Paypal Funds transfer

[morpheus83]

I am based in Mumbai (Bombay), India. I have a Paypal account which I use to accept payments from my clients based in the US. However I cant figure out a way to withdraw funds from paypal to my bank account in India. I dont have any relatives or friends in the US to transfer the funds. Doesnt paypal issue checks or is there any way of withdrawing funds from paypal.

[derekwong28]

We have looked into this issue before paypal allowed withdrawals to Hong Kong banks.

You will have to open an account with a US bank. One bank that comes to mind is Wells Fargo which seems to be geared for this type of accounts. Alternatively, you can ask an Indian bank to open an account for you in one of their US branchs. Unfortunately ths process could be expensive, the minimum deposits for these type of accounts is usually US$2500.

Also, it could entail a lot of paperwork as they would like to guard against money laundering

[morpheus83]

Thanks for the info. But I think that to open an account in a US bank. You have to be a US citizen as they ask for the social security no. Can anyone remotely operate a bank account in Hong Kong?

[derekwong28]

We approached HSBC a couple of years ago. They said that they can either open an account for us at a US branch, or a Wells Fargo account.

It may be possible to open an account in Hong Kong but this will have to be in Hong Kong dollars and so you may lose transaction charges. You can try HSBC.

Again though, there is a tightening of the rules recently against money laundering from mainland China.

[isorg]

Citibank have a rupee account for Indian customers. They may let you open a dollar account if you were to be a rupee customer.

In addition to US accounts, consider the other currencies that Paypal allows withdrawals in e.g. Pound sterling.

[morpheus83]

Yes I am aware of the Citibank rupee checking account. However Paypal does not allow to withdraw based on currency. It allows to withdraw based on country. India is not on their list so one cannot withdraw to india.

[div01]

In that case there isn't much you can do - make sure you are paying for all your sevices through Paypal.

Hey, you can always get a WebmasterWorld subscription...they accept Paypal :)

[ogletree]

Get a Pay Pal ATM card and you can take the money out at an ATM in India.

[div01]

Don't you need a bank account to get the debit card?

[morpheus83]

Paying for webmaster world is good idea ;). But doesnt paypal send checks of the balance we have like adsense.

[helpful]

Try cash2india.com

They also have a online support facilty - talk to them. I think ur problem will be solved.

;)