Tuesday, August 23, 2011

PayPal has implemented Daily Auto Withdraw for Indian Users

PayPal has implemented Auto Withdraw for Indian Users. It seems it will be done on Daily basis.

And, I have noticed that PayPal has removed the Rs.50 fees for the withdraw. Anyway PayPal will still get income from the Exchange Rate difference.

Find below more details from the PayPal site.

Withdrawing your payments

What is auto withdrawal?

Auto withdrawal is the process of automatically transferring your funds from your PayPal account into your bank account in India.

Where will my funds be auto withdrawn to?

Your PayPal balance will be auto withdrawn to your bank account in India. If you have one bank account added to your PayPal account, it will be set as your auto withdrawal account. In case you have more than one bank account added to your PayPal account, you will have an option to set your auto withdrawal account.

Why are my funds being auto withdrawn?

This is an Indian regulatory requirement and applies to all PayPal users in India.

When does auto withdrawal happen?

Your PayPal balance is auto withdrawn to your local bank account in India daily. You can check your bank account within 5-7 working days after your funds have been auto withdrawn from your PayPal account.

Can I withdraw my funds?

You can also withdraw your funds. Here's how:
  • Log in to your PayPal account and click Withdraw at the top of the page.
  • Select the bank account you want to use.
  • Enter the amount and click Continue.
  • Select your purpose code for withdrawals.
  • Make sure that your information is correct and click Continue.

Can I use my PayPal balance?

When you receive payments and it is available as balance in your PayPal account, you must withdraw your funds or let withdrawals happen automatically. In accordance with Indian regulations, you can’t make purchases or send payments with your PayPal balance. Please use your card linked to your PayPal account to make purchases or send payments.

Type of withdrawal PayPal fee
Auto withdrawals made to your bank account in IndiaNone*
Withdrawals that you make to your bank account in IndiaNone*

*If foreign exchange or currency conversion is required to complete any transaction, this will be performed by a licensed financial institution. The foreign exchange rate is adjusted periodically on a daily basis to reflect market conditions and includes a 2.5% processing fee which is retained by PayPal. The exact exchange rate that applies to your transaction will be displayed to you at the time of the transaction.

In the January Month, PayPal had informed the India users to transfer the paypal payment to Indian bank account within 7 days.

Updates on September 14
This Auto withdrawal is having a shortcoming. You can read this post for more details.

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1 comment:

manish said...

I have created a paypal account and confused what is this auto withdrwl. Relaxed by your post.

Good work. Wish You all the best.

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