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How to convert Paypal to Indian Rupees

Discussion in 'PayPal' started by charley, May 28, 2008.

  1. #1
    I have $ 250 in my paypal and want to convert it to Indian Rupees. Is there a way to do it ? The exchange rate is above 42 $ which is good. I dont want to keep it pending before the rate comes down.

    Any idea ?
    SEMrush
     
    charley, May 28, 2008 IP
    chandan123 likes this.
    SEMrush
  2. JayOnNet

    JayOnNet Active Member

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    #2
    You can add your bank a/c to your paypal and easily get it into that a/c within few days.

    Alternately, you can also ask for cheque in your name and deposit it into your bank a/c. Mind you, the cheque must be in the name matching the name of your bank a/c into which the cheque will be deposited.

    In both the case you need a bank a/c.

    Its very easy and simple.
     
    JayOnNet, May 28, 2008 IP
  3. charley

    charley Well-Known Member

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    #3
    - But cheque has fees ?

    - If I withdraw at today's rate $42.97, when it reaches the bank, will I get 10742.5 rupees?

    - My bank is Oriental Bank Of Commerce, will there be any charges to recieve the money ?

    - Where is this IFSI code on the cheque ?
     
    charley, May 28, 2008 IP
  4. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #4
    If you withdraw amount more than 7000 INR then there is no any charge from paypal as well as from your bank. If you withdraw below 7000 INR then 50 Rs. charge by paypal.

    And btw paypal offering currently something around 41.50+- INR for $1. You can check current rate at the time of withdrawal in paypal itself.

    It is not IFSI but it is IFSC code which you can find on cheque leaves or else ask to your bank for that.

    DON.
     
    deluxdon, May 28, 2008 IP
  5. charley

    charley Well-Known Member

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    #5
    But the rate in the paper shows $42.96, is that their cut of commission ?
     
    charley, May 28, 2008 IP
  6. gsv13

    gsv13 Well-Known Member

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    #6
    Yes all payment processors charge around 1.75% for forex exchange vulnerabilities!
     
    gsv13, May 28, 2008 IP
    mentos likes this.
  7. charley

    charley Well-Known Member

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    #7
    Ok, how can I check the dollar to rupee rate for each day ? Is there a link ?
     
    charley, May 28, 2008 IP
  8. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #8
    You can find that under your paypal account's withdrawal page. Just go through withdrawal process and it show you current exchange rate there.

    DON.
     
    deluxdon, May 28, 2008 IP
  9. getjimmy

    getjimmy Prominent Member

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    #9
    getjimmy, May 28, 2008 IP
  10. charley

    charley Well-Known Member

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    #10
    charley, May 28, 2008 IP
  11. charley

    charley Well-Known Member

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    #11
    Can I enter my father's name to recieve it via SBI/SBT as the First Name ?

    I couldn't find the IFSC code on my Oriental Bank of Commerce Cheque Book. It is a 14 digit number here.
     
    charley, May 28, 2008 IP
  12. mentos

    mentos Prominent Member

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    #12
    Withdraw it to your bank account
     
    mentos, May 28, 2008 IP
  13. Ajucoolest

    Ajucoolest Well-Known Member

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    #13
    Check whether your Bank is participating in NEFT scheme ..

    http://www.rbi.org.in/scripts/neft.aspx

    Here is the list of NEFT Banks in XLS format

    http://rbidocs.rbi.org.in/rdocs/content/docs/68774.xls

    One main thing to notice is that all the currency conversion charges are @ 3.5% of the money amount so you get the amount paid by paypal. Imagine withdrawal by cheque took around 2 months or more to show in your account and each time your bank account would be deducted by around Rs 300-500 depending upon the Bank.

    So check whether your bank is participating in NEFT or not then check the IFSC code in the xls file and add your bank account in Paypal and withdraw money..

    If you can not find out your Bank's IFS code .. PM me the Branch Name and City , I will help you in finding the IFSC code of your Bank..
     
    Ajucoolest, May 28, 2008 IP
  14. getjimmy

    getjimmy Prominent Member

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    #14
    The link i gave shows the current $ and INR rate,yes Deluxdon has given info for paypal $ INR rate,paypal gives lower rate for INR for obvious reason.
     
    getjimmy, May 28, 2008 IP
  15. JayOnNet

    JayOnNet Active Member

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    #15
    I guess, Oriental Bank of Commerce is currently not supported by Paypal for direct transfer.

    You can also go to the Reserve Bank of India website at http://www.rbi.org.in/scripts/neft.aspx and click 'List of NEFT enabled bank branches' to get full list of NEFT enabled bank along with IFSC code.


    As far as father's name is concerned, Paypal states as under.

    "Please make sure that the name associated with your PayPal account exactly matches the name on your bank account statement. Otherwise, transfers to and from your PayPal account will not go through, and a return fee will be charged."

    And the exchange rate for $ to IRs is always going to be charged by the way of commission by any international agency, be it your bank in India.

    Be patient, its very simple to get funds from Paypal. Follow instructions on Paypal carefully and thoroughly.
     
    JayOnNet, May 29, 2008 IP
  16. chandan123

    chandan123 Prominent Member

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    #16
    add SBI or canara bank accounts and transfer :)

    currently these two banks are cheaper to operate IMO

    i also withdrawn to SBI which takes 2-3 days only :p
     
    chandan123, May 29, 2008 IP
  17. rhoula

    rhoula Active Member

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    #17
    If you have someone you trust in the us you can paypal him the money and then he will send it to you thru western union or moneygram but it will cost you about 15 dollars to do that.
    the good thing it will only take few minutes before you receive the money.
     
    rhoula, May 29, 2008 IP
  18. Ajucoolest

    Ajucoolest Well-Known Member

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    #18

    I gave him his IFSC Code which he asked me in the PM. More than 44 thousand banks are participating in the NEFT program from RBI.

    And one more thing , have you ever sent Money via NEFT to any bank Account in India ..

    If you would have done it then you can easily know what are the requirements in NEFT. Paypal Sends the money to the designated IFSC Branch with the Account Number on the file. In NEFT the sender is not able to see or view the name of reciever. The Only thing matters is You should be verified in order to withdraw over $500 and should also submit Correct IFSC Code with Account Number and yes mention the Bank As well.
     
    Ajucoolest, May 29, 2008 IP
  19. chandan123

    chandan123 Prominent Member

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    #19
    adding a bank account is a simple task compared to this ( in india)
     
    chandan123, May 29, 2008 IP
  20. dipal76

    dipal76 Well-Known Member

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    #20
    Just adding your local bank account with your paypal account and transfer money from paypal to your local bank easily.
    It takes five to six business days for transfer of money to your local bank account.
     
    dipal76, Mar 23, 2009 IP