There is good news for paypal user in India. You can now transfer money through check and without going through the acrobatic feat of transfer through relatives and friends where you waste money on the transfer fee. Unlike the US where you can add a bank and have the money transferred, Indians have to be content with a check that Paypal will issue in your favor (take care that the name is same as the one in your bank account). And the current limitation is withdrawal of only $2500 per month.
I have been using Paypal to accept payments for ads, and for smaller projects (below $500) and use it to buy software online. This new development from Paypal will be welcomed by many Indian developers, freelancers and small companies alike. I hope, we can add banks in future and have the money wired straight away.
UPDATES
XOOM: I tried Xoom too, which is good and can transfer the money directly to most Indian banks within 4-5 days. However, the transaction charge is high and the conversion ratio is not really in your favor. On my test run, the dollar was about Rs. 1000 cheaper thus making a lost of (roughly) Rs. 1,000 per $1000.
VISA TRANSFER: Very recently (October, 2007), Paypal introduced the Paypal-to-VISA direct transfer. It charges a transaction fee of $5 per transfer and you can transfer about $500 per day; this will hit your VISA credit card account within 3 days (my experience). This is a better alternative if you need quick cash.
Nonetheless, I still feel if you can wait for the standard 15-20 days check delivery to India, it is worth it. It also has the cheapest transaction fee of just $5. Well, it takes another 2 days once you drop the check as they are payable-at-par at all cities in India.
DIRECT BANK TRANSFER: Paypal has just enabled (got an email today, 1st November, 2007) the best option of money transfer from Paypal; and that is “Withdraw your funds to your own Indian Bank Account”.
Now you can add your Indian bank account to your PayPal account, so you can withdraw your money directly to your bank. It saves you time and gives you faster access to your PayPal funds!
Plus, there is no charge to withdrawal amounts over Rs. 7,000. For withdrawal amounts of less than Rs. 7,000 there is a nominal fee of INR 50.
So, pick you choice.
Don't like it? There are lots of published articles, pick a random one.
Brajeshwar posted this article
on Wed, Dec 15th, 2004 at 6:01 am
Categorized under Business and has the following tags
Comments Post Yours
There are 7 responses so far. You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
I use cash2india.com its a good service and I can transfer PayPal money to any Indian bank witin a weeks time.
I have $ 26 in my Paypal account,i want to withdraw this money in india,i not able to use cheque option because it required to withdraw minimum $150 , and i want to withdraw $26 , i have also Bank Accounts of ICICI and Bank Of Baroda Bank and Having ATM/DEBIT in ICICI Bank ,so help me please, waiting for reply!!! my ID is spatilinfotech@gmail.com
I have $ 1 in my Paypal account,i want to withdraw this money in india,i not able to use cheque option because it required to withdraw minimum $150 , and i want to withdraw $1 , i have also Bank Accounts of ICICI and ATM/DEBIT in ICICI Bank ,so help me please, waiting for reply!!! my ID is tejas.bhosle@gmail.com
I have a Paypal account,i want to withdraw this money in india,i not able to use cheque option because it required to withdraw minimum $150. i have also Bank Accounts of ICICI and Bank Of Baroda Bank and Having ATM/DEBIT in ICICI Bank ,so how do i withdraw money from it?
Mail me at anand0408@gmail.com
@Anand: There is only the option of “Check withdrawal” in India. The best would be to ask a friend of your withdrawing to club it with yours after you transfer the money to his paypal account.
Hi brajeshwar,
How much money are you able to make from google adsense from this website per month ????…..I also want to start a website ,so please tell me how much you are able to earn..
@Harshit: That is confidential. However, I will give you a range: $100 to $1000.
Post yours