PayPal (For Indians) : Withdraw from Paypal to Indian Bank is FREE now

Rajat

Member
Country flag
I see the new paypal change now that Indians can withdraw their paypal money to their bank for FREE

there is no limit of Rs7000 and above.

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Where will my funds be auto withdrawn to?

Your PayPal balance will be auto withdrawn to your bank account in India.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Why are my funds being auto withdrawn?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Your PayPal balance is auto withdrawn to your local bank account in India daily. You can check your bank account within 5-7 working days after your funds have been auto withdrawn from your PayPal account.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 India None*
Withdrawals that you make to your bank account in India None*

*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.

http://pupul.org/blog/paypal-for-indians-withdraw-from-paypal-to-indian-bank-is-free-now/
 

freeads

Member
Paypal says "In order to comply with RBI guidelines &to be able to continue to receive payment from overseas customer and withdraw money we need to add 'Purpose Code."

Can someone tell me the 'purpose code' for receiving payment after a domain name sale to a overseas (out of India) buyer.
Thanks in advance.
 
In my opinion
1. advertising and marketing may be right choice for it. As domain name is branding. But I would be curious to get view of other members.
 

freeads

Member
For information the various Purpose Codes are as follows:

Content and Journalism
Freelance journalism
Other information services
Information Technology
Hardware consulting
Software consulting
Data processing consulting
Travel

Business related travel purchase
Licensing of creative works
Licensing revenues
Export of Goods

Cross border shipment of goods and services
Other Services
Legal
Accounting and tax
Business and Management Consultancy
Advertising and market research
R & D
Architectural services

India based Domainers please give your opinion.

I feel it must be :

'Cross border shipment of goods and services'
 
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