Good & Great News for Indians Regarding Paypal Withdrawal
By touchnshine
@touchnshine (2821)
India
February 6, 2008 9:52am CST
Hi my Dear friends
Here is an update to my very old discussion on Paypal in India -- http://www.mylot.com/w/discussions/993013.aspx
At that time -- I use xoom to take out my money through Paypal and now I am using Paypal services.
I am a bit late creating this discussion -- but it will be useful for those who are still unable to know how things are working out on Paypal .. so the good news is -- now you can withdraw money through your paypal account and can transfer it to your bank account .. now you will ask me -- Have you withdrawn money .. yes I did and the money was in my Bank Account within 3 - 4 working days time. The thing is -- if your money amount is equal to or less than
6,999.99 Rs. then you will be charged for 50 Rs. as paypal fees .. and if your amount is more than or equal to 7000 Rs. then you will be charged -- nothing -- it's free -- Hurray !!!!
You need to add up your bank account and your bank details in your paypal account in order to get your money into your bank account. You also need to have IFSC code -- which you need to enter in the details .. now what is IFSC code :
The Indian Financial System Code (IFSC) is an alpha-numeric code designed to uniquely identify bank branches in India. This is an 11-digit code with the first four characters representing the bank code, the next character is a control character, and the last 6 characters identify the branch.
The Reserve Bank of India publishes the IFSC and MICR codes, but only IFSC codes should be used. To view a list of valid IFSC codes, go to the Reserve Bank of India website at http://www.rbi.org.in/scripts/neft.aspx and click List of NEFT enabled bank branches. Please contact your bank in India for this code.
In simple words -- contact your bank -- give out your details and ask for -- IFSC Code.
One more thing which I would like to say is -- please get your paypal account verified -- with the help of Credit Card .. Many details are given in my old discussion about how to verify via credit card on paypal so do remember to check my old discussion as well.
Now taking money out through Paypal is not a problem for Indians. Many thanks to Paypal :)
If anything is not clear -- they can still ask me questions and I will be happy in assisting you further :)
4 people like this
14 responses
@dpk262006 (58678)
• Delhi, India
7 Feb 08
Thanks very much for providing such a useful and handy details. I firmly believe these details will help many members here on mylot, who are not aware of the paypal and its withdrawal system.
You really have done a wonderful job in explaining the method of withdrawal in a very logical and simple manner.
Full marks to you.
Have a great day!
:):)
@touchnshine (2821)
• India
8 Feb 08
I am happy to get full marks :) ..
Great day to you as well
2 people like this
@touchnshine (2821)
• India
8 Feb 08
Dear dbhattji
I was checking one discussion of Mitraa regarding Paypal and found this response No. - 5 which will answer your question -- User - yellows says --
the best way to solve your problem is contact or send email to paypal and tell them about that. and just follow the step to verify your account. i dont understand why members keep using paypal but not be able to verify their acc. unverified also means that you cannot withdraw your money, unverified also means that the unverified member is a good donater ' lol
You can check the whole discussion here --
http://www.mylot.com/w/discussions/1399607.aspx
2 people like this
@touchnshine (2821)
• India
12 Feb 08
Hi dbhattji
Verifying through bank account -- it's possible for only members who are from outside India .. Indian members have only option to get themself verified and that is -- credit card .. infact I think it is the only option for verification.
3 people like this
@sudiptacallingu (10879)
• India
18 Feb 08
preeti,
thnx a ton…as usual you are very helpful. But I just went thru your discussion and have saved it for future reference. However, when I do take the necessary steps for enlisting my bank and verification, I will read your mail and follow it. Even then, be sure that I will trouble you if ever I am stuck.
2 people like this
@touchnshine (2821)
• India
18 Feb 08
Dear Sudipta
That's so nice to know that you find the information helpful and you have saved it for future reference. If you got stuck anywhere .. no problem dear .. you can always contact me .. you are having my gmail id also so you can contact me directly over there too and I will be happy to assist you further :)
1 person likes this
@mimpi1911 (25464)
• India
7 Feb 08
Hi sweetie,
Thanks for the information. you have put it very clearly and I am sure Indian users would be very happy to know this.
I have withdrawn 100 USD to my ICICI bank account directly in November 2007. They have deducted 50 INR only, as you have mentioned. It's very easy and fast actually.
Good luck!
How are you doing?
3 people like this
@touchnshine (2821)
• India
8 Feb 08
HI Mimpi
That's nice to know that you are aware of the whole procedure :)
3 people like this
@deepika_mona (1338)
• India
11 Feb 08
hey thank dear for these information but i have no paypal account n how could i start with it pls inform me this first and how will i get my earning of my lot yet i have not received once also pl shelp me
thank u very much for your help
3 people like this
@deepika_mona (1338)
• India
13 Feb 08
Thanks dear for give me informatin n your support too as i want to know while creating id they asked me my email id when i put gmail or yahoo or mylot id they dont accept so which id i should put so i was not able to crate my paypal account
also pls let me know how to information my lot people
thank u very much
3 people like this
@touchnshine (2821)
• India
12 Feb 08
Hi deepika_mona
It's really shocking to know that you don't have paypal account -- Your first step -- login to www.paypal.com and create your account.
