Clarification needed in Paypal withdrawal
By sajujohn
@sajujohn (1005)
India
November 29, 2012 6:18am CST
I am having a doubt about the Paypal's withdrawal to the bank account. I am from India and I have updated my PAN card number and Bank account number in Paypal. Now I want to withdraw the amount to my Bank account. But I heard that Paypal will do the auto withdrawal to the linked bank account.What does that mean?will it withdraw the amount to my bank account whenever ther is some amount in Paypal?The other thing I want to know is that while withrawing this amount to the bank account will Paypal take any charge for it like processing fee and all. Also I have seen that return fee is 250INR. What does that mean?
Please help me....
7 responses
@sanjay91422 (2725)
• India
29 Nov 12
I get my payment directly to my bank account in India through Paypal. Reverse fee means if you have put the wrong bank account details and the money gets transferred to someone else's account then reversing back that money will cost you that fee.
It will be your mistake if the money goes to another account because you have not put the right bank account details.
So put the bank account details right and you do not have to pay the fee.
@sanjay91422 (2725)
• India
30 Nov 12
Yes, that is same thing because we only withdraw the money from the Paypal and can not deposit anything from India.
Paypal automatically transfer the money to your bank account in India within the 24 hours after it reaches to the Paypal account. So you don't have to do anything to make it transferred to your account.
The reason is some RBI(Reserve Bank of India) guidelines which makes them do this. You can not invest the money from the Paypal directly for the online shopping.
It will reach your bank account first and then you can use it in anything you want like your other bank money.
@sriroshan (2585)
• India
29 Nov 12
Fine if you have submitted PAN Card and Bank account number to Paypal then you don't have to worry and there is no need that you should go to your paypal account and transfer your money from your Paypal Account to your Bank Account. It is auto transfer done by Paypal to your Bank.
Regarding transfer fees - Yes paypal do charge the transfer fee. My friend in this world nothing is free. You can find detail at Paypal site about the fees they charge to transfer the fees from Paypal to your Bank Account.
@ctryhnny (3460)
• United States
29 Nov 12
I don't know how it works in India but in the US if you use your Paypal to buy something and you don't have enough of a balance they will take whatever they need to out of your bank account to cover it. I don't know what the return fee is because I never get one. It must just be for overseas accounts.
@josechukkiri (3014)
• India
29 Nov 12
Hi sajujohn, I am from India. Few days back I got my money from paypal to my Indian bank account.It was the money I got from mybrowsercash on 20th November,2012.November 22nd paypal send this money to my state bank of India account automatically.paypal send me mail for this matter.Then after I was checking my bank account to see whether the money is reached or not. On November 26th my account received the amount in rupees.Paypal send the money free of cost.To get the money send automatically, you have to enable the option in your withdrawal section.I am a verified paypal account holder. I don't know about 'unverified account'. You see it took only 4 days to reach the money from paypal to my bank account
I have written on mylot about getting the money from mybrowsercash. See the link:http://www.mylot.com/w/discussions/2723194.aspx
@sajujohn (1005)
• India
29 Nov 12
It is nice to hear that paypal have done the transfer of amount within 4 days. Therefore I can also wait for that much days. I am also trying to get my account verified with in 2-3 days or as soon as possible.
I also want to know that when Paypal transferred the amount to your account how much amount got deposited in your account. Did they deducted any amount from your requested amount?
@subhojit10 (7375)
• India
29 Nov 12
Thanks a ton for sharing this discussion. Yes u are absolutely right there is a policy of auto withdrawal of money from Paypal to your bank account which means that u do not have to decide whether to keep money in your Paypal account or not as all the transaction from Paypal to bank account will happen automatically.
Besides it has been clearly mentioned that processing fees are charged depending on the money being withdrawn. if it is very large then processing fees are obviously charged otherwise not.
What say?
@sajujohn (1005)
• India
29 Nov 12
I will be getting paid from mylot only. Therefore it will be as minimum as $10. If that is autowithdrawn and Paypal charges some 250INR then I there won't be much left in the remaining amount.
Or else is ther any minimum amount limit to have autowithdraw to take place.
@Life11211 (452)
• India
4 Dec 12
PayPal don't take any charge, Rs.250 which is charged is "Reversal of Transaction"
Before going forward, some question to ask
1. Whether Pan number details showing verified in your PayPal account.
2. Whether You name in Bank records, PayPal account and in Your Pan card, is exactly same and in same order???
3. Whether from your paypal balance, some amount is showing deducted (as you mentioned Rs.250 charged from you)