regarding withdrawal of funds from paypal
By kranthirockz
@kranthirockz (262)
India
August 27, 2010 9:06am CST
hello friends,i want to withdraw funds from my paypal account to my bank account..so i want to link my bank account with paypal account but unfortunatlly my paypal account name is differ from my bank account name...i heard if the account name differes with paypal account,then they impose fine? is it true?...so i am thinking to create other paypal account(new one) with the bank account name , and then link my bank account to it..and and transfer my paypal funds to exisiting paypal account to new account(the new paypal account i created to link my bank) and then withdraw money to the bank is it right to do?
and typically how many days it will take to show my money in bank account after withdrawal from paypal? is it safe transaction? any indian user done this type of transactions from paypal? and any indian user comment is highlyy appreciated...along with international users....thank you..
2 responses
@bloggeroo (2167)
• Philippines
27 Aug 10
The name on the PayPal account should indeed be the same as that on your bank account otherwise the transaction will not be completed and you will even be penalized. I know this because I saw the warning when I was transferring my PayPal balance to my bank account (which will take 4-5 days to process).
Anyway, I agree that you should just create another PayPal account with the correct name and then simply transfer your balance from the other account to your new account. However, I suggest that you create the other account from a different IP address. PayPal prohibits account holders from having more than one personal account although you can have one personal and one business account. But still, to be on the safe side, just create your new PayPal account from a different computer and a different IP address.
1 person likes this
@magtibaygom (4858)
• Philippines
27 Aug 10
What do you mean by that? You mean to say the name of the Paypal user and not the username or email address being used by the user whenever the he/she log-in to Paypal?
1 person likes this
@bloggeroo (2167)
• Philippines
27 Aug 10
Name of the person.
Since PayPal uses the email address as account ID, it is obviously NOT the same as the bank account. And other contact info in your bank account is not accessible to PayPal. So, it is only the person's name in both PayPal and the bank account that has to be the same.
This is understandable or expected because the bank usually conducts identity checks by requiring official identification like driver's license, passport, etc. And your name is always the same in all your ID's.
@dpk262006 (58675)
• Delhi, India
27 Aug 10
You can do so, as you are planning. The money will reach in your bank account within 14 days or the time given by paypal authorities. They keep you informed about the time taken, when you withdraw your money from paypal.
