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Last Updated On 15 Jan 2016
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You even don’t need to login into PayPal account. This is rule by RBI implemented over PayPal. Your money also be converted into rupee according to current market rate. So don’t worry about currency conversion. Your money will be in rupee in your bank account.
Example- I earned $10 from a site name Clixsense. This site sent this much of money in my PayPal account on 19 April 2015. PayPal charge small fee for every transaction. This fee can be either be paid by sender who is sending amount or by receiver. ClixSense is a site which Pay PayPal fee .So it deduct 2% amount of transaction as PayPal fee. (in case of $10 it comes out to be .2$ . So I get $9.8 in my PayPal account instead of $10)
Now I am having $9.8 in my PayPal account as of on 21st April.
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You can easily transfer money from PayPal to bank account in India. There is very easy process for this. I will explain this thing with example.
Let us suppose there are 10$ in your PayPal account and you want to transfer it in your bank account. If you have verified PayPal account then your money will be automatically transferred in your bank account within 7 working days.
On 22 April PayPal will automatically send this money in my bank account. I do not need to even login and open PayPal site. on 22nd April 1 dollar price value was 60.78 rupee so total value came as (9.8 multiply by 60.78= 595.65 rupee)
Once PayPal complete process on sending money in bank account. It takes 3-4 working days to reach this money in your bank account. After 2 days on 24th April I received 595.65 rupee money in my SBI bank account.
You can see details in below image.
I am giving some commonly asked question answer related to how to withdraw funds from PayPal to Bank account in India.
Q How long does it take to transfer money from PayPal to bank account?
A Maximum 7 days if you have already attached your bank account.
Q How much fee PayPal charge for sending money in bank account?
A PayPal charge 2% fee per transaction.
Q How Can I withdraw money from PayPal to bank account instantly?
A No, there is no as method available.
Q Can you tell me name of few banks which support PayPal and I can receive money?
A I prefer SBI to receive money from PayPal and I have provided my SBI bank details in Paypal account. but there are other banks which support PayPal such as ICICI, HDFC, Axis bank and other national bank.
Recenetly SBI has tie up with PayPal for providing better service to Indian. For more detail about this news read this article