I've started a company and was thinking about using PayPal for transactions. Is anyone using this service? How is it? Is it possible for me to transfer money from my PayPal account to the company's bank account here in India or in the UK?
Paypal is reliable, and very quick in customer support. It is possible to transfer money from & to banks both in India as well as UK. I personally use PayPal for my freelancing work. My clients pay me through it.
You need a PAN number to sign up for paypal account. You can associate either a credit card or a bank account or both with your paypal account. If you associate bank account(s) in india, you need your branch's IFSC code, which you can get through a google search.
Paypal's commission is based on what type of account you have. You can choose the type of account based on your requirements. My personal account was charged $2 when I received money.