Important Update from Paypal for PayPal India Users : Change in User Agreement

Send money using "mass pay" option, you will only be charged $1.

 

Thanks Jimmy. Does "mass pay' option work on all kinds of amount, or is there a max. limit or a minimum amount kinda thing?

 

Works for all kinds amount, but does not work with personal accounts.

https://www.paypal.com/cgi-bin/webscr?cmd=_batch-payment-overview-outside

 

Please don't discourage others, at least they are trying, we are not going to fight or raise slogans, etc., but just going to explain our situation to the concerned officials, etc.

 

Aw! You hit my weak point bro both the accounts are Personal ones. So, what'd be the best option so as to minimize the fee per transaction..?

Edit: I just noticed that for issuing a check in my name, there is $0 USD fee.. so it's free to issue check on our name? I mean it's too good to be true. Of all things I've learnt till now , one of the basic thing I learnt is never trust Paypal.

 

May be just upgrade one of the account? Oher than that i have no idea on how u can save fees. Are planning to send higher amount?

Check is free but takes long time to reach and then few weeks to clear.

 

So, any other alternative to pay payment through paypal after march 1st?

 

alertpay , moneybooker are good atm

 

Just a quick suggestion, why dont we all agree to a campaign similar to the Pink Chaddi for RBI, so that it would either get the needed attention from the media or at least RBI will know about our situation? All should come to a consensus (and spread it fast) and all should come to one single suggestion like sending something or doing something which attract everybody?

What say?

 

But alertpay and moneybookers doesn't have wire transfers in our country and most cilents pays through pp .

 

Is this India's way of trying to decrease its foreign exchange deficit :-/ over the last five years I have bought in $1xx k but now I think I'm just gonna park my funds in my US acct instead of bringing it into India. Way to go.

 

how are you using your us acct ? you created any business entity and made bank account with that ?

 

I registered a LLC using an agent and used that to open a checking acct with Wachovia.

 

Guys enough is enough!!! WHY ARE YOU BLAMING RBI???
DO YOU KNOW THIS:

1. INDIAN IS HAVING ONE OF THE SAFEST BANKING SYSTEM IN THE WORLD, THANKS TO RBI
2. INDIAN FINANCIAL SECTOR DIDNT SUFFER DIRECTLY IN RECESSION, CREDIT GOES TO RBI POLICIES
3. YOU SHOUT ABOUT BLACK MONEY IN FOREIGN ACCOUNTS, THEN WHY NOT SUPPORT GOVT WHEN IT TRIES TO PREVENT IT
4. PAYPAL IS A PAYMENT PROCESSOR IN INDIA (LEGALLY) THEN HOW CAN IT RETAIN THE MONEY LIKE A BANK AND ALLOW TRANSACTION
5. WHY DOESNT PAYPAL REGISTER ITSELF AS BANK IN INDIA....IT IS AVOIDING RESPONSIBILITIES
6. WHY DOES PAYPAL HAS SUCH A BAD EXCHANGE RATE
7. WHY DO THEY CHARGE 50Rs PER TRANSACTION NOW WHEN IT WILL ALREADY EXTRACT A LOT IN EXCHANGE RATES
8. GUYS GO GET A CREDIT CARD, A FIXED DEPOSIT OF 20000 IS ENOUGH TO GET A CREDIT CARD IF YOU HAVE NO OTHER MEANS.

No matter what anyone says, I salute the current Indian Govt. for its economic policies, I also salute the RBI for its wonderful policies. In the long run these policies will only make us proud.

Those who are talking about blackmoney of politicians and businessmen stacked in foreign account, let me ask you something. How do these money go outside??? If today paypal is used by us, it can be used by a blackmarket agent and also an terrorist. So its good that something is done.

Let force paypal to do away with the 50 Rs. Has anyone thought the trick paypal played?? It did away with responsibilities blaming RBI as it knows that every withdrawl will make it richer....minimum 4 withdrawls a week, JUST CALCULATE...

 

Hello All,

I am not Indian and I cannot do anything but giving you all my support with few words, but I also need to say that the last comment have some positive points.

RBI maybe is a bit restrictive but blaming everyone here and there wont help. You will need to find solutions to survive to this powerful punch received in the stomach, and starting by now organizing instead of being desperate.

There are many way to continue to be on biz, that is to be smart and divide payment in pieces of $ 500,00 like one on monday and another one in tuesday. Then, when you receive the payment immediately withdrawing it in a bank account.

Yes, why not opening a bank account and associating it to a simple debit card? Costs are not absurd, are reasonable and by doing this you are going to fix one of your problems. How? Easy.

Someone stated that to continue paying with PayPal you will need to connect a Credit Card: True, but you can pay with PayPal just using a Debit and Credit Card, yes. When it's time to pay instead of logging into your account, use the debit card! Maybe this will means no monthly automatic payment but hey, this is a solution!

What is happening with RBI is not just a local episode, is something that is happening all around the World, I am italian and the italian gov made a similar law that created restriction for us, not so strict and restrictive but almost.

The problem is that most of the Freelancers who bite the dust, started to work online and starting to earn small and big money. Now, for many who don't know... PayPal is kinda a bank!

Returning to the RBI and WorldWide Located Banks... I am Italian, I work a lot with USA and other Countries, I earn in many currencies and all the deposits finish in PayPal that then, eventually, I will withdraw in my Local Bank...

