Now Get Your Paypal Funds Directly In Your Bank- Indian Perspective
This is a guest post by Shashank from Techlivez where he blogs about Computers, Technology, Gadgets, Mobile and Gaming news. Do visit his blog for more updates and don’t forget to subscribe to his feeds.
Today an email was sent from Paypal which says now you can withdraw your hard earned Paypal money to your Visa branded debit card or credit card. Now i was really excited to know about this option as until now i was using Xoom service to withdraw my Paypal funds but as i digged deeper to the new withdrawal feature i came to know that Indian Debit cards with visa logo on it aren’t still be allowed to use this new withdrawal feature from Paypal.
Now you might be thinking why it is not available for Indian Visa debit card holders this is because RBI old school policies which don’t allows the Indian bank to get the money from Internet based services directly so debit card holders won’t be benefitting from this service until RBI changes its policies which are a bit old now and RBI really need to change its policies.
If you have Visa credit card then you might try this withdrawal feature but the amount will be credited into your Credit card which you can use it for shopping purposes and there is still no news whether Indian banks would charge additional fees or not.
The new feature is available in the following countries:
Argentina, Brazil, Bulgaria, Chile, Cyprus, Estonia, Gibraltar, Iceland, Indonesia, India, Israel, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malaysia, Malta, Philippines, Romania, San Marino, Slovakia, Slovenia, Turkey, UAE, and Uruguay.
The minimum withdrawal limit is $10 and there is a transaction fees of $5 and you can withdraw daily to a maximum of $500 and the processing time is 5-7 days may take even longer because of your bank.
Its really a good news for Indian Paypal users once all the doubts gets resolved and its then competition ahead for Xoom.
Share this Post
Nice information about paypal bro ! Thank
It seems that this initiative from PayPal is just a publicity stunt(atleast for Indians).
I still use Xoom, and like you said, until the rules change, there is no point in using PayPal withdrawals.
Nice job done by Paypal !
This is good BUT…
Not all Indian banks provide Visa or Mastercard debit cards, 80%+ provide Cirrus debit cards.
See first of all no debit card is visa or master card…..it is visa electron and maestro.
Secondly, if you take the money in your credit card then you can actually do benefit to yourself in such a way that you could pay your credit card bills off using this way or you can submit the money in your credit card and then withdraw it and as shashank said….we’ll need to check out from CC companies if they’ll charge anything from us from drawing that money.
@Mayank
didn’t get your first point…
I ve a debit card of HDFC bank with VISA logo on it isn’t that a Visa debit card
@Rishi,
You are right, not all banks give Visa card.
@Mayank,
“No debit card is visa or master card” is a wrong info, my ICICI bank account card is a proper VISA card. I think it wont be free for all the CC, they will surely charge fee.
@anis
Welcome bro
@Sumesh
It really looks like a publicity stunt to Indians but its not the fault of paypal its the RBI who is not updating is policies.
@Shashank,
You are right with the point, RBI rules are really old ones, need to change these policies.