Paypal Alternative and How to withdraw money to Indian banks

First of all, HAPPY HOLI to all. Its the festival of colors and I wish everyone of you a colorful life. For those unaware, Holi is an Indian festival when people apply colors on each other, forget all their worries/inhibitions and enjoy life in unison.

In my last post, I had told you about how the Paypal issue is partially resolved at this point of time. According to paypal officials,  bank withdrawals will start from 3rd March’10. But until the problem is resolved completely one does need to find alternate ways. Also, this issue should make us realize that we should be prepared in future. So in this post I will be telling you about Paypal alternatives and also how to withdraw money from Paypal in the current scenario…

Paypal Alternatives

1. Moneybookers.com – Like Paypal, this is another service which serves for 30+ countries, India included. With low transaction rates and easy money transfer options, this is one of the best money transfer methods and a good alternative to Paypal. It allows direct withdrawals via local banks, credit card, cheque, etc.

Moneybookers also provides escrow services and lets you send money to non-moneybooker members. Like paypal, it operates on e-mail ids. Easy to use and quick signup. Join today.

2. Payoneer –  This service is for those who would like to have the ease of drawing money at any point of time instantly or even to enable themselves to make purchases. Payoneer provides its account holders with cards on a monthly maintenance fee which are similar to any credit/debit cards. You can top-up the card and use it as you please. There are transaction rates involved in ATM withdrawals.

My suggestion would be to get this card and use it for emergencies. Though the maintenance fee is little high. Currently, Payoneer is issuing cards for free without any initial cost. Make the most of the offer.

How to withdraw money via Paypal with Xoom?

You can send funds to your bank account using Xoom from your own PayPal account in less than 2-3 business days (for smaller amounts, it’s as quick as less than 24 hours).

Here’s a detailed explanation on how this works:

  1. Open a free Xoom account, if you don’t have one. Please provide proper details as asked. Xoom verifies its users and needs to make sure of their identity.
  2. Complete email verification and use the Send Money option to send money.
  3. Enter the desired amount to be withdrawn.  Select “Bank Deposit” Option. and specify “PayPal” on one of the next pages.
  4. Enter the Recipient bank details (Note: Sending money to YOUR own Bank account from your PayPal is perfectly legal)
  5. If it’s the first time you’re using Xoom — you may be prompted to enter your own Personal details (like Address, Date of Birth, etc. Make sure everything you enter correct information)
  6. “Payment Information”: Select “Pay with your Debit Card, Credit Card or PayPal account” Option. “Payment Method” as PayPal
  7. You’ll be redirected to PayPal where you can fill authorize the payment.

You can track the transaction any time by logging into Xoom via the “My Accounts” page. Xoom transfer money fast though there is a limit to how much you can transfer.

Written by Piyush Agarwal

Piyush Agarwal is a part-time freelance webdesigner who loves to play with design and the web around. You can check out his designs on Technix Designs. He is also into Theatre and Photography.

5 Responses to Paypal Alternative and How to withdraw money to Indian banks

  1. Ajit says:

    @Piyush

    Thanks for the info.

    Need few clarifications.

    1. Does moneybrookers allow withdrawal to local banks in India(ICICI BANK) directly?

    2. WHERE CAN I FIND THE SWIFT CODE?
    3. withdrawing money via Paypal with Xoom…
    Does this still working?

    • Piyush Agarwal says:

      @Ajit – Glad you found the information useful. Please find answers to your questions below:

      1. Moneybookers supports international bank transfers via swift codes. I believe ICICI Bank is also covered in that.
      2. You can find swift codes via your bank. Here’s a list of IFSC code for Indian Banks
      http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/ListofRTGSBanks.xls
      3.Right now withdrawals are suspended for Indian accounts but gonna restart from 3rd March. Xoom service was working till last week. Yet to find out if it will work after the recent withdrawal change implications.

  2. Amit says:

    Hey Piyush,

    Its really cool… informative. I was looking for some alternatives and you just provided it.. Keep up the good work..

  3. anish says:

    My suggestion is choosing 2CheckOut as a suitable alternative for online transaction.please refer the website of 2CheckOut http://paypalalternatives.in/payment-gateways/2checkout.com

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