We have observes that we get around Rs 1.5 to Rs 2 less per Dollar to INR conversion for every bank transfer that we receive from PP. We have a few paypal accounts (of different team members from India) and have noticed this consistently. For example, if on a particular day of transfer, conversion rate is Rs. 55 (as per newspaper and other reliable sources) , we will get it our money at an rate of around Rs, 53.5 (or even lower) from PP. Has any other fellow Indian member observed this trait? Another point - is it right at PP's end to show wrong conversion rates? We can understand if it changes a fixed fees per transfer (keep the process transparent) , but it shows as if it is doing transfer w/o any charges and the fact is that it sets conversion rates which are not a standard one (rather monophonic). Pls comment.
Paypal is big money eater payment process though we have no option.. Almost all members observe that If we withdrawal money from Paypal then we are getting almost 1.7-2 INR lesser then standard rates (You can view current stand rates by just typing USD INR in Google search it will show you converter with current rates) and people had also observed that If we have to pay someone that time also we are in loss because credit card company charges more than current rates. So from the day when Indian Paypal got new rules that we can't hold and send money, we are losing 4 INR /$ indirectly and we can't do anything in this case.
Paypal or any other payment processing site wont get you full value for your $ unless you are getting direct deposit. Dont even take chance of trying Moneybookers they will eat up a lot money. I found Paypal is the best payment processing site which is just taking 1.5 re or a bit higher sometimes but it worth it rather then Moneybookers who would first convert your payment received to INR (here they will deduct some money in conversion) then when you withdraw they will convert it back (from INR to EURO, again they will take up some charges) then when you receive it to your bank account you will get it again converted from Euro to INR as Moneybookers deposits in Euro only no matter whatever your account default currency is so again you face some loose. Once I withdrawn $200 from Moneybookers and received just 7,200 INR which is really ridiculas Instead in Paypal we at least get 10,000 or a bit higher. If your payer is ready to pay via xoom then try them they always have best rates with 0 fees on transactions of higher value. I worked with them before but recently they stopped accepting Paypal so I'm left with just Paypal as an option to get paid.