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Monday, January 12, 2009

Tutorial to Withdraw Funds to Bank Account from Paypal

To withdraw funds from your paypal account to a bank account, you need to give all your Bank details along with IFSC Code and Account number. Before you start doing this you need to have the following information with you.
1. Your Bank Account Name
2. Your Bank Account Number
3. Your Bank Branch Code
4. IFSC Code

In order to find the IFSC code you need to make sure that your bank is NEFT enabled ie offers you Online Banking services. You can also download the list directly from Reserve Bank of India website and check out if your bank is listed. There are many details available in this which includes MICR, SWIFT, IFSC Codes out of which you need to trace out your bank branch and get the code.

While entering your Bank Account name you need to make sure that your paypal’s account also has the same name. You can to your paypal profile page and view the account name you have setup while signing up, which is listed as Merchant Name. You can even request via Help>Contact Us option to change you name in personal and premium accounts.

Paypal Withdraw Bank India FundsThen move to the withdrawals tab and select ‘Withdraw funds to your bank account’ option which is free service for amounts more than 7000Rs and chargeable at 50Rs for less than 7000Rs amount withdrawals. With the following screen asking you to ‘Add a bank account in India’

Once you add your bank account with the details, you will be shown with a message like ‘You have successfully added a bank account.’ following which you can withdraw funds. Try to go for the lowest withdrawal possible because 50Rs wont hurt you in terms of fees but its safe to go with the lowest withdrawal for the first time. If your transfer is rejected you will be charged with 250Rs return fees in your paypal account.

Once the withdrawal request is made you need to wait for 5-7 business days for the transaction to be completed. This is a very good option because you dont need to wait for more than a month for withdrawing via check which again you need to deposit in the bank and again wait for clearance.

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