Does linking of bank account to Paypal enable receiving funds or sending funds or both? Pl note that question is not about linking credit card
Yes Sunil According to RBI Policies,
- An Indian Cannot Pay to another Indian Using Paypal. we have to Use wiretransfer.
- We can Accept Payments from Non Indian Account. which is autowithdrawn to Bank account within 24hours. We cannot use received amount. it has to be transferred to India.
- Ebay.in Uses Paisapay
Sunil For India, it allows you to withdraw funds to Account. You can't store money in Paypal According to RBI, so transfering money from bank to paypal is no more of any use.
Adding a subquestion from your response : You mean a paypal user in India cannot receive money from Indian or international users of either same or another country?
I have noticed that ebay sellers having option to receive payments through paypal
Pl clarify How can an eBay.in ( .in , NOT .com ) seller receive buyer's payment through paypal after linking eBay and Paypal accounts?
You can both send and receive money with PayPal.
you imply for bank link only?
No, as Bruce explains, the link to a Bank account is useful, but not absolutely required. You can use a credit card to pay, and money you receive can be kept in your PayPal account, presumably until you use it for paying for something... I don't know if you would be able to "cash in" money you have in your PayPal account without a bank account.
Pl note that another respondent at bottom of this url indicates otherwise
Can you pl counter-clarify your answer?
I must admit I don't know the regulations in India. Paypal is a payment service. If you have a PayPal account, you can use it to pay PayPal bills. You can also receive funds into your PayPal account, and the money will stay there until you use it for paying, or transfer it to your bank account (the latter implies of course that you link it to a bank account).
This is the GENERAL situation with PayPal, but it's entirely possible that PayPal operates a different policy in India, or that financial regulations in India do not allow it to work in the same way. If this is an important issue for you, I suggest you don't rely on our hearsay (which is in effect what we are all offering here) but read the PayPal Terms & Conditions, and perhaps contact them and have the situation confirmed in writing. Of course, if you do this, it would be very interesting to read here what you have discovered!
Here's the basics:
If money is transfered to you then it goes into your PayPal account, you can then transfer it to a linked bank account. If you are paying for something it will come out of the bank account you have set up with PayPal.
First of all they confirm your identity through sending some funds to your bank account. and receiving and sending all depends upon the country you have signed up for as in some countries you can send and receive both but in some you can receive only or send only.
As you mentioned : How to know which countries can send or receive or both?
linking bank accounts will allow you to send and receive funds.
You imply both(sending and receiving) or or one of them?
How to Set Up a PayPal Account to Receive Money
Pl clarify : The link is valid for which countries?
Can you web-reference list of countries which can receive money through paypal?
PayPal Offerings Worldwide
Send and Receive Payments Securely Worldwide
I checked both links
Regarding this link as webreferenced by me below pl clarify that users in India can receive payments for only export related transactions?
it is stated Receive export-related payments from buyers in 193 countries. so. So if someone purchase item from you on ebay then that person can pay by paypal to you and must be member of the listed 193 countries.
There are 2 purposes for linking bank accounts (checking or savings) with PayPal. First, they use it as a means to verify your identity by trusting that your bank knows that you are a real person. Second, it allows you to transfer funds between your bank account and your PayPal account. It has no bearing on receiving funds into your PayPal account from another source, nor does it affect the ability to send funds already in your PayPal account.
I have read your response with care
You mentioned "It has no bearing on receiving funds into your PayPal account from another source, nor does it affect the ability to send funds already in your PayPal account."
Do you imply that one cannot send fund nor receive fund into the bank account linked?
or do you mean both or one of the transactions can be done? Pl clarify
In many countries, even without linking to a bank account, you can receive funds into your PayPal account and any funds you have in your PayPal account can be sent (or spent).
Once you link your PayPal account to a bank account, you will then be able to transfer funds from your PayPal account into your linked bank account or from your linked bank account into your PayPal account. If you are purchasing something using your PayPal account and you don't have sufficient funds in your PayPal account to cover it, the balance required will automatically be transferred from your linked bank account to cover the difference.
That is lucidly elaborated