Here is how you can accept Paypal payments in India.
PayPal allows you to quickly send and receive money for goods, services and more. Paypal is one of the most popular financial transactions third-party services company on the web. If you are indian based freelancers who render services to foreign based clients, PayPal is the best way to receive money.
With paypal you can send funds to anyone with an email address or receive funds from others for your services or you freelance work etc,.
Withdraw Paypal funds to Your Bank Account in India
You can withdraw money from your PayPal account to your bank in India. Add your Bank account to your Paypal account ti withdraw money to your Bank account directly from your Paypal account (You need to know 11 -digit IFSC Code of your bank branch to add the bank).
If you have received money in your Paypal account and want to transfer it to any bank account in India, you can do it so in your paypal account ( request for fund withdrawal).
Time taken for funds to be credited: Indian paypal users can withdraw funds to bank account in India or to an US bank account. To withdraw funds to an Indian bank account it takes about 5-7 working days for a local bank, and about 3-4 working days for a bank in the US ( Time varies depending on the bank).
Remember Paypal will deduct a small fee of Rs. 50 if the total withdrawal amount is less than 7000 INR.
Paypal e-Transfer facility is available with following banks in India: HDFC Bank, HSBC, ICICI Bank, Axis Bank [UTI Bank], Bank Of India, Canara Bank, Citibank India, ING VYSYA Bank, Standard Chartered Bank, State Bank Of India, Union Bank of India.
Is PayPal Income Taxable in India ?
If you are an Indian freelancer who received money for your services earning then it’s very important that you have to declare the PayPal money at the time of filing your Tax Returns in India.
Paypal Fees in India
- Send money: Fee for sending money is FREE
- Withdraw Funds into Bank account: Free if the amount is Rs.7,000 INR or more. There is a Rs.50 INR charge when you withdraw funds into your bank account if the amount is Rs.6,999.99 INR or less.
- Receive payments: There is a charge of 3.9% + $0.30 USD for receiving payments upto $3,000
- Paypal Foreign Exchange Fee: Paypal will charge an exchange rate currency conversion fee at the time of withdrawing funds to your bank account.
Check Paypal Indian website for more about Fees.
Main steps if you want to receive Paypal money in India
- Register a Personal Paypal Account’ at Paylal India website.
- Add your Bank Account to withdraw funds
- Ask the sender to transfer funds to your paypal id( your email id in your Paypal account)
- Click on Withdraw Funds tab in your Paypal Account and withdraw funds to your Bank account in India.
- Immediate and convenient. Faster than a check
- Receive funds online
- Payment is deposited directly into the seller’s account
- Easy to receive money and easy to make payment