Paypal's fraud with the Indians.

Yestarday


Yestarday rupee depriciated to record lows of 51.23 against one $





And conversion provided by paypal is mere 49.14 against 1 $


Nearly taking 2 rupees



And to be honest with you guys i have been checking this for the past 4 months. And this has been the pattern of paypal not giving the full amount of conversion.

Would like to hear what people in hear have to say about it

 

You are highly mistaken....my friend.

There are some fees that they need to deduct and hence there cannot be the same conversion rate for you as reflected on the foreign exchange currency market.

You would be surprised that I visited a private bank just an hour back and their electronic board also listed the exchange rate to convert $ into INR at 49.25!

Hence, Paypal is not alone in charging such a hefty sum as fees!

Regards,

RightMan

 

I know that many banks do charge hefty sums

But i have noticed for the past 4 months paypal charging 1.60 rupees

You try this out.


On monday if the rupee remains at this leve of 51.23 then by afternoon i can bet you would be able to see a rise in the conversion what they are offering.

 

Will give the above a try

If it works out then need to be more alert

 

Well thats not any fraud. thats just the way paypal and RBI handle everything. so no need to worry about it.

 

ya i am also watching this from a long time;
how i can ged rid of this.

 

They've universal 2.5% conversion fee but I think that is on higher side.

 

I agree but there is nothing we can do ...

Its absolutely not fair with those guyz ...

We are paying fees 2 times one is for conversion and another is for receiving the money from clients

 

Its not fraud man its monopoly.. they dont force u to use their service but since they are strongest cant aviod them.

 

That is business.. Stock Exchange Programmers also earns from .0001 difference in exchanges.. How? Ask google..

 

Paypal is doing this fr a long time and its their business ... bad policies.

 

There is no such thing as fixed exchange rates and they vary from minute to minute and from bank to bank. When you placed the withdrawal request, the transaction is not made immediately but after it is approved which could be anytime from a few hours to 24 hours after that. At which point, the currency rate can change drastically. Paypal is candid about the foreign exchange fees and everyone would know about it. If you do not agree with it then don't use Paypal at all.

Apart from using the fees to protect themselves from the risk of foreign exchange, doing a fund transfer is not something free to paypal and they would indeed need to incur some cost on their end and possibly pay some fees to their intermediaries so that you will get the money.

The exchange rate in India and that in the US for the rupees are totally different. Indian uses Rupees in India but the US does not use Rupees in the US. As you know, we live in a free market world where exchange rates depend quite heavily on supply and demand. Even from bank to bank or money changers, the rates can vary by quite a lot.

If you think that it is not worth the cost, try replicating funds transfer from a US Bank to your bank account in India and see how much all of that would cost and compare that to what you are paying Paypal.

 

Well everybody using paypal to withdraw funds are ware of the fact.

 

yeah they r charging fees

 

We Fellow INDIANS will try the above and let you know of any FRAUD friend..

stay cool but..

 

https://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside

 

Paypal ought to pay monthly salary to their people. For this they will take commission at least Rs.1.50 per dollar.

 

One person said above- Monopoly..that only describes the whole case. We can only do one thing and that is to shift to a new payment processor

 

PAYPAL IS A SCAM. I haven't seen other companies treating their customers with so much disdain and mistrust.

My premier verified paypal account got limited the other day, with quite a sum still in it. They asked me to provide

1. Tracking number of deliveries
2. Information about the sales
3. Bank Statement
4. Photo ID proof
5. Phone number of my suppliers (???? wtf is this for?)

The strangest thing is I never sold a tangible item. All I sold was links, blog posts and web design. How the hell am I supposed to give them tracking numbers for those.

Strangely there are two transaction they flagged (among the others), which was a payment to a writer and one payment to hostgator.

How on earth can I give them a tracking number for a payment to hostgator.

I called paypal and they told me to upload my bank statement and ID which I did, and yesterday I received a mail that says, my reappeal is denied since it poses a risk.

My question is am I not supposed to withdraw money from paypal to my bank account in India or do they treat Indians differently.

I am waiting for them to answer that and than I am going to sue Paypal India Pvt. Ltd for financial misdemeanors.

 

dont wait ...

just sue Paypal India Pvt. Ltd