heys guys i m too much confused whether is it legal to exchange your paypal to your bank account using xoom as it involves currency exchange, i m from india and i m a tax payer so every entry in my passbook goes to income tax office, and does that exchange makes any change in paying tax P.S When sender and reciever are the same(means you yourself) any help is appreciated
This question is raised many a times. There is no problems whatsoever in using xoom for transferring funds to your banks so long as you are using Direct Bank Deposit/ Delivery via Courier option. Using Insta Cash can get you trouble maybe but the above mentioned options won't. I myself pay tax and haven't faced any problems.
i having "bank of india" account where internet banking is not possible so xoom transfer money in my bank account using Bank to bank transfer via check which is known as T.P.O service, is anybody else using such kind of transfer service
Well, I am also confused since this involves foreign currency which is regulated by strict & complex RBI laws.
after searching on google i just found out that transfering money from paypal to bank account using xoom is not legal legal issues The services like cash2india and xoom are meant for people outside India (NRIs basically) to send money home (personal inward remittance) for the purpose of family maintenance. Anyway, I am aware that people can still use it to send money to themselves as I do not think that these services check whether your paypal account is Indian or US. I don't think this is "legal" though. If you have a relative in US, that should solve your problem. Legally, in order for you to accept dollar funds, it's best to have an IEC number and also, the funds you should be getting should be in name of a company rather than an individual. Unfortunately, there is NO way right now using which you can send money to an Indian COMPANY from PayPal. Check out this link
i agree,if cheque from paypal can b legal then why not money through XOOM,in both cases we r exchanging $$ to INR.
there are some leagal problems, as RBi is acting a bit strange these days. the FERA act is the basic block. anyways, you can have a xoom transfer, if the money hits the bank first then you are clean up to some extent. though you must have a IEC number, perhaps you will have to go to the DC office for more details! better use checks, paypal checks are not all that bad
i just havea chat with one of our most knowledgeable memeber(arvind_srivastav) and he told me fom A-Z and at last i came on the decision that xoom transfer in every sense is legal