paypal

PayPal is a secure and trusted payment processor and a way of receiving payment from many sites like MyLot. It can also be used for making secure payments online (though there are some restrictions for Indians, I believe). It is free to join and, for Indian residents, they currently waive the charges they usually make for transferring money to your bank account because the RBI has ruled that all earnings paid MUST be transferred within 7 days of receipt. Indian residents MUST complete this procedure and the transfer of funds is automatic. You will need to join PayPal and then give them your bank account details and PAN code. Your first and last names as shown on your bank details must match what you use when you sign up for a PayPal account. You will also need to enter a 'purpose code' but full details are given on the PayPal website. Everything can be done online and quite quickly as long as you have online access to your bank statements. If you receive bank statements by post, it will just take a little longer to verify your PayPal account. Once you have done this, whatever money you receive through PayPal will be automatically transferred to your bank account within 7 days. Indian residents cannot choose to hold a balance in PayPal.