Paypal is considered as the safest way to transfer funds online in international level. And it is recognized by various international banks in different countries across the globe. But in India, Paypal account has limited only to receives the money into bank and not to send the money any other account. This is due to strict RBI rules. Hence we Indian’s are not able to send the money fast and easy via Paypal.
So here is some of the information on Paypal account which I was able to gather from online social sites:
Information Tip #1:
Actually speaking there is no need to have the Paypal account to send the money. Just a credit or debit card of reputed bank along with VISA (I prefer) or Master Card logo is enough.
I have been doing international transactions all the way using my ICICI bank debit card which have the VISA logo. So try out getting the bank accounts on reputed banks. ICICI (Verified), HDFC, AXIS (Verified), CITI bank and all other nationalized banks.
This transactions will charge you very less as compare to Paypal foreign exchange rates. For me when I use ICICI Debit card they charge almost like nothing.
Information Tip #2:
If you have verified Paypal account associated with you bank account. Then there is no need to add funds into account, you can send money to third party from Paypal account. Where Paypal will deduct the amount from you debit or credit card and send the money directly to the third party without adding funds.
This might charge some amount as exchange rate charges.
Information Tip #3:
You can receive any amount into your bank account through it with option called as Auto-withdraw. If you receive any international fund, it will automatically convert currency in local (INR) and transfer into you associated bank account.
Or else you have option to withdraw funds on your request.
Note and conclusion:
Currently this is scenario of Paypal in India, I will be updating more in this topic, stay connected with us.