Now, think it: "EVENTUALLY" in the meantime something product in my Country or in your is sold, money are made but... where are? Are in National's Banks? Nop!

Moneys are not there! So what's happen? That all the banks of a nation make some counts and discover that India (or Italy) Produce a Lot but all the Moneys are not in the Indian Banks... so what? Means that there's something wrong, that strangely India (or Italy) are not so productive, are Poor... Imagine: Why working so much if there are no incomes?

Now imagine also this: Let's say that You, you produce, sell and earn. Money are in PayPal that in India (as well in Italy) is not a Bank... PayPal statements are not valid fiscal documents, so you are not paying taxes... Maybe you dont know but our (and your) politicians live of Taxes! If you dont pay Taxes, Politics don't eat (well, they will always eat!) so this bother Them... they will start to ask to Banks what's wrong? Banks will say "Dunno, strangely our caveau is empty!"...

So imagine the politic: "What the hell is happening here?? Indians (as well Italians) are the most productive workers on planet earth... without us all the world cannot survive and our banks are empty? And how I am going to pay my yacht?" - and - "We need to do something, let's make that everyone pay taxes and that there's a regulation on how national incomes will need to remain in our country"...

So they made strange laws to "punish" who leave money outside the country... doing everything to put hands on in-home incomes all around the world...

In italy kinda worked, money laundry somehow reduced a lot... the problem is that not all the Indians (or Italians) are money washer... but there are also honest and good workers...

So maybe you dont know but if you are a Coder, or a Designer, or a Marketing Expert, there are many others that are frauds, scams (I will say scum) and thief... all this is supposed to stop everything bad... and sadly as Mafia is inside Banks, Wall Street and so on... also thief, scammer and frauds are online...

Practically we (Yes, I am a freelancer too) take the same highway as Not Honest do. We drive the same road and now we pay for other's faults... We cannot complain too much by the way but finding a way to survive to this.

My small advices are:

a) Opening a cheap bank account with debit card;
b) Paying services using a Debit Card;
c) Splitting payments of Clients in pieces of $500,00;
d) Withdrawing everything in the same moments the money arrive;

and the most important point:

e) Taking it easy, for every action there's a reaction, for every trouble there's a solution!

I like Indian Peoples, and the world of Pros like you. Don't fall in desperation, you are pros too, not frauds...

I hope that my comment will cheers you up... at least a bit

 

Paypal is not a charity that it will do currency conversions and deposit in your bank accounts for free. In fact above Rs.7000 there is no withdrawal fee.
I dont want to save Rs. 50 and lose 1000s of $. This is penny wise and pound foolish

 

I must say you have done a good job here explaining the situation. But unfortunately Indian debit cards dont work in Paypal, though we have international visa or mastercards. Only CC works.

 

Who is asking it do for free?? Exchange rates now differ by 1.5-2 INR. They can reduce it to 1 INR. Since there will be many exchanges Paypal will still earn plenty. And this 50INR fees should be done away with as small businessmen and freelancers dont earn 7000 INR a week. They will earn enough from exchange.

 

Well, I don't know if PayPal accept only Credit Cards from India (and this is something I don't get ) but people here talk on how to pay HostGator... to say a hosting company, and for example Burst.net (I pay with both PayPal and Debit Card) or talking about NameCheap, NetFirms and many many hoters...

They don't survive of PayPal... they also accept DEBIT CARDS FROM ALL AROUND THE WORLD, so the step I proposed still remain UP:

PayPal -> Bank Account -> Debit Card -> Service Provider

A Debit Card is not different from the Credit Card mechanism, the needing to create the "Debit Cards" is because of the opportunity to be used in websites where it says "We Accept Credit Cards" and to avoid to have in every country a different "card" to pay for services.

Imagine, in Italy we have the "Bancomat" (It work just in Italy), in France they have somethin like a "QuickCache" card and so on...
if a French go in Italy he cannot retire money from an ATM, if an Italian go in France he can't retire money neither so, Visa and Mastercard said: Let's make a card that work in the CreditCard system but it's not related to Credit but to Liquidity. So, the card is the same, the server who execute and process the payment have just to make a simple database reading and making a simple (explaining in PHP):

[..]
$cardnum = $card[1]; // The Card Number
$cardtype = $card[2]; // The Card Type

if ($cardtype == true) echo "<p>Credit Card</p>";
else echo "<p>Debit Card</p>";
[..]

So, also quoting HostGator:

... now read what says HostGator about "CARDS"... yes, it change it from Credit Cards directly to Cards:

Link: http://support.hostgator.com/articles/billing/payment-and-fees/what-forms-of-payment-do-you-accept

The same as per Burst.net, NameCheap, NetFirms and list continue So again...

PayPal -> Bank Account -> Debit Card -> Service Provider

EDIT: IMPORTANT! A Debit Card is not a PREPAID DEBIT CARD - A Debit Card is connected to a BANK!

A Prepaid Debit Card most of the time is quite anonymous and that's the reason why many merchant don't accept it! Again, a DEBIT CARD provided and connected to a BANK ACCOUNT have the same VALIDITY of a CREDIT CARD.

 

now you can keep funds in that account .

how much cost is involved in this LLC setup , and create that account ?