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Beginner's Guide to Sending Money to India Via PaypalWednesday, Sep 22, 2010
When looking at transferring money to India, PayPal is one option that many people do not think of. In fact many people do not even know that they can transfer money to India through PayPal. This is because PayPal is mostly known for enabling individuals and businesses to accept payments from their customers and primarily used by ebay sellers and freelancers. Over the last few years, paypal has evolved to become a good way to send money to India, particularly for small amounts. If you want to send money to someone in India, both the sender and the receiver needs to have a paypal account. It is relatively easy to setup a paypal account and it is a one-time effort. You will need to enter in your email ID, which becomes your login ID and a password. Once that is done you will have to link either your credit card or your bank account with PayPal for the account to become operable. The linking process is quite simple and takes about 2-3 days. Once that is done, you can start using your PayPal account for funds transfer. To send money, you just login to paypal, choose the send money option, mention the amount to be transferred and the email ID of the recipient. The money is instantaneously deposited to the recipient’s paypal account. The recipient can then withdraw it to his/her bank account either electronically or through a physical cheque. Either option takes about 5-7 business days to see funds in your account. Paypal charges a nominal fee per transaction. There is a fixed per trasaction fee and a small percentage of amount transferred. At the time of this writing, the rates are $0.30 per transaction + 2.9% of transferred amount. As the fee is a percentage of amount transferred, Paypal become expensive for higher amounts of funds transfer. For smaller amounts, Paypal is a very good option. Related Articles
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