Hello Friends, In this blog post(PayPal Account Setup In India: FAQ), I will let you know, how to open a PayPal account in India along with some most curious questions and answers that usually strike your mind related to the PayPal account set up in India.
The procedure would be the same as I discussed in my previous PayPal post, but there would be some specific additional points on problems and solutions coming across while opening a PayPal account in India|PayPal Account Setup In India: FAQ|
So this post(PayPal Account Setup In India: FAQ) would contain mostly FAQ(frequently asked questions) and answers.
Here we will cover all the problems coming to the users while they open a PayPal account in India. Inside this blog post, we will through a very useful and interesting question Can you use PayPal in India?…|PayPal Account Setup In India: FAQ|
…How does PayPal India work? How can I open a PayPal account in India? Can I receive money on PayPal without linking a bank account in India? Is PayPal banned in India? Is PayPal available in India in 2020?….|PayPal Account Setup In India: FAQ|
….Does PayPal accept a Rupay card? Which Indian Bank is best for PayPal? Is PayPal approved by RBI? Is KYC required for PayPal? Is it better to use PayPal or a debit card? Can I use PayPal on Amazon India?….|PayPal Account Setup In India: FAQ|
…..Can I transfer PayPal money to Paytm? Can you use PayPal without a bank? Where can I use PayPal?|PayPal Account Setup In India: FAQ|
Please go through the below FAQ to explore it in detail.
Q. What is this PayPal Account?
A. PayPal is a payment gateway just like Paytm in our country which allows us to transfer money from one country to another country where our PayPal Account works.
This is a fast, authentic, reliable medium to send and receive payments across the world over the Internet.
Q. What are the requirements to send and receive money using a 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 our PayPal Account, do we have any account no. in the PayPal account as we have in the bank?
A. No. you don’t have such an account no. in a PayPal account even if 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 a 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 a PayPal account?
Yes, it is safe to use a PayPal account.
This is just related to our real-life experiences, As we don’t have trust in the newly opened bank whenever the bank is giving more facilities than our current bank.
This is because of time, time makes value and trust in an organization. So this is the same case with a PayPal account. this might be a case that you were not aware of PayPal account before, but PayPal has been serving its services for a long time with full authenticity and faith.
Q. How did the transfer take place using a PayPal account?
A. For example, if you sell a product on your website that is worth $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 making the PayPal account within 5-6 days.
And for sending money or shopping through 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 the money in our PayPal account in India?
A. you could have done this before but not now as per the policy of RBI India. PayPal must 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 have PayPal Account support in India?
A. In India, PayPal supports HDFC, ICICI, Axis, and Union banks as per my information, but this information could vary with time.
Q. Does SBI support PayPal accounts?
A. Most of the fellows in India have a problem with SBI using a PayPal account.
If we see this officially then yes SBI supports 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 sometime back.
But today you can not use SBI with PayPal easily like SBI has 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 to do the same you will need to waste more time which you can utilize to open an account in a bank that supports PayPal-like ICICI, HDFC, etc.
Another reason for not trying to SBI is that they don’t have much time or they are not aware of PayPal in most of the SBI banks, So don’t take your much more seriously your request.
I will suggest you not try SBI with PayPal, instead of open a new account in a PayPal-supported bank if you have not yet.
Q. Can we use PayPal accounts within our country(India) for local money transfers?
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 another country.
Q. Does the PayPal Account have any Refund policy in case of any reported abuse?
A. Yes, PayPal Account has a refund policy which is for 3-6 months (may vary from time to time),
if any user claims a product refund purchased from a company then Paypal creates a case for the report abused and then providers or,
the company has to satisfy the case with enough evidence or satisfy the users otherwise PayPal automatically transfers the refund amount from the company account to the user’s account.
So this reduces the chance of cheating the individual or customers.
Quick Q&A:
Can you use PayPal in India?
Yes, all Indians can use PayPal. Both merchants and customers can use PayPal to make transactions over the Internet.
One can open either a personal PayPal account or a business PayPal account. There is no initial cost for setting up your PayPal account.
The PayPal fees are associated with the transaction and it is deducted at the time of transaction takes place. This deduction is different for personal or individual accounts and business accounts.
How does PayPal India work?
There are mainly two ways PayPal transactions work in India. First buyers purchase through an E-Commerce website using their PayPal account and the seller gets the money through their PayPal account.
