The new RBI guidelines with regards to overseas payments came into effect yesterday. This means that we cannot receive more than $50 per transaction and the money is to be transferred daily into your Indian account. This also means that we shall be charged twice by Paypal, once for receiving and the next for transferring, since Thayer charge for any transfers less than Rs. 8000. This must have affected a lot of people here. How are you planning to deal with it? Are there any other alternatives for receiving money. As freelance writer I frequently receive payments less than $50 per day. I would love yo hear from others about this
It's US$500 per transaction and the RBI rules were issued long ago with effect from 1st March 2011. See here: https://www.paypal-apac.com/india/
I read rules for no charge now for 8000 one and got email in morning ----- As communicated earlier this year, we are working to implement RBI’s Guidelines regarding the processing of export-related payments. As a result the following changes will be made to your PayPal account: • Effective 26th September 2011, you will not be able to receive overseas payments exceeding US$ 500 per transaction into your PayPal account. •Any balance will be auto withdrawn out of your PayPal account daily. We understand the impact this may cause to your business and seek your support and understanding as we continue to work together with the RBI. We will keep you updated as our conversations progress.
Yes, it means we lose Rs 50 practically daily especially if we work on short assignments that pay everyday. I am not sure but I think the $500 per transaction should not be a problem as we can ask the client to send the amount in installments.
Why is PayPal/Reserve Bank so cruel to India? I don't understand? Why do they need so many rules? Why can't you just say "Okay, you have earned $200 today, congratulations - do whatever you like with the money, as it's your hard earned money".
Paypal is doing good job in India , as they support RBI guidelines and no fees now . They get the fees from the dollar to rupess conversion rate . Just set auto withdrawal your primary bank in the profile .Then you don't need to login in your Paypal account for withdrawal . For now , Paypal is best for India. If you want purchase online then link your credit card with Paypal.
To MattVit, perhaps its the huge base of Indian internet marketers that Paypal can't seem to support without losses on their part. I mean, we know that there are some people out there who possess multiple Paypal accounts so if you let your imagination run wild, you can think up some pretty extravagant abusers.
They should remove limitation of receiving $500 per transaction, It will limited our business. Big business person would never like part payment.
Users like you should get limited account even over DP on basis of flourishing useless news.. Mere 50$ per transaction? Noob head! This might have caused heart attacks to many Indian PP account holders
Now dont be too hard on him/her. It might be a typo where he might have missed a 0 But, yes, it comes to effect from 26 th.