In this blog post, I would let you know, how to open PayPal account in India along with some most curious questions and answers that usually strike in your mind related to the Paypal account in india.
The procedure would be same as I discussed in my previous PayPal post, but there would be some specific additional point on problems and solution coming across while opening PayPal account in India.
So this post would contain mostly FAQ(frequently asked question) and answers.
Here we will cover all the problem coming to the users while they go for opening a PayPal account in india.
Please go through the below FAQ to explore in details.
Q. What is this PayPal Account?
A. PayPal is a payment gateway just like Paytm in our country which allows us to transfer the money from one country to another country where PayPal Account works.
This is fast, authentic, reliable medium to send and receive the payments across the world over the internet.
Q. What are the requirements to send and receive the money using PayPal account?
A. You just need to have a PayPal account and internet connection then you can even send and receive money from your smartphone too.
Q. what is our unique identity in PayPal Account, do we have any account no. in PayPal account like we have in the bank?
A. No. you don’t have as such account no. in paypal account even that is more simple than this.
You just have an email id that is your PayPal email id which you used to create the PayPal account, so with the help of this email id you can send and receive money across the world.
This works just like your account number.
Q. Is it safe to use PayPal Account?
A. This is an obvious question that everything is happening over the internet, so will this be a safe operation to transfer the money using Paypal Account.
Yes, it is absolutely safe to use paypal account.
This is just related to our real life experiences, As we don’t have trust in the newly open bank whenever the bank is giving more facility than our current bank.
This is because of time, time makes the value and trust to an organization. So this is the same case with PayPal account. this might be a case that you were not aware of PayPal account before, but PayPal has been serving their services for a long time with full authenticity and faith.
Q. How the transfer takes place using Paypal Account?
A. For example, you sell a product on your website that worth of $20, then your client will pay you through PayPal and you will instantly receive this money in your PayPal account.
Then this money will automatically transfer into your local bank account which you have linked earlier while made the PayPal account within 5-6 days.
And for sending the money or shopping through the PayPal you just need to attach your credit or debit card and then you can easily pay or shop for the product.
Q. Can we hold money into our PayPal account in india?
A. you could have done this before but not now as per the policy of RBI India. It is compulsory for PayPal to transfer the money to the local bank account within 5-6 days.
So for now, you can not hold the money in your PayPal account.
Q. Which and all banks PayPal Account supports in India?
A. In India, PayPal supports HDFC, ICICI, Axis, Union banks as per my information, this information could vary with the time.
Q. Does SBI supports PayPal Account ?
A. Most of the fellow in India have the problem with SBI using PayPal account.
If we see this officially then yes SBI supports to PayPal integration as per the contract between PayPal and SBI.
And many peoples are even using SBI with PayPal which had connected their PayPal with SBI sometimes back.
But today you can not use SBI with PayPal easily like SBI have integrated some additional or advanced security layers and 3d authentication PIN and all.
I am not saying that you can not use SBI at all but for doing the same you will need to waste more time which you can utilize in order to open an account in a bank which actually supports the PayPal-like ICICI, HDFC and etc.
Another reason for not trying to SBI is that they don’t have much time or they are not aware to this PayPal in most of the SBI banks, So don’t take it much seriously your request.
I will suggest you not to try SBI with PayPal, instead open a new account in the PayPal supported bank if you have not any yet.
Q. Can we use PayPal Acount within our country(India) for local money transfer?
A. No, you can not use PayPal within your country(India) as this is restricted as per the government policy or according to RBI rule.
you can only transfer to the another country.
Q. Does PayPal Account have any Refund policy in case of any report abused?
A. Yes, PayPal Account has a refund policy which is for 3-6 month(may vary time to time),
if any user claims for a product refund purchased from a company then Paypal create a case for the report abused and then providers or,
the company has to satisfy the case with enough evidence or satisfy to the users otherwise PayPal automatically transfer the refund amount from company account to the user’s account.
So this reduces the chance of cheating the individual or customers.
In a case of any queries, you can write us at email@example.com we will get back to you ASAP.
Hope! you would have enjoyed this post Paypal Account.
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Have a great time! Sayonara!