These buyers are the normal users who do the shopping through their PayPal accounts on various big and standard E-commerce websites.
The second scenario is for Indian businessmen, small and big companies, and freelancers who sell their products and services over the internet to the whole world and receive payment using PayPal easily.
How can I open a PayPal account in India?
This is a very easy process to open a PayPal account in India. Please go through this extensive blog for the same:
How to open a PayPal account for Indian users?
Can I receive money on PayPal without linking a bank account in India?
Yes, you can receive money without linking a bank account in PayPal and you can hold your money in your PayPal account and can use it in all online transactions.
But this is not applicable in all countries. It depends on the government policies contract with PayPal.
In India, you can not hold your money in a PayPal account and it is automatically withdrawn to your linked bank account with PayPal.
So in India, it is a must to link a bank account to receive the payment.
Is PayPal banned in India?
It is nothing like this that PayPal is completely banned in India. However, there are some rules and restrictions for Indian merchants.
Indian merchants can not accept more than $500 per transaction. These rules and policies are often changed and updated with the policies contract of the government (RBI) with PayPal. But usually, it is normal to use PayPal in India with few restrictions.
Is PayPal available in India in 2020?
Yes, you can easily open your PayPal account free of cost. PayPal only deducts charges when you receive any payment in your PayPal account, it is nearly 2% of what you get.
If you have a bank account then you can easily open a PayPal account. If you are facing any difficulties in opening a PayPal account then please go through this extensive blog tutorial:
How to open a PayPal account for Indian users?
Does PayPal accept a Rupay card?
No, PayPal never accepts the Rupay card, so please do not waste your time on such activity. Either link the ICICI bank debit card (visa/master card) or the HDFC bank debit card.
These bank debit cards are easily accepted by a PayPal account. You can get these debit cards simply by opening a savings account in either of these bank accounts.
You also should not waste your time with an SBI debit card the reason behind this is explained below:
Not able to link your SBI bank account to your PayPal account?
Which Indian Bank is best for PayPal?
You can go with the blanks given below:
ICICI Bank
HDFC Bank
AXIS Bank
IDBI Bank
Kotak Mahindra Bank
Is PayPal approved by RBI?
Yes, it is approved by RBI on specific terms and conditions. There is a contract between RBI with PayPal on some policies. It is surely an approved payment gateway that’s why it has been used by Indians for a long time.
Is KYC required for PayPal?
Yes, for establishing a loyal business with customers and merchants it is necessary to have some verification process or some KYC.
In Paypal, a Bank account is the first verification process that a user needs to do. And you have to also verify one of your national identities to make yourself more authentic and to have a smooth use of this PayPal service.
Is it better to use PayPal or a debit card?
The use of PayPal is better than the use of debit cards directly. The reason is that when you use your PayPal account to make a payment over the internet then hackers can only see your PayPal email address and your PayPal username.
But when you directly make the payment using your debit card the hacker may get all your card information once you enter it to make any online payment.
Can I use PayPal on Amazon India?
No, Amazon does not use PayPal to receive the payment. You can use a third-party website to buy gift cards from Amazon or indirectly shop on Amazon.
Can I transfer PayPal money to Paytm?
There is no direct procedure or option to transfer your money from your Paypal to your Paytm account. But once your PayPal money is auto-withdrawn to your bank account then you can transfer it from your bank account to your Paytm wallet.
Can you use PayPal without a bank?
Yes, it could be possible for Indian users, but this will be a hectic and complex process, so I would suggest using a bank account and a debit card to make a business purchase on PayPal.
Where can I use PayPal at?
For shopping purposes, you can use PayPal on most of the E-commerce websites in India like Niki, yatra, Abhi bus, Goibibo, MakeMyTrip, EaseMyTrip, Pepperfry, 1mg, Netmeds, Domino’s pizza, Zingoy, Faasos, etc.
And if you are a business person and own either a small or big company then you can receive Payment from all the countries where PayPal is working.
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Conclusion:
So in this blog post(PayPal Account Setup In India: FAQ), we have seen almost all possible queries related to PayPal accounts in India. We have also learned the various complex questions related to the PayPal account which are often asked by new PayPal users. Within this blog, we have gone through Can you use PayPal in India, How does PayPal India work, How can I open a PayPal account in India?
In case of any queries, you can write to us at a5theorys@gmail.com we will get back to you ASAP|PayPal Account Setup In India: FAQ|
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Have a great time! Sayonara!
