PayPal for receiving, making payments Home Online Money Transfer
PayPal is one of the most popular online money transfer systems widely used for online auctions, pay to surf programs, e-books and purchase of low value goods. It is now a part of the online auction website eBay. Only one PayPal account is allowed per email id.
It can be used for both customer-to-customer transactions and
for business to consumer payments, allowing customers to pay small
online merchants in an efficient manner. Many small US businesses are now
outsourcing their
software, data conversion, design and transcription work to India. They
prefer to pay their Indian vendors by PayPal
PayPal uses email to inform the receiver that a payment has been made. The
sender or purchaser can add funds to his PayPal account in one of
the 3 ways:
1. Charging the credit card for any transactions or payments. However it may not
accept all types of credit cards.
2. Debiting a bank account in US for any payments.
3. By receiving money from some other PayPal account holder
You can open an account for free for Personal , Premier and Business Accounts.
You can send money , add funds to your PayPal account and withdraw funds to a US
bank account for free. It takes some time for money to be withdrawn to the US
bank account. However, only US residents and expatriates can open a US
bank account which is directly debited in case you do not have sufficient
money in your account.
You can verify your PayPal account by adding credit card details. Sending limits for unverified members are US$100 and receiving limits are US$500. Many companies do not accept payment from unverified Paypal accounts due to the higher probability of fraud. A transaction can be reversed within 60 days and all fees are refunded. For a personal account, you have to manually accept or deny the payment sent to you.
Fees for withdrawing to bank accounts in other countries depend on the currency and country. You can receive money free for personal accounts but you have to pay a fee for receiving money in a Premier or Business account
Paypal Fees for Personal, Premier and Business accounts
A business account is used for receiving payments through credit card, debit card and bank account payments. Additionally, a premier account can be used to make secure payments on eBay and merchant websites
PayPal can be used send
payments in the following currencies: Canadian Dollar, Euro, Pound Sterling,
U.S. Dollar, Japanese Yen, Australian Dollar
Since the last quarter of 2004, PayPal allows
Indian residents to withdraw money from their PayPal account in Indian
Rupees. They charge a processing fee of US$5 and the minimum amount for
withdrawal is US$150. You will get the amount by post in a fortnight,
it depends on the efficiency of the postal service in your area. Once you ask
the cheque to be sent to you, you cannot ask it to be cancelled.
The upper withdrawal limit per month is
US$1500 . The cheque sent by PayPal is drawn on Citibank , which has branches in
most large cities in India. However the exchange rate for the transaction is
significantly lower than the Telegraphic Transfer (TT) exchange rate. Remit2India accepts transfers
from a PayPal account
A PayPal account can be verified by linking it to a credit card or debit
card.
One of the major complaints about PayPal is that they can freeze your account.
After the account is frozen, you cannot withdraw the money and their customer
support is not very responsive.
By searching the internet, you can read complaints
from thousands of customers. That is why it is advisable to verify your
PayPal account using a credit card, since freezing your debit card could affect
your bank account. The customer support for business accounts is satisfactory,
they reply within a day.
----- Original Message -----
Answer: Since Paypal is creating problems, I would advise you to withdraw the
money by Citibank cheque, so
----- Original Message -----
I think you withdraw from Paypal only to a US branch of a bank,
please check with HSBC directly for specific information about the account they
offer you. An International credit card of Indian banks is accepted universally
by Paypal or any payment gateway, subject to daily spending limits
specified at the time of issue of the card
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Many banks (especially private
banks) in India charge a minimum of US$10-US$20 to process foreign
currency cheques. So if you receive a cheque of US$20, you
could finally receive only US$2 - US$10 in your bank account, if you do
not select your bank carefully. Instead you could request payment of small
amounts to be deposited in your PayPal account and when the balance in your account is
substantial, the entire amount can be withdrawn by cheque.
From: "Sayak Boral"
Sent: Friday, May 12, 2006 5:01 AM
I have opened a business account with Paypal, and I have also received recently
some $200 via some
online payments. I don't have any US bank account. I don't have any
friends/relatives in the USA or outside India.
Now Paypal is forcing me to enroll in the expanded users program, and demanding
a US-valid credit
card for the same. I have 2 Indian debit cards of UTI and ICICI which are
worthless for online verifications.
The question is which India-based credit card must I go to in order to smoothly
register for this expanded program.
One more question. Would you advise me to withdraw money from my paypal account
by directly
withdrawing a paper check of Citibank, or would you recommend Remit2India. The
problem with
Remit2India, as mentioned in their website is, that they serve Paypal for only
US nationals with
valid social security no.s, for which I am not eligible.
I desperately need correct advice. Please help.
that you do not lose any money. The minimum amount for withdrawal is US$150 .ICICI/HDFC
Bank International credit cards could be used
From: "Ankit Bhurat"
Sent: Wednesday, May 24, 2006 12:15 PM
Subject: encashing drafts - Paypal Withdrawal
Hello
Is is possible to open an a/c with a US Bank operating in India like HSBC ( I
live in A'bad , Gujrat
and I guess there is a branch over here.) Then I'll connect it to PayPal and
transfer my money to
this US Bank and filly withdraw thru either ATM or a simple check.
Also if I apply for a credit card of ICICI or HDFC or any other credit card in
INDIA will this be
accepted by PayPal ?
Please Advice.
Ankit
Answer:
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