For those of you friends who thought getting money from Paypal was cumbersome, here comes a piece of news which should bring a smile to your face! Now paypal users can directly withdraw money to a bank account in India for free directly from the Paypal website.
Some more good news on this front from paypal is that they have decided to scrap off the withdrawal fees for electronic transfer of amount in excess of Rs.7000.
The pre-requisites to get your money from PayPal to a bank account in India include your bank account number and the IFSCI code of the bank branch where you have the account. If you don’t have the same then just call your bank customer care service and ask for IFSC code -it’s an 11 digit code maintained by The Reserve Bank of India.
The e-transfer facility from PayPal India is available to anyone having an account in HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank (formerly UTI Bank), Standard Chartered Bank, State Bank Of India, Bank Of India, Canara Bank, Union Bank of India, HSBC and Citibank India.
For all of you planning to use this facility, just make sure that the name in the bank account matches with that mentioned in the Paypal account !