PayPal is one of the most popular online services dealing with securely and easily sending and receiving funds online. However sending the money to your bank account was a difficult proposition. You could get a check for the funds in your account but you would be charged and taxed for processing the check and so on. Also, for the Non-U.S.A. users, cashing the check would be another prolonged affair taking around 4 weeks to complete.

PayPal introduced a feature to transfer funds to your credit card recently as well to help these customers. Now, it is good news for the Indian users of PayPal as they can avail free wire transfers to their accounts in 11 major Indian banks including SBI, HSBC, Canara Bank, Standard Chartered and ICICI. The free wire transfer applies only for transfers above Rs 7000 and a Rs 50 charge is levied for transfers less than that [pretty nominal as well]. Non-verified users can withdraw upto $500 a month.

How to add a bank account?

To add a bank account to your PayPal account, you need to do the following:

• Click the ‘Profile’ subtab on the Account Overview page.
• Click the ‘Bank Accounts’ link in the Financial Information column.
• Click Add.
• Fill out the Add Bank Account form.
• Click ‘Add Bank Account’ and you are done

The banks may charge a transfer fee for the wire and the process may take upto 5-7 days, pretty similar to the credit card transfer and I must say, worth the wait.

I am sure that people in India were waiting for something like this and PayPal hasn’t disappointed! I am yet to check out how good this works, so if anybody has already done this, do let me know. Also, do you think that this new feature is going to help you? Do leave your comments!

Keep up to date

Want to know the latest? Subscribe to our RSS or get Regular Email Updates.

Share the Post

Related Posts