Does paypal enables the local bank transfer for india?
By asasikumar05
@asasikumar05 (318)
September 20, 2011 3:27am CST
I am from india having account in bank of baroda. I got many cheques from the paypal but it takes too much of time to reach me. I want to know does paypal allows transaction through NEFT? Is it allowing fund transfer to bank of baroda? Please help me i want guidance from indian mylotters.
4 responses
@ashok1 (225)
• India
20 Sep 11
yes you can get your funds transferred to indian banks from your indian paypal account.But you must have a verified paypal account.for that go to your paypal account and press the verification button.A one dollar fees with be charged to your account and your credit card statement will have a code which you have to enter in your account.
@rajivkumar900 (9860)
• India
22 Sep 11
I want to add here, this fee is refundable fee as you get verified with paypal they will reverse your funds in your paypal account, apart from this nowdays paypal is not charging withdrawal fee too..previously they were charging like 50 RS under 5k withrawal, but now its free and best thing is previously we were getting less dollar rates..like in last 12 months (this is estimation time, i really dont remeber exact data ) but we were getting 42-23 Rupess for each dollar we withdraw, but as per new RBI policies, we are getting better rates like 45-46 Rupess..this rates fluctuates every day but we are getting more than past.
its really good thing, but if you are full time marketer and earning on daily basis, then you will find some bad thing about paypal..like
previously we can purchase things our paypal funds, but nowdays we cant do this due to new policy we have to transfer funds in our bank account and then re upload funds..so lets say if i buy $500 dollar product online that case i need to pay Indian banks, or credit card fee as well..previously we were paying directly..
This is major problem i face, and second issue is ..when you are selling stuff online and your customer ask for refund that refund suppose to pay through paypal funds but nowdays we have to process it through our bank account..we is eating up our hard earn money, i am loosing aproximately $100-$500 each month just for this tiny issues.
Hope this helps someone.
Rajiv
@rajivkumar900 (9860)
• India
20 Sep 11
I started right here on mylot and nowdays working as a full time internet marketer, and friend i dont face any problem with paypal like you describe they do transfer money in bank accounts and it hardly takes 3 days to get money in your hand i am not aware about whether bank of baroda,has any collobration with paypal or not but mine is citi bank and its working fine, i have account with pnb as well which is fine too.
Hope this helps.
Rajiv
@rollylolly (2843)
• India
20 Sep 11
I have an account with State Bank of India and I have not got any problem transferring funds from my paypal account to my bank . It has not taken much time . Wonder why you ard having problem . Hope Bank of Baroda account holders in mylot can help you more . All the best !
@PsrSarkar (55)
• India
20 Sep 11
Paypal allows bank transfer. While requesting for payment select the transfer option rather than the cheque option. I got my payment transferred within 2 days! Thats fast isn't it?