How can I transfer money from PayPal to an Indian account?

by Manshu on November 18, 2008

in Articles

PayPal is one of the fastest ways of transferring money from a US bank account to an Indian bank account. Although the exchange rate that you get is not as good as some of the other services, the speed is much better. You can get the money transferred within a week.

Here is what you need to do in order to use PayPal to transfer money to an Indian account.

  1. Add your American Bank Account to your PayPal account: Assuming you are going to transfer funds from an American bank to an Indian bank, the first thing is to add your US bank account to your PayPal account. This can be done by going to: My Account > Profile > Add / Edit Bank Account.
  2. Verify your Bank Account: After you add your bank account, PayPal transfers two small amounts to it. PayPal will then ask you to enter these two amounts in your PayPal account so that they can verify that the bank account belongs to you. PayPal will eventually withdraw the money that it credited to your account, so if you were planning on building a fortune using PayPal verification cents, forget about it.
  3. Add your Indian Bank Account: Next, you will have to add your Indian bank account where you will send the money. In order to do that you need to go to the same path again; My Account > Profile > Add / Edit Bank Account. Select India from the list of countries in the drop-down and enter your bank account details. PayPal needs you to enter the bank IFSC code which can be found on this RBI link.
  4. Add Funds and Withdraw Funds: Once you have the bank accounts set up, you can use the “Add Funds” and “Withdraw” links from “My Account” tab in order to first add money to your PayPal account and then remit it to India.

The initial set up can take some time because of the verification process, but once you are done, the transfer works fairly smoothly. Remember, the exchange rate that you get through PayPal is usually a little lower than what you get from other services, but the speed and security is top notch.

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{ 7 comments… read them below or add one }

sri March 26, 2009 at 10:26 am

You can easily search for bank addresses, ifsc code, micr code and other contact details at Ratekhoj.com – the link is http://www.ratekhoj.com/banks/index.php

It’s quite simple to use.

Reply

seshu December 7, 2009 at 12:24 am

how to deposit money from icici bank account to paypal account?

pl. not to paypal to icici bank.

i want to money deposit at paypal account from icici bank.

Reply

Manshu December 7, 2009 at 4:55 am

I don’t think that is possible. Here is what they say:

“PayPal does not currently offer the ability to add funds from your bank account.

When you make a payment, PayPal charges the buyer’s credit card and instantly credits the seller’s PayPal account.”

Reply

Samruddha Salvi November 5, 2011 at 10:09 am

If you are searching for IFSC code, then its very easy to find. The best way is to find it yourself on the cheque leaf, you can find the IFSC code by self.
check over here.
how to find IFSC code on cheque

Reply

vijay March 27, 2012 at 5:58 pm

Ans: Yes, you can deposit money in paypal in india. Here is the process first sign up in “alertpay account” it’s electronic fund transfer in 44 countries. sign up is free of cost click here: https://www.alertpay.com/?UY8Smmtf4%2b66X61lmEMYKQ%3d%3d. Then transfer money from alertpay to paypal and also to bank

Reply

Kesav June 22, 2012 at 4:36 pm

Hi,

I am in Oman and doing freelancing. I have NRE account (pls note it is not NRO) with Axis Bank, India.

For receiving the money earned through Freelancing, can i do the below things:-

1) Open Paypal account and link my NRE account with Paypal account?
2) Since i have NRE, do i need to link my PAN card with my paypal account?

Please advise urgently.

Thanks.

Reply

HEMANT August 21, 2014 at 4:45 pm

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