You do not need to create a new account for that. You just need to log into your Paypal account and go to Profile and click on Currency Balance and open a 'EURO' balance. Then when you request someone to pay you, you quote in EURO so they will change the 'Currency' to EURO if you use the Email Send. Otherwise, if you use the Buy Now button or generate an invoice, you can set the currency as EURO.
Current exchange rate is 1.00 USD = 41.2745 INR because of currency conversion there would be a deduction of around 1 rupee per dollar.
Well, as you know the EURO is a lot more stable compared to the US$ (which seems to be at the verge of falling) so if you use the EURO as your default currency, it would mean that you will enjoy the stability of the EURO. So if you are not residing in the US and withdraw your Paypal funds in your local currency, Paypal will convert directly from EURO to your local currency bypassing the weaken US$. This way, whether the US dollar goes down or up, it will not affect you. Of course, if your local currency is listed in Paypal, you can use that instead so you will not suffer from any foreign exchange risks or fees.
Darn. A month ago, it was 1 USD = 45 INR. I did a Xoom exchange of a small amount back then. Then, about two weeks ago, it was 1 USD = 42.7 INR. I did a Xoom transaction half-heartedly. And now I need to withdraw a huge (around $1000) amount, and it has gone down to 1 USD = 39 INR?! WTF! Although it's good for India, it's not good for us Indians .
Actually, it is stated clearly on Paypal website that it will take a 2.5% foreign exchange fees in their Fees schedule. It is normal for businesses to do that in order to cover the cost of conversion and transfer of funds.
Why you guys start complaining when the Indian Rupee becomes strong against US$ I wish it'd be US$1 = 1 INR
No one is complaining that Indian Rupee becomes strong against USD Just saying ...not good for indian webmasters Rajat
Well,you are free to post your opinion This can be a good alternative ,If the USD rate against INR get lower then Sure i will make one as default currency Euro (if possible) :| Current rate is 1.00 USD=41.2784 INR Rajat
I have placed the check first week of April $1 = Rs. 41.9 . Got my check today. As an Indian you should proud that the rupee is getting stronger. As a webmaster, please wait for couple of months to get more money. The prices would go further once the oil prices have been increased. I don't think you may get more money if you convert your payment withdrawl on Euro because 1 Euro = Rs.56.10 and 1 Euro = $1.3. If you are going to be paid 1.3 for a work it will be taken into 1 euro. I think You got it... (courtesy-- Yahoo finance)