Anyone else got the email alert after withdrawal (Indian Paypal Users) ??

Thats not the same
While they sen you back the money
Exchange rate:
1 Indian Rupee = 0.0206810 U.S. Dollars
That is 1/0.0206810$=48.35356 rupees.

And when you convert the same dollars the sent you to rupees they give you 45.27 rupees.
You are loosing 3.4*2=6.8% in the process

For example consider, the standard exchange rate be 1$=50rupees

You transfer 1000$ to your bank, paypal give you an exchange rate of 48.3 rupees
You get 48300 rupees.

And now when you convert 48300 to rupees the exchange rate will be 51.7 rupees

You will get 48300/51.7=934$
-----------

This what paypal did so far.

Now if you convert 934$ to rupees

You get 934*48.3=45123 rupees.

 

please throw some light on how to transfer funds from paypal to xoom

 

Even if paypal sends you cheques, you cant use that as a long term business option as they will take 1 week to despatch the cheque to you and then Indian banks take 21 international working days to process the cheque and put the amount in your bank.

This method is ok if you want to just recover your current paypal balance to your bank account. I think perhaps it would be better to another service like xoom etc to make the transfer anyway as its faster.

 

It seems that the issues between Paypal and RBI will take some time to resolve otherwise they would not have taken this step of returning the withdrawn amount back into paypal account. Last year the problem was different and nothing of this sort happened. Now it seems that we are stuck as we cannot withdraw our payment from paypal till god knows when?

 

Can we add US bank account of friends or family in our paypal?
then may be find another way to get money from US bank
at last wire transfer is not bad and secure

 

I know it's been there from a long time, thats why I dont move my money back and forth.
Today paypal did that and i lost 150$ in total. Who is gonna pay me for the loss.

 

Do not get hyped.
We are using paypal from ages. How trustworthy is Xoom?
Also if the problem is caused by some RBI policies then those policies will be applicable to Xoom as well.

Its just that Paypal got more visibility this time.
Xoom will be in queue now or later.

 

in your knowledge,

how paypal will earn?
how paypal will pay salaries to their employees?
how they will get money for servers, security features?

I think , you have now answers.

They can only get profit from currency conversions.

 

I will wait for max 1 week and I will ask for check request. I hope that will work fine? Any experience with Pp check ?

Xoom Transfer is not allowed ( India To India ) I read many posts about it last night. Kindly confirm.

Thanks

 

Thank god Nothing of this sort happened to me.

I am using premier account. I get payment for directory listing, and the payment still not reversed back to my clients, can I withdraw money to my bank account.



You can send message to Anuj from paypal communications team here

https://www.thepaypalblog.com/2010/02/personal-payments-and-local-bank-transfers-in-india/

 

This is f*kin insane...

i had done withdrawal of 1500$...now 1380$ has been refunded..

So due to this shit idiotic paypal shit , i have lost 120$ for nothing :|

 

Unfortunately we cannot add the US bank in Indian Paypal account.

However we can send the money to friend in US with the "Goods" and pay the charges to paypal.

Then the friend will wire it to India by paying additional wire charges to the sneder's bank.

This will be the worst case scenario.

 

what the bloody F word... ive lost about $500 in currency conversions in reversed bank withdrawals. Rs 25000 gone for nothing, for no mistake of mine, and my account is still showing about $160 in the negative.

was all this hype their idea of looting us off for some quick money? they never converted the currency, it was with them all along...

 

You forgot the transaction fee, bank interest they get for the money we keep with them.


Im fine with their conversion rates, though thats more than what many banks offer.

But they are swinging my money back and forth without my permission, and im losing my money for no fault of mine. I dint ask for reversal.


And do you really think they are spending lot of money on employees after the kind of support we have seen in the last 10 days?

 

This is f*kin insane...

i had done withdrawal of 1500$...now 1380$ has been refunded..

So due to this shit idiotic paypal shit , i have lost 120$ for nothing :|

 

My total loss in 3 withdrawals amounts to $220 dude.
this is not good.

 

Funds added @48.xx and Withdrawal Rate @ 45.XX Paypal Xchange Rate, so approx. Rs.3 loss per dollar...

If they don't give the reasons why this happended and they don't revert this xchange loss to users, it is going to be very unethical business practice.

 

I havent tried but there is option in paypal to add US bank account, not sure if it works, has anyone tried? it does not require account holder name but routing info etc

 

There is something called business ethics. If a person is not able to complete a transaction, it is he who has to foot the bill for his inefficiency and not his clients.

If paypal felt unable to complete the withdrawal request after 10 days, they should foot the currency conversion bill. It is their duty to see that their clients get the same number of dollars that were deducted!
Why should their customers pay for their inefficiency, particularly since nobody told them to reverse the withdrawal transaction?

Regards,

RightMan

 

It is simply amazing to see how un-ethical they are...

Yea same happened with me....paypal people are crackpots and bloody beggars...