There are only 2 options to withdraw money from your PayPal account.
1. Withdraw funds to your bank account
2. Request a cheque from PayPal
Requesting cheque is straight forward, it takes 2 to 4 weeks to reach you, after you have requested it.
So the quickest way is, withdrawing to your bank account directly. Below we show the exact steps to do this.
Adding Bank account
First add your bank account to your PayPal account.
My Account -> Profile -> Bank Accounts
Now add your bank account here. Get the IFSC code from your bank or from the bank’s website or bank’s customer care. It’s very easy to get, I din’t know it until I actually tried it.
IFSC stands for Indian Financial System Code .
You can go to www.BanksTracker.com and search for IFSC code for all the banks and branches in India.
Note: Make sure your name at PayPal and your Bank account matches character by character. The sir name is fixed, so it’s possible to add your relatives bank account and then withdraw it to their account.
After successfully adding your bank account, you can easily withdraw the money.
Goto My Account -> Withdraw -> Withdraw funds to your bank account
Happy News: The cost of transaction will be 0.00, if you withdraw Rs. 7, 000.00 or More. And a minimum of Rs. 50.00 for Rs. 6, 999.99 or less.
There is a currency converter tool, using which you can know the exact conversion rate you will get for your money.
The conversions are not same with PayPal and the standard conversion that you see with all other tools. If you see the actual curreny conversion of the day and then decide to withdraw your PayPal money, then you better wait and see the PayPal conversion rates before proceeding.
Google “1 USD in INR”
How does PayPal calculate currency conversion / exchange rate?
PayPal receives a quoted wholesale rate twice a day. We then add a 2.5% spread above this rate to determine the retail foreign exchange rate that is applied to transactions involving a currency conversion.
Keep in mind that some of the rates quoted in the media are the inter-bank rates that are available only to the largest international banks, which purchase currencies in quantities of US $1,000,000 or more. A more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops.
In the purpose of withdrawal, you select the proper reason for getting the money. I choose, “freelance journalism”.
You can see the status of the transaction in your PayPal dashboard.
Now sit and wait for the money to come to your bank account, if you have provided all valid/correct information.
It usually takes 6 to 8 days for the Money to be transfered to your bank account.
Caution: If for some reason your transaction is not successful, then all your money will be transfered back to your PayPal account by deducting any bank charges and the return fee, usually Rs. 250
It took just 2 days to get the money to my local bank account from PayPal. And there’s no extra bank charges.
Usually when Google Cheque is processed, bank will deduct Rs. 50 as transaction fee. So, electronic transfer is the way to go!