Would someone provide some info regarding 2CO? Looking forward to hear from Indian 2CO account holders 1. Setup cost $49 - any monthly/ yearly amc? 2. How can you withdraw to your Indian Bank account? How many days it take and charges? Say for $200/$300.00 3. What type of documents are required to open 2CO account? 4. Kindly say something about verification 5. Can I accept Paypal though 2CO by default or need to pay extra or extra charges apply
1. $49 is the only one time fee that you pay. 2. They had the option to send Rs. directly to your bank account in India. But RBI stung them too long back. Now the minimum you can transfer in INR to your bank account is $2500 (around 1L). They also ask for some codes for Indian transfers (IFSC may be). Your can also request a check which is sent in USD. Consider the time it will take to arrive and then sent back to US for clearing. There is probably a 3rd option also of getting USD wired to your bank account. There is ~ $15 fee for it (participating banks can take $15-$25 extra) so its a lossy affair. 3. They had asked me for scanned copies of ID proof (I submitted Voter ID) and address proof (I submitted telephone bill). If not convinced, they can ask for extra docs also like license, passport etc. 4. If your docs are proper, you will get approved in a couple of days. 5. Yes you can accept PayPal through 2CO. The standard fees of 2CO apply (5.5% + 0.45). Nothing extra. -Regards, Akash
Thanks for info. I was looking at 2co blog, somewhere found we can withdraw min. $100.00 to our Indian bank account if I do request fund in USD currency but if we request in INR then 1 lac, and $20 to make withdrawl using payoneer 2co card
Requesting USD currency invites a $15 charge plus your bank may charge you for incoming USD wire so I never exercised this option. Yes Payoneer card is another option.. The cards activation fee is $19.95 and then every time a payment is withdrawn to your card, a $2 fee is charged. There are other charges also related to Payoneer card like monthly maintenance fee ($2-$3), ATM withdrawal fee etc etc. But receiving the Payoneer card is another story. They also send it by normal post only. I received it the 3rd time they sent it.. after 90-100 days. You may turn out to be more lucky. Now there is probably a FedEx option also to receive your card but that costs around Rs. 4000 for just courier. -Akash