Second step -- Get it verified with the help of your credit card -- just navigate the site well -- you will know how to do that.. in case you are not able to find the procedures -- you can still contact me.
Remember dear -- if you reach -- $10 on mylot -- and won't enter your paypal information -- then I don't think that you will get payment through mylot .. and since it's a small earning -- but it really feels nice -- so don't remain unaware of such things :)
After creating your account on paypal -- update your paypal account id in mylot -- because then only mylot will be able to send you payment.
3 people like this
@subathra (3519)
• India
8 Feb 08
yes friend, iam aware of this method of withdrawing money from paypal account..earlier i was also using xoom to withdraw .Anyway your discussion would be very helpful for those who were not aware of this new system of withdrawal.thanks for posting.rated +++
@touchnshine (2821)
• India
8 Feb 08
That's great :) .. thanks for + .. I have also given you +
2 people like this
@subha12 (18441)
• India
13 Feb 08
hmmm... i tried with it earlier. you can say when it was started. after about 10 days it was nmot transferred and it got reversed back to my paypal account with about rs 200 deducted from the balance. i have written that to bank's customer care. they could not give any fruitful answer. now i am sceptical about it.
2 people like this
@touchnshine (2821)
• India
13 Feb 08
Dear subha12
Paypal says -- if you enter any information wrong then this reversal will happen -- so please check that you have entered anything wrong ??
Paypal is a genuine site otherwise they should not have reversed your money back also -- I am using paypal site from several years and I can trust the site.
3 people like this
@vipulchawla (2220)
• India
13 Feb 08
Hello miss touchnshine..you seem to be very regular to this site.and its amazing to see that..Even i had been wondering when i started using this..whether it really works and and then when i got to know abt the details about paying through Paypal..so i was taken aback since i dont have a Credit Card.. but for now ..i am waiting to get my Credit Card to get this into process... I hope this site..paypal..is safe enough for entering the Credit Card details.. and by the way how much did you earn from your first earning.. i mean does it depend upon us when do we want to crdit our paypal amount into our bank amount or they keep sending the cheque whenever it crosses 10$.. ?? For the time being i just get carried away with responding to discussions.. Haven't thought of how to get the money in real..Will catch up with ur earlier postings and with you too when i am in a position to do this..So i just wish you to thank you for encouraging me...
1 person likes this
@touchnshine (2821)
• India
16 Feb 08
Dear vipulchawla
Well paypal site is very safe .. you can go ahead with providing your details to paypal..
Your second question -- mylot pays us -- when we reach -- $10 -- you can also select different payout levels. Usually members select $10 otherwise -- you have to select amount higher than 10 USD .. no one can wait for so long and so they select minimum payout amount. Mylot won't send you cheque -- they send money to our paypal account online on pay day. I hope I have answered your questions well .. If any of your question remain unanswered -- do let me know and I will be happy to assist you further :)
3 people like this
@vipulchawla (2220)
• India
17 Feb 08
Thanks for your information miss..??? One more query.. is there a limited period of time within which you have to encash your amount.. i mean does our earnign gets refreshed or reset to zero within a span of time. is there a rule or something like that ..or may be if we dont come online for a certain period of time.. ??
By the way i wud like to ;personally know abt you.. if you dont mind.. ??
1 person likes this
@touchnshine (2821)
• India
18 Feb 08
Dear vipulchawla
If you reach -- $10 USD or more than this amount then your balance will be transferred to your paypal account by mylot and then your balance on mylot will show zero balance as you said ..
2 people like this
@saivenkaat802003 (4823)
• India
17 Feb 08
Hi Preeti,
Nice to see you back, and you are doing a stupendous task of sharing what you know about paypal and ebay, to others.
Regarding this, i have already some dollars to my paypal account and i am aware of the developments of direct withdrawing to the bank account in India.
Now the problem.
1) Still i have an Unverified paypal account.
2) I have given the Kotak bank IFSC code in the paypal site, and i am also having a Kotak bank International Debit card.(ATM)
3) Can i give the number given on the back of the ATM card to get my paypal account verified?
4) If the above option at 3, is not possible then what kind of credit card must i possess, and kindly tell me the same.Because there are a lots of varities of credit cards found.
Kindly guide me.
Take care friend:)
4)
1 person likes this
@touchnshine (2821)
• India
18 Feb 08
Dear saivenkaat
Thanks for your nice comments and the appreciation :)
Your problems :
1) Still i have an Unverified paypal account -- Kindly make it verified -- as far as I know -- to withdraw your money through Paypal account you should have a verified paypal account. Take help of your friends -- create a new paypal account on their name and ask for their credit card .. or you can take help of your relatives/father/mother/sister/brother .. I strongly recommend you to make your paypal account verified.
