Paypal linked account minimum withdrawl limit and withdrawl charges

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himanshuaieee

himanshuaieee

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Well, I recently linked my Paypal account using Bank`s credit card succesfully!!

Though the upper limit on the amount of withdrawal has been raised.

I was astonished to see that they implement a minimum withdrawl limit condition./

10$ - USD, 10 - Euro.

I was really amazed to see that!! So I wanted to ask you peoples, in order to confirm

whats the Withdrawl limit for India!!

Also whats the processing charges for Withdrawl of amount??

Iread somewhere that they dont charge anything if we withdraw Rs. 7000, but less that and they will charge you Rs. 50 each transaction!!! W00w!

I sometimes need to pay at some site small amounts, so I have to bear that extra cost as well.

Also consider this, if I get a electronic transaction directly to my pay pal account.

Henceforth, I have some dollars stored on My Paypal account, will any transaction using that amount will charge me anything??

Looking forward for you answers.

Regards!!
 
That limit is for withdrawal to your bank account! You can make payments for even $0.01 :)

When making the payment for an item, the buyer is not charged any fee, only the seller ie the receiver.

The fee for receiving money is about 2.9-3.9% + $0.3. You will not be charged for sending money be it from your balance or credit card. :)
 
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^^

Oh well, thanks for clarifying that./

So can we withdraw withdraw amount say Rs. 7000 and keep it stored in Paypal account as our Paypal balance for future use!!!
 
himanshuaieee said:
^^

Oh well, thanks for clarifying that.

So can we withdraw withdraw amount say Rs. 7000 and keep it stored in Paypal account as our Paypal balance for future use!!!
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Again withdraw here means, to transfer the funds from your paypal balance to your bank account. Paypal balance is always in USD or other supported currency and its converted to INR if and when you want to withdraw. Rs 7000 is the minimum equivalent value in INR which you can withdraw without any service charges.

Don't confuse withdrawing to debiting the funds from your credit card. When making a payment, the amount is automatically debited from your credit card linked to paypal. Also you cannot transfer money from your CC to the paypal account and it is not necessary. If someone sends you some money to your paypal account, it will be shown as Paypal balance in your account.
 
Great it clarifyies most of the doubt./ Repped!

Let me reconcile it all together..

We can make payment of any amount as low as 0.1 $ using Paypal and the same is debited from credit card.

There is no processing fees/ conversion fess while making payment (as still INR amount in our account has to be coverted into Paypal balance which is USD)

There is no payment charges at all, except that we make international payments.

^^^^^^^^^^^^^^^^^^^^^

I read it somewhere, what does that implies!!! - Bcoz anyways I will using it for making international Payment though in USD only!!, does it mean making payment in currency other that USD)

==================================================================

K about withdrawl,

There is a cap to withdrawl from Paypal account to Bank account. Whish is 10$ for USD.

Also while withdrawing amount from Paypal balance to Bank account they will cost us pocessing fees of Rs. 50 if the withdrawal amount is less than Rs. 7,000 (bastards eat our hard money!!)

---------------------------------------------

Hope I am all right in there!

Regards./
 
When making the payment its just like you make a payment at any website. If you make a payment for $10, Paypal charges $10 to your card and VISA or MASTERCARD usually handles the currency conversion and the banks charge 3.5% as currency conversion charges. There is also an option to let paypal handle the currency conversion and charge the credit card in INR, but with introduction of VBV etc I don't know if its still working.

So there is a currency conversion charge if you make a USD payment using your credit card, but its charged by your bank and not paypal.

Yes the minimum amount for withdrawal to bank account is $10 and I don't think charging Rs 50 for small withdrawals is too much. If you wanted to get a payment from outside India, paypal is the best. International Wiretransfer etc is even more expensive.
 
varkey said:
If you wanted to get a payment from outside India, paypal is the best. International Wiretransfer etc is even more expensive.
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I guess the catch word here is payment from abroad. So it has to be in lieu of some service? If someone wants to transfer some money to us, they can't do that via PayPal. Right?
 
Well Varkey I perfectly get that!!

Well its not necessary the wired transfer from outside has to be against some service offerred to you!!

If one relative outside India does a wired transaction to his family bank account in Inida then he has to pay for

conversion ratio(yhough not if he lives in us ) and his family have to pay for service (though not if its more than 7K).

So i prefectly understand that even wired transaction from family to family is also much easier and cheaper this way.

Just out of curiosity though, how much time will this entire process will take. Anyone had a chance to do it :D
 
agantuk said:
I guess the catch word here is payment from abroad. So it has to be in lieu of some service? If someone wants to transfer some money to us, they can't do that via PayPal. Right?
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Yes personal money transfers to India are not allowed through Paypal, it should only be a payment for a product or service. Even while withdrawing you need to select the exact purpose for which the payment was made.
himanshuaieee said:
Well Varkey I perfectly get that!!

Well its not necessary the wired transfer from outside has to be against some service offerred to you!!

If one relative outside India does a wired transaction to his family bank account in Inida then he has to pay for

conversion ratio(yhough not if he lives in us ) and his family have to pay for service (though not if its more than 7K).

So i prefectly understand that even wired transaction from family to family is also much easier and cheaper this way.

Just out of curiosity though, how much time will this entire process will take. Anyone had a chance to do it :D
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No Paypal as of now can not be used for personal money transfers. But wire transfer is possible for personal purpose provided its within RBI regulations but its more expensive, a wire transfer from India to US will cost approx 1.2k ~ $25 from ICICI. But for high value transactions Wire Transfer is better as it will offer much better exchange rates than Paypal ( Paypal exchange rate includes 2.5% currency conversion charge )

Btw Paypal withdrawal is processed by Paypal India and transferred through NEFT directly in INR, in case of Wiretransfer the amount is usually sent in the foreign currency and is converted to INR once it reaches your account.

Paypal withdrawal is usually credited to your account within 2-3 working days. As for WireTransfer, last time I was wired a payment from US, I got it on the 2nd day :) But it won't go beyond 5-7 days. :)
 
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