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Indian Paypal users must read this

Discussion in 'Business & Tax Advice' started by extremephp, Sep 19, 2011.

  1. extremephp

    extremephp BANNED BANNED

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    Seeing a hell lot of threads about how Paypal is fucking Indians over and over, so to further prevent such threads, here is a way to sort things out and get paypal flexible again.


    What Indians face currently :


    * Indian Paypal accounts are receive only accounts. (without a CC)
    * Forced autowithdrawal set to daily.
    * Maximum amount in a single transaction : $500
    * Cant send/receive gift payments.


    So, I know you people want to use paypal to pay for your stuffs, and deal with the disputes and all those. And many of you people here may not be having a credit card. (May be because you are younger than 18, or may be because you dont have an job to submit an income proof).

    So here is what I did :

    1. Went to ICICI Bank. Good Customer Service as expected and they took me to the general manager's cabin and offered me a tea :D
    2. Got the forms to start a new account.
    3. Tell them it is to get a cc by a FD collateral. Or I mean, tell them that you are there to put an FD to get a cc linked with the FD.
    4.Fill in the form. Dont forget to bring the original of your Pan Card and Driving license/Voters ID.

    5. Well, I dont have any of them. :D I was with my dad:cool: and the account is going to be in his name.

    6. Fill in the nominee part. You will need some another paper works if the nominee is below 18, so I had my moms name there. (Make sure you note her date of birth)

    Now, You can have 2 kind of accounts.

    1. Minimum balance = Rs 10,200 and that must be maintained all through out. (You will get a limit on daily transaction amount)

    2.This account doesnt need a minimum balance, but it must have a value of Rs 50,000 in transactions within 3 months.

    I opted for the first one.


    So, it took 4 days for the account activation. Went to bank again and deposited 25k to the bank, and changed it to FD and requested for a Credit Card. It will take another 21 days to get the cc.


    Credit Card will have a monthly limit of 75% of the FD. No taxes, no interest and only they charge is 4% for late fee.
    I am yet to receive my Visa CC :)



    PS : You will receive a VISA Debit card within 7 days of account creation. A sexy one actually :D And you also get netbanking without any other paper works.


    You can also make a VCC by netbanking. Thats a plus :)

    *Thanks to Bigbuddy and Bezo* :yo:


    Yet another method :

     
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    Last edited: Sep 19, 2011
  2. imserious

    imserious Senior Member

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    You should have got your debit card at the time of account opening in welcome kit..

    Anyways, you can have this service from HDFC and Axis also, not sure about other banks. Axis gives you 80% of your FD value as credit limit and you can also make unlimited VCCs. HDFC account also gives you VCCs..

    Also, why do you say you can make only one VCC.. it should be unlimited...
     
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  3. fbfbfb

    fbfbfb Jr. VIP Jr. VIP Premium Member

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    i got my ICICI for more thn a year..
    I din't apply for CC till now .
    Gonna apply it soon whn i have time .. Whn i am free :)
     
  4. jsurya

    jsurya Regular Member

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    I have done it bit differently...

    I applied a new savings account in ICICI Bank with this link
    http://www.b2.icicibank.com/

    This account is branch free banking and only works for online transactions. So, No Plastic Cards, No Cheques, No paperwork (only during application process) other than no paperwork.

    After online application submitted, the next day a guy came from the Bank and filled up everything and got the signs. After 10+ days, I got the login details of the account!

    Features:
    No Minimum Balance Requirements, so no AQB Charges!

    You will get a Ewallet Visa Virtual Card, the 16 digital number is permanent for you and nothing like expiry after 24 hours like VCC, I added the card to my paypal account and so for pays the bill with the card via Paypal.

    You can deposit the money from your other bank accounts.

    They need other bank 6 month statements, Pan Card, Address proof, for account opening! No need to go to the bank!

    Another way
    Using HDFC VCC, if you have savings account with them, you can load the amount to VCC with savings balance, but it will expire after 24 hours, before I used this for payments, but now using ICICI ewallet.
     
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  5. extremephp

    extremephp BANNED BANNED

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    I wanted my name on the debit card. So I declined the instant kit. (And it was out of stock too.) :p

    Well, the papers said it is just one VCC.

