Thinkings of a tinker who thinks he’s a thinker
Not news anymore and I have not yet received any payments through paypal yet ,but I have a donation link at http://jal.sunish.net/donate.
I decided to go through the paypal process to accept money through my ICICI bank account in Calicut. After going through the profile option and Add bank of paypal website, it was asking for IFSC code. A quick search revealed no result, but I accidentally stumbled upon
http://www.joycebabu.com/blog/paypal-supports-direct-withdrawal-to-bank-account.html where he has listed the the RBI link at http://www.idrbt.ac.in/index_fromsm.html?ifsc_directory.html?infinet
Finished through the process and got this threat
“Please make sure that the information you provided is complete and correct. Otherwise, the amount will be returned to your PayPal account (deducting any bank charges) and a return fee of 250.00 INR will be charged.”
and
It can take 5-7 business days to complete this transfer, depending on your bank’s holiday schedule and payment policies.”
Still not bad, for receiving money from the following banks SBI,Bank Of India, Canara Bank (No net banking in most places), Union bank, HDFC, ICICI, Axis, Standard Chartered, HSBC and ING Vysya.
One Response for "Paypal lets you accept money through Indian Banks"
Thanks for this post. Can I use Paypal now to send money from my US bank account to my parents in India, which they can transfer directly to their bank accounts in India? How much service fees would be involved, is it completely free for transactions more than Rs. 7000?
How does the conversion rate compare with the Money2India and Remit2India etc services? they do have a restriction that any transaction less than US$1000 attracts service charge, therefore I am planning to use Paypal but if they conversion is good
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