Withdrawing dollars into an Indian bank

Discussion in 'PayPal' started by kefutiwi, Nov 3, 2010.

  1. #1
    Hello guys,
    I wanted to know whether it was possible for me to be able to withdraw dollars directly into any bank in India from Paypal. The main reason for this is that I need to remove dollars and if I withraw $ into Rupees and then convert them back into 4, I lose money in the process.

    If there is absolutely no way for me to do this, can I send the money to a friend int he US and then have him send the money to his bank account in India (a foreign direct account) and then withdraw all the money??
     
    kefutiwi, Nov 3, 2010 IP
  2. KingOle

    KingOle Peon

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    #2
    If your bank account is linked to your paypal account, can you not send money to it like that? Or do you wish for an alternative method to this because of conversion rates?
     
    KingOle, Nov 3, 2010 IP
  3. seotraining

    seotraining Active Member

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    #3
    Nope you wont be able to do that when you withdraw they will convert yoru amount in INR
     
    seotraining, Nov 3, 2010 IP
  4. perfectblue

    perfectblue Well-Known Member

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    #4
    Not possible.
    Amount gets converted to INR while withdrawal.
     
    perfectblue, Nov 3, 2010 IP
  5. krishatnet

    krishatnet Well-Known Member

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    #5
    Is your bank account added to paypal then you can withdraw money from paypal.
     
    krishatnet, Nov 3, 2010 IP
  6. alexgreatcpa

    alexgreatcpa Well-Known Member Affiliate Manager

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    #6
    Each time you withdraw your dollars to indian bank account or anywhere in the world the money automatically convert in to national local currency . Paypal deposit the money in to bank account the same money while you tried to sell your dollars to paypal and paypal paid you amount of your dollars that time market rate.
     
    alexgreatcpa, Nov 3, 2010 IP
  7. kefutiwi

    kefutiwi Member

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    #7
    So is there any other way that this is possible. I need to get around $500, but if I withdraw it first (in rupees) and then later on I convert it back onto $, I lose out due to the various discrepancies in the exchange rates.
     
    kefutiwi, Nov 4, 2010 IP
  8. BRIDEN

    BRIDEN Greenhorn

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    #8
    Simply if you own a bank account in USD currency. Then it is 100% possible that you can withdraw $$ in your bank account. So 1st of all make sure you have a foreign currency account.

    Hope it will help out.

    Thanks !
     
    BRIDEN, Nov 4, 2010 IP
  9. deluxdon

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

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    #9
    If you want to convert it back into $ later on then there is no need to withdraw it now IMO.

    DON.
     
    deluxdon, Nov 4, 2010 IP