Paypal questions [absolute n00b ones please reply]

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the_maniac

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Hey guys,

I have just signed up for a paypal personal account..I am an Indian resident and I do not have a credit card nor do I have any bank account in my name..
so i could not add any credit card to my paypal account.. [and thus it shows unverified in my account page]

now I would like to know -

1. How can I withdraw money which is listed in USD in my paypal account? Which banks here in India will let me withdraw cash in Rupees from my paypal account ?
and what will be the charges for the transaction ?

2. I also want to get a credit a card for myself and which one should I be getting ?

3. I intend to buy a domain and hosting sometime in future so can I use that account to pay to the person I buy the domain/ hosting from ? And will I be charged by paypal for that transaction ? if so then how much would be the charge ?
Please suggest a how I go about this...basically I am a complete noob in banking and stuff so I do not know anything at all...

So please tell me which bank I should open an account in so that I can transfer money from my paypal account so that I can withdraw the money in Rs and the % of charges that are applicable for that...

Basically guide me from the virtual money[$] to real cash in hand [Rs]...
PS: mods please don't delete the thread and members please guide me ..
 
the_maniac said:
1. How can I withdraw money which is listed in USD in my paypal account? Which banks here in India will let me withdraw cash in Rupees from my paypal account ?

and what will be the charges for the transaction ?

2. I also want to get a credit a card for myself and which one should I be getting ?

3. I intend to buy a domain and hosting sometime in future so can I use that account to pay to the person I buy the domain/ hosting from ? And will I be charged by paypal for that transaction ? if so then how much would be the charge ?
Click to expand...

1. Yes, but you need to withdraw a minimum of 7K rupees (or $ equivalent) if you don't want to get slapped by a 50rupee paypal service charge. HDFC and Axis bank work fine, I think. Global banks with a presence in India like Citi and HSBC should theoretically work as well. Basically, as long as the bank is not some fly by night operator and provides an IFSC code for its branch, I think you'll be fine. (EDIT: I'm assuming you're eligible to open an account at a bank. Paypal won't just hand over the money in cash. You need to have an account at some bank in India.)

2. If this your first foray into personal banking and financial products, I'd recommend getting a debit card/check card. A lot of people in India lose the concept of spending wisely (similar to the west) as soon as they get a credit card. You certainly don't want to fall into debt or behind your payments while using a CC. A debit is pretty much the same as a CC, it's just that its your money and not the bank's. Use it for a while, see if you can get your monthly budget and expenditure in order and then splash for a CC.

3. Yep, I think Godaddy accepts paypal as a form of payment. Nope, you won't be charged by paypal.
 
^^ first of all let us know if you are a working professional and have a income of your own. Because these credit card companies wont give the card if you dont have any income. I mean you need to show them salary slips etc in ideal case.

I am not aware about withdrawing you paypal money in form of real cash. May be you can ask the support center of paypal by emailing them.
 
thank you for your prompt reply :)

gforce said:
1. Yes, but you need to withdraw a minimum of 7K rupees (or $ equivalent) if you don't want to get slapped by a 50rupee paypal service charge. HDFC and Axis bank work fine, I think. Global banks with a presence in India like Citi and HSBC should theoretically work as well. Basically, as long as the bank is not some fly by night operator and provides an IFSC code for its branch, I think you'll be fine. (EDIT: I'm assuming you're eligible to open an account at a bank. Paypal won't just hand over the money in cash. You need to have an account at some bank in India.)

2. If this your first foray into personal banking and financial products, I'd recommend getting a debit card/check card. A lot of people in India lose the concept of spending wisely (similar to the west) as soon as they get a credit card. You certainly don't want to fall into debt or behind your payments while using a CC. A debit is pretty much the same as a CC, it's just that its your money and not the bank's. Use it for a while, see if you can get your monthly budget and expenditure in order and then splash for a CC.
3. Yep, I think Godaddy accepts paypal as a form of payment. Nope, you won't be charged by paypal.
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1. what about Indian banks ?? I mean the nationalized banks such as State Bank/canara bank/vijaya bank etc ? If I open an account in those banks can I withdraw money ?

