Hi i own a paypal account and what the benefit of PayPal Business Account,. I transfer funds to my bank account in india which has my name on Account. If i upgrade to business Account and give a business name do i have the provision to withdraw funds to my personal bank account in India. I dont have a business Account. Please let me know how to apply for paypal debit card. Waiting Answers from GURUS
To sign up or upgrade to a Paypal Business account, you will need to have an incorporated company or registered business in India and have a bank account in the name of your company/business. You cannot withdraw to your personal bank account. I believe you know that a company is a separate identity from its owners and in the eyes of the law, it is treated as a person. The reason why you cannot withdraw to your personal bank account from a business paypal account as paypal does not condone to Criminal Breach of Trust. To apply for a Paypal Debit Card, you need to be a US Citizen or Resident and have gotten your account verified with a US Bank account and US Bank-issued Credit Card.
Paypal will send cheques/transfer funds to your business account but there could possibly be an alternative solution. - You can request Paypal to withdraw to your credit card and then use the credit card to withdraw cash from an ATM. Normally there is a limit for cash withdrawing so this may not help if the amount is large. -Check with your Indian bank if you are allowed to submit cheques in the firm name (to your personal account) if it is a sole proprietorship. As far as I know earlier we were allowed to submit cheques in our personal name to the firm name if it was sole proprietorship....meaning the firm and proprietor (owner) are considered as same entity for all legal and banking purposes. -This is something I found out recently but I am not sure if Paypal will allow it. After logging in go to your profile and click on the Business Information link. Next click on the Change name link in Business Contact Name and select the last button Business Name Change (business name) This doesnt need any documents/verification....enter your personal name here. Then make a request to transfer your funds to bank account.
U need to have an bank account on name of ur business,i.e name of your business (in paypal) must match name on your bank account,else transaction will be reversed.