Questions about PayPal

[escape7]

Hey guys. I've started a company and was thinking about using Paypal for transactions. Is anyone using this service? How is it? Is it possible for me to transfer money from my paypal account to the company's bank account here in India or in the UK?

Thanks in Advance
-Adi

 

[gagan007]

Paypal will eat up a lot in commission (sorry I have no personal experience but heard about it). You can check with their terms and conditions...for merchants they have separate policies. Instead, I have seen a lot of start-ups using ccavenue.com as payment gateway....I am fully confident that they are reliable enough as I have just filed my IT return thru a site which uses ccavenue for payments (for payments as low as Rs. 125)...

 

[dheeraj_kumar]

Paypal is reliable, and very quick in customer support. It is possible to transfer money from & to banks both in India as well as UK. I personally use PayPal for my freelancing work. My clients pay me through it.

You need a PAN number to sign up for paypal account. You can associate either a credit card or a bank account or both with your paypal account. If you associate bank account(s) in india, you need your branch's IFSC code, which you can get through a google search.

Paypal's commission is based on what type of account you have. You can choose the type of account based on your requirements. My personal account was charged $2 when I received money.

 

[gagan007]

WTF!!!They have made it mandatory to enter PAN card details on paypal!!!!!!! Its been only 3 months I have not logged in to my account...and today when I login...this change.

 

[TheHumanBot]

Yes, now its mandatory to use PAN Card.
if your starting up with paypal then i would suggest to try some other services like Liberty Reserve.
bad experience with paypal. they always take side of buyers not the sellers.
suppose i sold you something n pay me on paypal after rec. your product without any problem and still you send me dispute then 99% chance you will get your money back and me ending up with loss.

but wait for sometime till someone correct me.

 

[Indyan]

For now you can bypass the Pan card entry page by clicking on the Paypal logo at the top.

 

[rohan_1987]

WTF!!!They have made it mandatory to enter PAN card details on paypal!!!!!!! Its been only 3 months I have not logged in to my account...and today when I login...this change.

If you plan to withdraw it to an Indian bank account, please fill the PAN no correctly unless you want to get caught in any anti-money laundering or tax evasion case.

 

[gagan007]

thanks for the advice.

I try never to break any law knowingly. The reason I am apprehensive about entering PAN card is that it is unique to every Indian individual and giving such information to Paypal gives me a sense of insecurity.

 

[genelva]

Hey guys. I've started a company and was thinking about using Paypal for transactions. Is anyone using this service? How is it? Is it possible for me to transfer money from my paypal account to the company's bank account here in India or in the UK?

Thanks in Advance
-Adi

Paypal is good. You can transfer money from Paypal to Bank account through TT. Also you can get a cheque to India. If you are UK , you can get local bank transfer.

 

[Whistler81]

PayPal is now being experiencing similar treatment such as the Swiss Banks. There are some strict rules and limitations like you can't keep a lot of money in your account and so on... as far as entering a PAN number I created my account with my Dad's PAN number (i think i screwed up the last few digits though). Got it verified. Then closed it.

 

[mitraark]

Sorry about bumping an old thread [ although there should be a Paypal thread in a forum i feel ]

I had some balance in my Paypal account , i was expecting to transfer it to bank later .

Today I got a mail , saying

Your PayPal balance was auto withdrawn

Dear -----,

Your PayPal balance was automatically transferred to your ------ in India, ------- on Mar 7, 2012.

Your balance is automatically withdrawn daily.

Yours sincerely,
PayPal

All i did was check the currency converter for $ to Rupee.

Is this supposed to happen ? All the $ was transferred to Bank. I do not intend to revert back but still what if I needed to have some balance left in Paypal ?