Last Updated on May 14, 2021 by Amit
PayPal is one of the most trusted and preferred International payment gatway in the world. PayPal is the one and only payment platform to receive money from other countries for thousands of freelancers in India. In this post I will show you how much PayPal is charging indian users for transactions in 2020. I will show you some of my latest Paypal transction screenshot. One important thing that I must add here is that PayPal doesn’t charge for “PayPal to bank account” transction meaning that if your Papal bal is $10 you will get the full amount in your bank. PayPal only charges a small fee when someone sends money to your paypal account.
In the following screenshots which are two of my latest paypal to bank transctions You can see Transaction fee and the estimated time it takes for your money to reach in bank account.
In the screenshot above you can see PayPal started an automatic bank transfer on 7 december with the estimated bank transfar time 9 december which means the money will be credited in my bank account by 9 december 2020 or just 2 days after initiating the transfar. It takes upto 3 working days for the money to be credited in bank account once the transfer has been initiated from PayPal side. In my case the $18.61 were credited in 2 days.
PayPal does an automatic transfar to bank account daily . So you do not need to do it manually. In India , As per RBI regulations PayPal automatically transfar your paypal balance to the linked bank account.
As you can see in the screenshot above PayPal has started the transfar process . My paypal balance at the the time of transfar was $18.61 . PayPal doesn’t charge for “PayPal to bank” transfer. I got the same amount in my bank. PayPal does charge a small fee when someone sends you money from other countries . This is called currency conversion fee.
In my case when someone sent me $20 from UK I received $18.61 . The $1.39 was charged as currency conversion fee by PayPal.
PayPal automatically transfers money to linked bank account in India
As per RBI rules and regulations, PayPal does an automatic bank transfar in India. Whenever your paypal account gets credited PayPal will automatically transfar the balance to linked bank account. Indian users do not need to initiate the transfar process manully as PayPal does it daily. Indian users also do not need to worry about the minimum transfar amount that is $10 on PayPal. The automatic transfar process sends whatever amount your payPal balance has including the balance in cent.
I hope you this article was helpful and you enjoyed reading it.