For Indian Paypal™ users, there is some news. If you wish to withdraw money from Paypal to your Indian bank account you should read the following articles:
Labnol article (much better than the official Paypal blog’s article)
Official Paypal Blog’s Article
Extra Information (on Purpose codes)
In addition, you also need to enter your PAN number and mobile number in your Paypal account in order to be able to withdraw money to your bank. Right now I am skipping it by clicking on the "Help" link at the top and then clicking on the link that takes directly to my account. So far so good. Let us see…
Oh, by the way, you can find more information about the PAN stuff here and here. You can apply for your PAN number online by clicking here.
Disclaimer: I have not tried any of the techniques mentioned in the above articles and therefore cannot attest to the veracity of the content therein.
Thanks for the reference. I have already withdrawn money to my bank account. But to do that we need to enter Mobile No and PAN number.
Ok.. I’m a Blogger as well as a Freelancer , but my major Money came as a Prize Money and some i earn through Bux sites. Than which Code shall i use P0801/02/03 ?
@WMF
Not sure about that. You may want to ask paypal customer service regarding it. :)
I think this a big problem for any online user… who try only to buy some thing do some work and payment instantly for that..
That’s good news… But All the Indian freelancers should get IEC code regardless of this Paypal issue.
Your most major issues will be with Banks and Income tax department. IEC code, PAN will smooth things a lot.
Varun you are right. But the paypal trouble in India seems far from over as you can read in these sites:
http://www.blackhatworld.com/blackhat-seo/business-tax-advice/189518-wow-now-we-indians-cant-user-paypal-balance-purchase-iteams-onlline-wtf.html
http://www.labnol.org/india/paypal-problems-with-rbi-india/13182/
Anyone in India looking for alternatives can head over to http://www.startupdunia.com/india-startups/comparison-of-payment-gateways-in-india-2087 for info
Yes, I got the same email from paypal… It did piss me off. Specially about the paying for the services.. I am paying for so many things/services using paypal.
At least with IEC code, you can legally get wire transfer or checks to your account.
That’s one of the reason I got offline and started my business there too.