Paypal recently announced a excellent feature from which was really helpful because this time this feature supported countries like india, where in you can withdraw funds directly from paypal to your Visa/Master Card Debit or Credit cards in 26 countries all over the world including Malaysia, India, Indonesia and the Philippines. Youâ€™ll need to be a verified PayPal member to use the new withdrawal feature.
Here are some basic FAQâ€™s regarding this service.
Q. Will every VisaÂ® credit, debit or prepaid card work?
A. No. Eligibility to withdraw funds to a VisaÂ® credit/debit card may vary based on the issuing banks guidelines and regulations.
Q. How do I determine if my VisaÂ® credit, debit or prepaid card is eligible to withdraw funds?
A. If you already have a card with a VisaÂ® logo added to your account, youâ€™ll need to initiate a withdrawal to determine if your card is withdraw-eligible. Once you initiate a withdrawal, the status will show if it is eligible to withdraw funds.
Also, when you add a card, you can verify if the card is eligible to withdraw funds to by following these steps:
1.Click the â€˜Profileâ€™ tab on the Account Overview page.
2.In the Financial Information column, click â€˜Credit Cardsâ€™.
3.The status will show if it is eligible.
Q. How long does it take to receive funds to my credit, debit, or prepaid card?
A. PayPal completes the transfer in 5-7 working days, but your VisaÂ® card issuerâ€™s policies may affect the processing time and could take longer.
Q. How much does it cost?
A. There is a withdrawal fee of US$5.00 (or local currency equivalent) per transaction. Currency conversion and return fees may also apply.
I instantly tried this service by withdrawing a amount of 500$ from my account and following are the screenshots for the same.