2. Giving IFSC code is ok
3. Can i give the number given on the back of the ATM card to get my paypal account verified -- Giving debit card number to paypal won't work -- even I tried this many times when I was not having credit card -- and it won't worked at my side. Everything was fine when I finally got credit card.
4. If the above option at 3, is not possible then what kind of credit card must i possess, and kindly tell me the same.Because there are a lots of varities of credit cards found -- Any credit card works .. see I am having 2 paypal accounts with different names -- one is my own and the other one belongs to my cousin sister .. she is having mastercard ICICI bank credit card and I am having Citibank VISA credit card .. I am talking about the logo that is written on the credit card.
To get a credit card .. I can give you a tip : If you are holding an account in ICICI Bank -- then do you know ICICI Bank offers free credit card to their account holders ?? You can get a credit card through this procedure very soon.
Is there anything that I left and something that is remained unanswered ?? Do let me know :)
Have a Great Day My Dear Friend :)
1 person likes this
@touchnshine (2821)
• India
18 Feb 08
Dear saivenkaat
Ok regarding your other questions here are the answers one by one :
1) When i get a new paypal account, opened, all my earnings credited to the previous account will get lost, is it so? Or it is possible to transfer the existing amount to the new account? Also, will i be allowed to open another account from the same ip address? -- When you get a new paypal account -- you can transfer your money from the old paypal account to your new paypal account and you can also edit your paypal account in mylot payment information. You can open another account from the same ip address -- that is not a problem.
2)If the feasiblity of the above is a chance of remote possiblity,
then please do suggest me a credit card, that dont not involve any high annual maintainace and service charges. Because i am going to have a credit card exclusively for verifying the paypal account, and for no other uses i have with it -- Dear these days -- you will get a credit card for free. There are no feasability charges kind of thing .. I got my credit card for free of cost from the credit card company.
3) And sorry, friend i have lost your mail id, and so i could not respond to your Republic day wish in my profile -- I will reply to your pm and give you my mail address.
Regarding your last question -- I am not into any article writing job so sorry can't help you in this regard.
Dear you can contact me as long as you wish and as long as your queries remain unanswered .. I always feel happy to assist you :)
1 person likes this
@saivenkaat802003 (4823)
• India
18 Feb 08
Nice preeti, still i do have some thing bothering.
1) When i get a new paypal account, opened, all my earnings credited to the previous account will get lost, is it so? Or it is possible to transfer the existing amount to the new account? Also, will i be allowed to open another account from the same ip address?
2)If the feasiblity of the above is a chance of remote possiblity,
then please do suggest me a credit card, that dont not involve any high annual maintainace and service charges. Because i am going to have a credit card exclusively for verifying the paypal account, and for no other uses i have with it.
3) And sorry, friend i have lost your mail id, and so i could not respond to your Republic day wish in my profile.
Kindly do send me a pm,your mail id.
One more thing friend, are you doing any kind of article writing jobs? If so kindly help me in this regard.
And finally Preeti, dont feel relaxed and confident that you have cleared my doubts...hehehe.. i will be pestering you all along, till i get some kind of payment from paypal...lol:)
Take care.
1 person likes this
@lavenderbloom (1057)
• United Arab Emirates
18 Feb 08
Hi,
I was aware of this and I have already added my bank account details in the paypal. My paypal account balance is very less and so I have not withdrawn yet. Hope I get some good genuine sites which pays by paypal and I too make use of this new paypal facility. It is indeed a good work from paypal for indians and hope that they provide similar facilities to all from other countries. Regards.
@faith210 (11224)
• Philippines
7 Feb 08
Hi touchnshine! Oh that is wonderful news for you and your countrymen. Paypal has also extended the same kind of services to us people from the Philippines and we are happy too for such service. I have already have my paypal account and my account has already been verified. I hope everything will turn out smoothly from this day on for all of us regarding Paypal services. Take care and have a nice day!
@touchnshine (2821)
• India
7 Feb 08
Hi faith210
It's really nice to know that you also have the same services in Philippines :)
Take Care and Nice Day to you as well :)
3 people like this
@touchnshine (2821)
• India
17 Feb 08
Hi Maddy
Thanks for it :) .. I am glad that my little information helped you .. + to you as well :)
Have A Great Day
1 person likes this
@touchnshine (2821)
• India
6 Feb 08
Yes dear .. I know it's quite old ..
I have mainly posted this for my friends who are still unfamiliar with the whole thing. Good to know that you knew it :)
I know it's announced in the late of last year :)
3 people like this
@watsurrashee (6)
• India
21 Oct 09
Yeah IFSC Code is necessary to withdraw PayPal money to your local Bank account. Every Indian Bank Branch which is Authorized for NEFT Transaction has a unique IFSC Code. To find the IFSC Code of any Indian Bank Branch, I have one great site http://www.netinfobase.com/
1 person likes this
