paypal is over charging

recently I tried to withdrew money from my paypal a/c to my bank a/c. On that day the dollar to indian rupee conversion rate was 39.6 and they converted mine at the rate of 38.4. For some reason(I dont know yet) the they reversed the transaction after 5 days. The dollar to indian rupee conversion rate was pretty much the same and they converted the rupees back to dollar at the rate of 40.90 on that day. In addition they charged me INR250 for the transaction not going through. Is this the way paypal convert currency always. They convert it like INR 1.25 less than the current days rate. Where can I clarify to know what happened? Is there an email address or a phone number where I can contact the paypal people.

Suvi

 

If you look at the Fees, you will realized that as long as there is some kind of currency conversion to and from the US dollar, there would be the 2.5% foreign exchange fees which is levied. Also the exchange rate which Paypal uses is from the bank it uses and would differ from other banks or the standard rates you get from the moneychanger.

 

Paypal always convert $$ to INR with current rate - Rs 1.

 

The fees does add up but at least for personal account holders sending and receiving is free, it's sort of a way for them to earn by lower exchange rates.

 

but when compared to other payment processors paypal is cheaper

 

I think that paypal is much cheaper than AlertPay.

 

Thanks for that info. I was not aware of that 2.5% foreign exchange fees part. If that is true, Then I can understand the reduction of INR 1.2

 

It is not personal account. They charged me already when I received the payment. This is in addition to that.