If you’re in India catering to works outsourced online from other countries, and receiving payments through PayPal, here is good news. You can now withdraw funds from PayPal directly to your account in an Indian bank.
This is great because earlier PayPal would send you a cheque (check in US English) by post usually drawn on Citibank, which you then deposit to your account to lay hands on your money. To cover this expense PayPal used to deduct at least $5 from the amount you withdrew.
The other advantage is that now you can cut short the time to receive your payment to around 5-7 business days, down from 2-3 weeks earlier.
The banks that as of now have tied up with PayPal are State Bank of India, Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, UTI Bank, Standard Chartered Bank, HSBC, and of course Citibank.
As you may be knowing, PayPal is an ebay company, which the latter acquired in October 2002 to facilitate payment between buyer and seller that takes place in ebay, the world’s largest online auction site.
Last year in August PayPal transferred its all non-US, non-EU accounts to its newly established office in Singapore. And now in just a little more than a year, PayPal is offering bank transfer service to its Indian clients, which is quite remarkable.
In a way this step of PayPal was expected because it presumably has a considerable client base in India – mainly online service providers. The bank transfer option comes close on the heels of PayPal offering fund transfer service to a Visa branded card.
If you haven’t already done so, open a PayPal account today and start receiving/sending money online. It’s easy and free to start. If you wish to sell products/service online, PayPal is the best solution for you.