1. For withdrawing money from your PayPal account, first of all, you have to login into your account.
2. After login, you can see an option ‘withdraw’ on the dashboard or the main page after login.
3. Once you click on the ‘withdraw’ link, you will be directed to the page where there are several options for withdrawing money.
4. You can withdraw funds in three ways:
   • Withdraw direct to your bank account – If you select this option, you have to provide your bank account details.
   • Request a check from PayPal – Here, PayPal will process your request and send you a check at your registered address.
   • Withdraw funds to your credit card – Here, you can withdraw money and add it to your credit card, debit card or prepaid card with VISA logo. However, debit cards or ATM cards with Master logo are acceptable. Before you withdraw funds to your cards, you need to add and link your card to your PayPal account, which might take 2-3 days processing time.
5. Minimum withdrawal amount is $10
6. You can withdraw up to $500 per month if you have not linked your credit card or debit card to your PayPal account. Once you link your credit card or debit card, you are termed as ‘verified’ buyer and allowed to withdraw large funds.
7. For withdrawing money directly into your bank account, you have to pay a flat fee Rs. 50 for amount Rs.0 to Rs.6,999.99 for each transaction. However, there is no fee for amount Rs.7,000 and above.
8. For requesting a check payment in USD or for requesting money on your credit card, a fee of $5 is levied per transaction.
9. Check payment requests are processed in 5-7 business days, which exclude delivery time.

Conclusion:

Direct credit to your bank account is the fastest and best method for withdrawing money from your PayPal account. Although, the time frame given by PayPal is usually 5-7 business days but if you are located in large cities, you can expect the credit in maximum three business days.

Step-by-step Adding Bank Account: My Account >> Profile >> Add/Edit Bank Account >> Add >> Country, Bank Name, IFSC, Account number, Re-enter account number >> Continue

Note: PayPal uses the National Electronic Funds Transfer (NEFT) system. Please provide the IFSC code of a participating branch location. If you provide an IFSC code (Indian Financial System Code) from a bank branch that is not part of the NEFT network, your withdrawal will not be completed and a return fee will be charged.

Checkout if your bank is NEFT enabled bank along with IFSC code >>
List of NEFT enabled bank branches!

• You can send money free to any person with an email address.
• You can also receive money from any other persons, subject to a limit of five transactions per year. On every receipt, certain charges are applicable, which are deducted from the payment received by you.
• Ideally suitable for the beginners to get a feel of what is PayPal

Premium Account

• In the premium account, you can do unlimited numbers of transactions.
• Of course, you will have to pay charges depending upon the type and the amount of transactions.
• Transaction charges for premium accounts are slightly lower than personal accounts.
• You might upgrade to premium account once you have established in your freelancing activities and you are confident that number of transactions would be more than five per year.

Business Account

For most of the upcoming freelancers with small to medium number and amount of transactions, it does not make any sense to go for business accounts.

Charges

• Regardless of the type of account, there are no charges for sending payment.
• Charges for receiving cross-border payments range from 2.9 % to 3.9% depending upon the monthly sales.
• Charges for receiving domestic payment (for Indians) range from 2.4 % to 3.4% depending upon the monthly sales.
• Besides, there is a flat fee of 0.3 USD for every transaction.
• For most of the Indian freelancers (sales up to 3000 USD per month), charges for receiving cross-border payments are 3.9% + 0.3 USD and for domestic payments, the charges are 3.4% + 0.3 USD
• There are no charges for transferring funds from your bank account to your PayPal account.
• Charges for withdrawing money to your bank accounts are described separately in another article, along with the complete procedure for withdrawal.

What is PayPal?

• PayPal is a third party between you and your client that takes care of all the money related transactions of your online work at home business.
• It is one of the safest, fastest and easiest ways of sending, receiving and withdrawing money without exposing the details of your credit card, debit card and bank account to any merchants.
• Besides, you can use the services for practically all the purposes including online shopping.

How to Sign Up with PayPal?

• Signing Up with PayPal is absolutely free. However, you will have to pay charges at various stages depending upon the type of account and the type of transactions.
• For signing up with PayPal, all you need is a valid email address, which would be your login id.
• Besides the email address, you have to fill up an online form, giving your personal details such as address and contact number.
• Entire procedure is online, simple and quick. You can get started in few minutes.

Summing Up

Please note that I have no tie-up with PayPal or any other money transfer agents; however, most of the freelancers prefer to rely on PayPal for their work at home business. Besides, I have had an overall very satisfactory experience with PayPal during the last five years. Please read two more articles on PayPal to understand about various types of accounts, the transaction charges and how to withdraw money from your PayPal account to your bank account in India.

Make Money Using PayPal !

E-Money or electronic payment processing is the biggest gift of modern technology. It wasn’t until the early part of twenty-first century that online jobs became popular among the service providers throughout the world. Western Union Money Transfer and Wire Transfer were regarded as the only reliable sources for the overseas Indian and Asian workers for sending their hard-earned money to their beloveds at remote places in India and Asia. However, for the online freelancers, nowadays, there are many alternatives such as PayPal, Moneybookers and AlertPay, among other, for the electronic money management.

PayPal is one of the most popular methods of doing business for the online freelancers all over the world. On the realm of freelancers, PayPal is considered as the safest alternative as a third party for sending, receiving and withdrawing money. It has a very user-friendly website with which you can safely perform all the Internet money transactions. Signing up with PayPal is easy. What you all need is a genuine email address. There are certain restrictions on sending and withdrawing money if your account is not verified by registering a credit card or debit card.

Sending money is generally free but the charges for receiving money into your account may vary with different factors such as geographical locations, amount and the type of account. As a thumb rule, the charges work out to around 4% of the transacted amount subject to a minimum of 0.3-0.5 dollar per transaction. Charges for withdrawing the money into your bank account would depend upon the amount. Besides, you have to pay an amount of the order of 3% of the exchange rate, if you want to withdraw money into the currency of your country.