Paypal is pretty much a dead channel for transactions, but for the lack of a better alternative – freelancers are forced to use the channel for accepting payments.
Earlier, Paypal reduced the receiving limit to $500 (as per RBI guidelines), but to our surprise the company has now increased the receiving limits to $3000/transaction (though there isn’t any updated guideline from RBI regarding the receiving limit)
Now you will be able to receive export-related payments of up to USD 3000 per transaction into your PayPal account (see).
In order to comply with the RBI Guidelines, all PayPal users in India must:
- Add a Permanent Account Number (PAN) and Purpose Code.
By adding this information, you will continue to receive export-related payments into your PayPal account and your account will not be limited from receiving future payments.
- Add a bank account in India.
This will help us to auto withdraw your PayPal balance out of your PayPal account and transfer your balance to your bank account in India. Note: If you don’t add a bank account in India to your PayPal account then your PayPal account will also be limited from receiving export-related payments.
And mind you, you still cannot purchase anything from your Paypal account.
Recommended Read: How To Choose Your Payment Gateway [R.I.P. Paypal] | Top Alternatives Of Paypal For Indian Entrepreneurs
Recommended Startup: Analyze Your Paypal Transactions With Putler