How To Set Purpose Code In Your Paypal Account?
Purpose code is a default reason that is to be set for the transactions that are done through PayPal. This is needed according to the guidelines given by the Reserve Bank of India. The purpose code is needed when you withdraw balance from the PayPal account and need to specify the reason for that.
To add the Purpose code you need to open this Link after logging into your Paypal account. That link would take you to the page where you can manage the Purpose code setting and set one as the default code.
Here Are The Various Purpose Codes You Can Select One From:
Content and Journalism
– Freelance Journalism
– Newspaper Content
Information Technology
– Hardware Consulting
– Software Consulting
– Data Processing Consulting
Travel
– Travel Related Purchase
Licensing of Creative Works
– Licensing Revenues
Export of Goods
– Cross Border shipment of Goods and Services
Other Services
– Legal
– Accounting and Tax
– Business & PR
– Advertising and Market Research
– R&D
One of the above codes can be selected as a default one until you select another code.
- In order to make your account fully verified and to receive the payments to the India(n) bank account(s), you must add the purpose code.
- Mostly PayPal account is used by the freelancers to receive money. If you're an online worker or do online jobs on sites like Clixsense, Fiverr etc., freelancer, advertiser or a blogger you can select "Advertising and market research" as purpose code.
- If you sell products, import/export products, offer travel services, you must select the relevant purpose code. Once you select the purpose code, your account will be eligible to withdraw funds to the local bank account(s).
