This post is to answer all the blog comments asking how to withdraw money from PayPal to Indian banks.
PayPal allows you to withdraw money directly into your Indian bank account for free if you are withdrawing more than Rs.7,000. If it is less, it charges Rs. 50 as fee. This is the better way than requesting cheque because it takes few weeks to deliver, a month for realization, and more over PayPal charges $5 fee and your bank charges approximately Rs.150 to Rs. 250 for clearing international cheque.
Follow these steps to withdraw funds from PayPal to Indian banks:
Log into PayPal and click the link “Withdraw” Then, select the option “Withdraw funds to your bank account” and click “Add Bank Account” It will ask First name, Last name, Bank Name, IFSC code, and Account Number. The thing in question here is IFSC code.
IFSC is Indian Financial System Code assigned by Reserve Bank of India (RBI) for every bank branch for easiness in transferring funds and communication. If you have an ICICI account, you can see the IFSC code printed on the cheque book itself. Get the list of participating banks and its branch codes in an xls sheet by clicking here. This is the link to the main listing page where you can find the updated list in case if it is updated by RBI and you are not able to get the XLS sheet. IFSC code is an 11-digit character and numeric code and looks like BKID0003322, which is an IFSC code for Bank of India, Gandhigram branch in Gujarat State. 3322 is the branch code and BKID is the bank code. Enter the appropriate IFSC code for your branch followed by your account number. You can also confirm it with your bank branch. After that you can select the amount to withdraw into your bank account, which readily converted into Indian rupees and showed to proceed with withdrawal.
Once you are done, you will get the money directly into your bank account in three to seven business days. I have tried to transfer the money to an ICICI account and it took only three days for getting the money. Still have questions? Post in comments.