How do I confirm an Indian bank account on PayPal? Full process

 

PayPal is a multinational company that provides online money transfer facilities. It works like a digital wallet, which contains your bank accounts, credit cards, cash, etc. in the form of digital money. PayPal offers many features, like modern money orders and sending and receiving money online or in person. It acts like a tap, in which money is transferred from one place to another.

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PayPal provides money transfer services, through which international transactions can also be done easily. However, it cannot be completely called outward remittance because it works like a digital wallet, transferring funds from linked accounts. But remittance guidelines are also followed in this. 

 

How PayPal works? Easy Explanation:

Like other online payment applications like PhonePe, PayTM, Google Pay, etc., other facilities like utility bill payment, recharge, QR payment, UPI payment, etc. are not available. Money can be sent from India to any corner of the world through PayPal. Because it provides a money-transfer facility with all the currencies of the world. For example, if a payment is to be made from the Indian currency rupee (INR₹) to the dollar in America, then through this app, that money gets converted from the INR to the dollar and reaches the targeted person. That money goes into that person's PayPal wallet, after which the money is automatically transferred from the person's PayPal wallet to the linked account. Along with sending payments, it also provides the facility to request payments through a link and invoice.

How to create PayPal account?

To enjoy the online transaction facility of PayPal, one has to create a PayPal account, which is of two types: an individual account and a business account. There are some limitations to individual accounts, in which only money can be sent. But the full facilities of PayPal can be enjoyed in a business account, in which there is no limitation. This account is for businesses, freelancers, sellers, and individuals who want to receive and send payments internationally.

To create an individual account, only an email ID and mobile number are required. Which can be created with the help of PayPal's mobile application. But a business account is better than this one. Follow the instructions given below to create a PayPal business account. 

Step 1: Go to PayPal official website.

Step 2: Click on the "Log In" tab to sign in with your existing account, or click on "Sign Up for Free" to create a new account.

 

Step 3: Select your account preference between individual and business accounts, then click on the next button.

 

Step 4: Enter your email address, and then click submit.

 

Step 5: Create a strong password and click submit.

 

Step 6: Describe your category as individuals, solo traders, partnerships, etc. Then fill in the required information and click on the submit button. 

Catalogue (By Mistake) = Catagory 

 

Step 7: Fill in your personal information, like your DOB, name, address, etc., and press "Agree and continue."

  

 

How to link bank account to PayPal? 

After filling out all these details correctly, a PayPal account will be created. But to receive funds in the account, it is necessary to link the bank account to it. A special process is followed to add a bank account to PayPal. The complete information is given below.

Step 1: Click on "Link a bank account" section. 

 

Step 2: Enter your bank account details, like the IFSC code and account number. After entering the details, click on "Link your bank.".

 

How to Confirm bank account in PayPal? Easy process:

After this, your bank account will be linked to PayPal, but it will still not be fully active to receive and send funds. To fully activate the bank account, you have to manually confirm your bank account. To confirm the account, two small deposits of less than ₹1.50 will be sent to your bank account within three days of adding your PayPal account. Which can be something like this: first deposit of ₹ 1.01 (example) and second deposit of ₹ 1.13 (example). These two deposits can also be received in your bank account's transaction history or message.

PayPal sends small deposits for bank account confirmation because it needs to make sure that the bank account belongs to you or not. After small deposits are received in your bank account, you can follow the process given below for bank confirmation. 

Step 1: Open PayPal website & Login with user id and password.

 

Step 2: Go to the funds tab on your PayPal account and click on your recently linked bank account, which you want to confirm.

Step 3: Read the information and click on confirm bank.

Step 4 (Important):  Now you have to enter the two small deposits you received into your bank account. But you have to take care that there is no mistake in it. Because it can be submitted only three times, after entering the wrong deposit amount three times, you will have to link the bank account again. Which deposits will be sent to you again, which will again take 3 days? Therefore, suppose your first deposit is ₹ 1.06 and your second deposit is ₹ 1.15, then you have to deposit it like this.

 

Step 5: After this, your account will be confirmed.

After bank account confirmation in PayPal, your account becomes fully active to send and receive funds internationally. But apart from bank accounts, there are many options for payments, like debit and credit cards, with the help of which money can be easily transferred online to PayPal.