what is the purpose code in paypal?
March 22, 2012 9:49am CST
Hi friends, I have a paypal account. it is asking for purpose code to make my account full active. what is that purpose code means? will it affect in anyway? can anyone suggest which one i have to give as purpose code?
22 Mar 12
When i tried to open the paypal account i got my my account apporved after a long time there were many resrtiction on it. After approval i got another problem of 'purpose code'. It was mean for the purpose for what you will deal the tracntions of the paypal. that is why you getting money or sending money for. I was searching as online jobs or similar phase but unfortunately i didn't find any that close to at last i thing i added some thing called ".." don't remmber it properly. You just have to choose purpose code once and it will be default for all your tractions of paypal but if you want you can add purpose code for the different tranctions. It is not that important and you should not taken it seriously. I feel it not much important.
5 Jul 12
Hi, the purpose code helps your bank furnish information that may be required by the Reserve Bank of India to identify the nature of the cross border transaction. By choosing a purpose code, you help the regulators in identifying the exact nature of your cross-border transaction. This is required to withdraw (or transfer) funds from your PayPal account to your local bank account.