Hello Friends, I don't know either this issue is being raised in any other forums or not, but I have a doubt to be asked with some of the pros who use paypal. I am from India, and today I received a amount from one of the client of $1100. As per the current rate if it is converted to INR it is around 62K, but when I transferred it to my local bank account using through pay pal, and I was shocked to see the difference amount, after conversion the total amount was 60K. There is a loss of 2K for me. Is there any other method for taking my paypal money to come other medium so that there is some discount in the conversion charges.
lol...thats where paypal sucks...fees and conversion rates. But i think u get to know the rates of conversion when u withdraw. Its abt INR 2-2.5 less than market listed rates. no better options.. anyway, now is a good time to get money with Re weaker than ever b4. Also, would like to know if there's a limit for receiving money in paypal personal account (india) or withdrawl per month
I agree that this is the correct time to withdraw funds to your bank account as the INR is at an all time low. The loss of funds on account of conversion of USD to INR would be offset by the more no. of INR you gain due to the current situation. For fund transaction between Indian residents, this could be the solution https://forums.digitalpoint.com/threads/indian-payment-processor-similar-to-paypal.2660684/
there is no other way you can withdraw funds from paypal, if you are indian your funds will be converted automatically. Don't worry! Paypal is good just email them as what you think about them maybe they change there mind and develop something interesting.
Good or bad, the fact is that whatever payments you receive in your paypal account, you lose a part when it is converted from USD to INR. And there is no way to avoid that. I am not too sure whether paypal charges anything over and above the charges stipulated by GoI, but you have to loose some money. Its just like any buying and selling case. For example, when you buy gold ornaments, you pay Rs. 100/- But when you sell the same ornaments, you will never get Rs. 100/- for it, even though you sell it to the same Jeweller. When you send a USD payment, you are actually buying USD from the Govt and paying for it in INR. When you receive USD funds in paypal and withdraw to your bank account, you are selling USD to Govt and getting INR in return. It is probably a crude way of presenting the facts, but it is like that.
Paypal Has Deducted Currency Exchanges Charges, Thats why When you withdraw money from your paypal account, There is Difference in Currency exchange Rates.