    I personally dont need VCCs, or even that debit card. So I didnt bother much into those.
     
  6. savagepriest

    savagepriest Junior Member

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    waste of time you are just saying to buy a credit card, we already know that
     
  7. poorboi

    poorboi Regular Member

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    Well, HDFC has limited itself to only 5 VCCs per day itself and you need an ICICI Credit Card and not a Debit Card to create VCCs.
     
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  8. microsoft

    microsoft Junior Member

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    @extremephp Thanks for the thread.
    BTW What is FD collateral??
     
  9. extremephp

    extremephp BANNED BANNED

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    Sorry if I wasted your time. :)

    But until I saw this in someother part of this forum, I never knew I could get a VCC without a job (income proof).

    Sorry again :)
     
  10. extremephp

    extremephp BANNED BANNED

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    Thats what the bank called it.

    For the bank giving us a credit card with a credit limit, we must have a collateral there. and FD is the collateral for this one.
     
  11. fbfbfb

    fbfbfb Jr. VIP Jr. VIP Premium Member

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    well this is a good slice of information.. !
    well its hard to maintain money online like 10k as a average of 3 month.. i spend my money with icici card.. it gets empty very soon .. ! lazy to go and deposit the money :D :D
    well dude good info
    Thanks
     
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  12. Subject

    Subject Power Member

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    what this all about?
    get a CC from ICICI and make a VCC on that?
    Then what?
     
  13. extremephp

    extremephp BANNED BANNED

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    Was for someone who got no income proof to get a cc :)
     
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  14. redstone.1337

    redstone.1337 BANNED BANNED Jr. VIP Premium Member

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    Nope. Its about getting a CC easily without showing any income proof or any other hassle, so that you can use it with Paypal without the need of any middle men like Entropay (which charges a lot of fee). VCC is just like an add-on.

    Thanks extremephp for this detailed post! :D +Repped
     
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  15. daisy447

    daisy447 Regular Member

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    Ya I've ICICI instant credit card issued against the FD of 20k and guess what, I don't have to maintain that 10,000 also because my account is zero balance account :D
     
  16. extremephp

    extremephp BANNED BANNED

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    How did you get one like that :rolleyes:
     
  17. mangobajito

    mangobajito Power Member

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    Hey extremephp,
    you mentioned " Maximum amount in a single transaction : $500 "
    So what does it actually mean?

    and

    can any one explain me the difference b/w personal,primiere and business paypal
    i am in personal now,getting more payments
    should i need to upgrade for premiere
     
  18. extremephp

    extremephp BANNED BANNED

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    If someone wants to send $501 to your paypal account, he wont be able to send it to you. :) Thats what I meant.

    And to the second part of the question,

    Personal

    Free to register and buy. The perfect account for individuals who want to shop and buy online. You can use this account to make and receive payments for goods and services.

    Premier

    Free to register and buy. Low https://www.paypal.com/in/cgi-bin/webscr?cmd=_display-fees-outside for receiving money
    The perfect account for casual sellers who mostly sell and occasionally buy online. You can use this account for making occasional sales and purchases online.

    Business

    Free to register and buy. Low https://www.paypal.com/in/cgi-bin/webscr?cmd=_display-fees-outside for receiving money
    The account for business customers who operate as a company with high transaction volumes. You can accept all payment types for low fees.


    If you deal with more no. of transactions, I recommend you upgrade to premiere or business account. Personal is seriously not for us :)
    Thanks :)
     
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  19. mangobajito

    mangobajito Power Member

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    Thanks mate,
    so if a cpa network sends 1k$ at once what happens
    and how the people recieving large amounts in paypal from cpa betworks
    [sorry paypal noob here]
     
  20. jsurya

    jsurya Regular Member

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    If you already have a CC then no problem for you and these methods for the people who don't have CC with them!

    In my method, explained couple of posts back, no need to create VCC every time for payments, you will get a Virtual Credit Card permanently (its called ewallet on ICICI) and can add the card details in paypal to verify the account and make payments online. This works great for Indians.

    You can load funds to the card via other bank account to ICICI Branchfree account and then load the funds to VCC.
     
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