doubt in their mind after go through this.

    DON.
     
    deluxdon, Oct 31, 2007 IP
  19. Abhik

    Abhik ..:: The ONE ::..

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    #99
    The Money will be transferred from a Citi Bank Indian Bank account, so, there is no illegal thing. Besides, PayPal has its own banking license.
     
    Abhik, Oct 31, 2007 IP
  20. miner

    miner Active Member

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    #100
    Wow gr8 news and thanks for the info Shinoda.Mike
     
    miner, Oct 31, 2007 IP
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