[and yes I am 22 years old :)]

2. Yes this is my first foray into such financial deals...now if I get a debit card from a bank will I be able to add it to my paypal account ?
3. Thanks ...

raksrules said:
^^ first of all let us know if you are a working professional and have a income of your own. Because these credit card companies wont give the card if you dont have any income. I mean you need to show them salary slips etc in ideal case.
Click to expand...

oh snap !! I do not work ... I am a student of MSc ....
 
the_maniac said:
1. what about Indian banks ?? I mean the nationalized banks such as State Bank/canara bank/vijaya bank etc ? If I open an account in those banks can I withdraw money ?

[and yes I am 22 years old :)]

2. Yes this is my first foray into such financial deals...now if I get a debit card from a bank will I be able to add it to my paypal account ?

3. Thanks ...
Click to expand...

1. Yes, as long as they provide an IFSC code. I know that Bombay Mercantile does not provide an IFSC and thus cannot be used for bank transfers.

2. Most Indian debit cards cannot be used for verification. However, if you're an ICICI customer, you can generate a virtual CC number that can be used for verification and discarded after that. A couple of other banks provide this service, including Citi and HDFC. I'm not sure about SBI though. Never hurts to talk to the branch manager in your area about this.

3. No worries man.
 
^^i dont think ICICI has a on the fly virtual credit card. I mean they have a virtual credit card but it is static. Not like one time use. You can use it as many times as you want, its just that it can be used online only.

Btu yes HDFC i suppose has the facility of creating a credit card on the fly and can be of single use only thereafter.
 
guys i was wondering that instead of getting into all these bank accounts and stuff, wouldn't it be better if i spent the money on buying stuff for myself ?

is that a wise decision or should I go for cash-in-hand ?

and also please tell me on what kinds of purchases i could use the cash in my paypal ?

i am planning on buying domain+hosting sometime in future and have also thought of buying a RS Premium account...anything else that I could buy online and get it delivered to my residence ?

and just to inform, i do not wish to buy pro accounts of FLICKR, Last.fm etc...
 
and @gaganjain
thanks for sharing that link man...i saw the b2 sign up form and it asks for a pan number... now i don't have pan card so what should i do ?
[i saw that there was a mention of submitting some form but didn't find that form anywhere close to that sign up page...may have missed it as well]
 
^^ You can open a b2 account without the PAN number too. There is an option to select Form 16 if you do not have a PAN card.

Also you can apply for a PAN card online @ https://tin.tin.nsdl.com/pan/index.html and you'll get a PAN card within 10-15 days.

Btw you can't use a debit card to verify your paypal account.

And if you want a credit card you can go for the ICICI Instant Easy Deposit credit card which you can get if you open a fixed deposit of min Rs 20000 without the need for any income proof etc. You'll get an International Gold Credit Card with 85% of your FD as the limit.
 
Dude you are 22yrs and still don't have a bank account that's strange!

Head Straight to any bank branch and open a basic saving account. it would take 2days max. I would suggest SBI.After that you can withdraw money into your SBI bank account without doing any verification.

With B2 you can verify and use papal without any problems. Its 100% legal as its not a VCC but its a Prepaid VISA card that works just like a normal credit card.its would work on any website which accepts Credit cards
 
well, sorry for posting this late... but i hear that Paypal lets us withdraw directly to our bank account.
so basically i will need to open an account and add that to paypal and wait for the cash to come my way :)

<atleast i hope it will be this simple :p>
 
hey guys, I have finally got my money from PAYPAL to my bank account. All i did was to open a bank account in Vijaya Bank [branch was the closest to my house so gave it a try]

Then added my acc. no. to Paypal and used the withdraw feature of paypal .. got the money in 3 days after withdrawing from paypal.

so basically most nationalized banks' branches can also be used to draw funds frmo paypal [just ask if the branch has a NEFT facility]

:)
 
the_maniac said:
hey guys, I have finally got my money from PAYPAL to my bank account. All i did was to open a bank account in Vijaya Bank [branch was the closest to my house so gave it a try]

Then added my acc. no. to Paypal and used the withdraw feature of paypal .. got the money in 3 days after withdrawing from paypal.

so basically most nationalized banks' branches can also be used to draw funds frmo paypal [just ask if the branch has a NEFT facility]

:)
Click to expand...

u verifyed ur paypal a/c 1st den added banck account?
 
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