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  • Paypal verification using credit / debit card or bank account

    Sanyam Khurana

    Sanyam Khurana

    @sanyam-Nl7Zqc
    Updated: Oct 21, 2024
    Views: 1.3K
    Hello,

    Paypal gives two options to get verified, either adding bank account details, or the debit card details.

    Which option is the best?

    And are there any pros or cons of any of the option?
    0
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Replies

  • [Prototype]

    Member • Oct 23, 2013

    That depends on the purpose of you creating the account.

    1. If majority of your transaction will be outgoing, its better to verify with Debit card as you'll readily have a source of funding.

    2. If majority of your transaction will be incoming, its better to verify with bank account as you'll need it to withdraw the incoming funds.

    In either case, you'll end up adding both sooner or later, but its the question about which one can wait. Depending on the purpose, you may prefer the one.
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  • Kaustubh Katdare

    Administrator • Oct 23, 2013

    I've a verified account and have used Paypal several times for outgoing transactions. I used my Credit Card for the verification and it's working fine. I've also associated a bank account where the money gets withdrawn. But talkinga bout the pros and cons - I'm not aware of any for both these methods.
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  • Sanyam Khurana

    Member • Oct 24, 2013

    Do outgoing transactions always need a debit card?

    +

    Is there any fee difference on the method I take to withdraw funds [I would withdraw from Paypal]
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  • Harshad Italiya

    Member • Oct 24, 2013

    Sanyam Khurana
    Do outgoing transactions always need a debit card?

    +

    Is there any fee difference on the method I take to withdraw funds [I would withdraw from Paypal]
    They normally charges 4-5% of the total amount. And conversation rate is also 1-1.5INR under the current rate. Say if USD to INR is 61.45 paypal will give you around 60.45.
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  • [Prototype]

    Member • Oct 29, 2013

    Sanyam Khurana
    Do outgoing transactions always need a debit card?

    +

    Is there any fee difference on the method I take to withdraw funds [I would withdraw from Paypal]
    Yes, you need a local payment source either CC or DC. Starting from I guess 2010, Paypal no more allows you to send money from Paypal balance. Leave that aside, it doesn't even allows you to keep the balance itself. I'll be auto withdrawn to your account in a day or two. Curse RBI for that, Paypal is next to useless for Indians.
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