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  • Category: Banking

    Is it safe to link our Indian Bank account to Paypal?

    Want to link Indian bank account to Paypal? Check out this Ask Expert page for response to your queries.

    Actually I want to redeem amount in $ from one of site to Paypal. And that need to transfer in INR in Indian Bank account. So is it safe? Also, what are the charges for that to convert $ into INR to be credited in Indian Bank account. Is there any other secured site same as Paypal?
    Awaiting response.
  • Answers

    3 Answers found.
  • RBI guidelines have regulated paypal type of the payment processor. So there is no issue with the paypal and connecting the indian bank accounts. If you get money in paypal, you'd get the money processed on same or next day. You can also have the money into bank account using NEFT. Many small business owners and the freelancers are using the paypal for around 15 or so years and they are handling just fine with the system.

    Charges for the conversion is however not as per the bank rate but based on paypal's own currency conversion rate. For example banks have 1 USD = 65 Rs. But in case of paypal the conversion rate goes to 1 USD = 63.5 at the same day. The reason being paypal takes its cut for the conversion. That's how they make money for their service.

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    Paypal is a site which now a days most of people use for online transactions. People use it to transfer and receive money as well as for online shopping.
    Opening a Paypal account is very easy and simple. No special knowledge or business license is required to open a Paypal account. You only need to have a valid email address and a valid bank account and credit card.
    Paypal is most trusted and user friendly site for online transactions. Whether you are a new user or someone who has opened a new online store, it is the most conventional way to send and receive money online. If you have a premiere or business account then it will charge you small fee on every payment you receive. So, for you a personal account will be the best option if you want to use it for online shopping or other small transactions.
    Paypal provides full guarantee against any unauthorized transaction from your account. It does not reveal your account information while you make online payment. So, it is the safest mode.
    Beside these there are many other benefit of using Paypal accounts. It saves a lot of time as you don't need to visit any bank or wait in queue to send money to your dear one. It provide the fastest and cheapest way to transfer money from one country to other.
    You can also link Indian bank account with Paypal. And once you use it, you will fall in love with Paypal as it provides many discount coupons for shopping from hundred of online stores. So, feel free to use it if you are interested in online transactions.

  • There is no issue. As RBI has given instruction to link your Bank account with paypal, as Indian paypal customers are not allowed to hold funds in their paypal account.
    Also you need to update your PAN card number for verification.
    You need to link your own bank account number with paypal, you can not add third party or any other bank account with your registered paypal account.
    Suppose you receive some funds on Monday. Then it will auto withdraw to your link account on Tuesday adn you might receive the fund on Wednesday or maximum on thursday.
    First of all suppose you receive 100 USD, then paypal deduct 4.4% and your account reflect 95.6 usd.
    After that they will convert the USD to INR. Their banker in India is citi bank,normally citibank charge around Rs 2 on each usd, suppose in market 1USD=67INR then you might get only 65 INR for 1 USD.

  • Yes of course there is no any issue if you link you indian bank account with your Paypal account. infact it is a safest method to get your money in a easliy manner as well as fastest manner.

    Otherwise also RBI approved the same, there is no doubt about it. Don't worry and link your indian bank account with your Paypal account.

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