I Got my First Paypal Check in India, Have few Questions

Hi folks. I am an unverified Paypal member and withdrew my first check on December 25 as I completed the amount of $150 on that day (Hail Christ, Christmas was lucky for me!).

After the $5 processing fee was cut, I was sent a cheque of $145 converted to Indian Rupees which I received today, i.e. January 10, 2007 and I'm quite excited about it.

However, a doubt arose in my mind on seeing the check. On the downwards left hand side of the check, its written:

"PAYABLE AT PAR AT
ALL CITIBANK BRANCHES IN INDIA"

Does that mean I need to have an account in Citibank? I currently have a savings account in ICICI bank...

Indians on this forum might be knowing better. Please enlighten me on this

Thanks

 

Just deposit it in any bank of yours. AFAIK, you do not need a Citibank account.

 

Yes, Just deposit it in any bank where your account is. You bank may charge some fees and may take some time.

But if your account is in citibank, then amount will be instantly transferred on your account.

You are luck that you got it very quickly. Mine one is in the way since loooooong time, 14th Nov

 

I would be happier if you could let me know the fees they deduct.

Which option did you select for it ? Other people here say it took them 25 days - 1 month.

 

Thanks Gr8liverpool fan and Yiam for enlightening me. I'm feeling much better now

Well they have the straight fee of $5 on every withdrawal. One bad thing is the exchange rate The exchange rate they applied on converting my $$ to Indian Rupees was lower than the actual exchange rate prevailing during that week.

As for which option I selected, there weren't too many options really. Just withdrew my check for delivery by normal post. Dunno why some people get them so late. In fact, based on their experiences, I was expecting this check to arrive in February.

 

Hi Sar. Consider yourself lucky! It took me 40 days to receive my check If you requested for the check on the 25th of december, that would mean it got processed by the 30th of december(most propably)... So basically you received it in just 10 days

Anyways, you can deposit it anywhere. I usually deposit it into ICICIBank or in an a/c which I have in a local bank. And none of them charge me any anything.

 

Depends on where you stay. If Citibank has a local branch in your city/town, it will clear quickly in 2-3 days, otherwise it may take some time. What exchange rate did you get?

 

Congrats!! on getting your first check.No need for you to open Citibank a/c , just drop the check at your ICICI Bank , amount will be transfered to your a/c.If your city have Citibank branch will be cleared within day or two.If not it will be sent to the Citibank main branch Mumbai, have to wait for 7 to 10 days to get the amount credited to your a/c

 

Hi Manju. I am sorry but thats not true All my checks (ones issued by paypal and adsense) are cleared in within 3 days (assuming a weekend doesnt come in) I deposit them either in ICICI bank or my local state bank..

 

Wow that's good but my ICICI bank takes min 7 days to clear my checks ,BTW I am from Goa and checks they send to Mumbai branch for clearance.

 

hmm.. Maybe you dont have a branch of Citibank in Goa? We have around two here in my city.. 7 days is alot taking into consideration the time it takes for us to receive the checks first..

 

the first cheque always come late. At par means payable anywhere in India. So no need to worry. Your cheque will be credited your account soon.

..:: peace ::..
Jeba

 

Great you have got your checque quickly, I have requested checque on 7th December and still waiting and you have requested on 25th of Dec and you have got it. Congrats.

And yes you can deposit in any bank, no need to have citibank account.

 

Yes you are correct, Citibank bank has no branches in Goa

 

What is the rate they have?

 

The rate changes everytime but for paypal its always lower than the actual rate. When I made my last withdrawal, the rate was somewhere around 44.xx USD but I got a rate of 43.xx. I think the equation to find the conversation rate for paypal is: current rate % 2.5

So if the current price for a dollar is 45 USD, you'll get 43.87 from paypal. I am not sure about this so I can be wrong. The best way is to just go through the withdrawal procedure to see what the current value for paypal conversion is.

 

Why is CitiBank inscripted on the cheque? There are many other Banks , they can choose, isnt it?

Or is Paypal associated with Citibank?

 

the exchange rate I got was 43.3, whereas the exchange rate that day was 44.7

Thanks evryone for your answers . I guess I really was lucky!

 

Oh, how is that.

Shouldn't you have got $ 44.7 ?

 

yep I should have. I even started a thread around that time (dec 25) on DP asking members of what should I do cause Paypal's displaying a lower exchange rate. Should I contact their customer service?

Most of dem replied that I cant do anything about it. Paypal has a monopoly in this field, so it extracts that amount besides the $5 processing fee per withdrawal.

Sorry I lost that thread's url