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Paypal's fraud with the Indians.

Discussion in 'PayPal' started by leede, Feb 28, 2009.

  1. #1
    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
     
    leede, Feb 28, 2009 IP
    kanwarjot likes this.
  2. RightMan

    RightMan Notable Member

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    #2
    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! :eek:

    Regards,

    RightMan
     
    RightMan, Feb 28, 2009 IP
  3. leede

    leede Guest

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    #3
    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.
     
    leede, Feb 28, 2009 IP
  4. frank.net

    frank.net Guest

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    #4
    Will give the above a try

    If it works out then need to be more alert
     
    frank.net, Feb 28, 2009 IP
  5. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #5
    Well thats not any fraud. thats just the way paypal and RBI handle everything. :) so no need to worry about it.
     
    Digital_shubhi, Feb 28, 2009 IP
  6. mehtaamit12

    mehtaamit12 Banned

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    #6
    ya i am also watching this from a long time;
    how i can ged rid of this.
     
    mehtaamit12, Feb 28, 2009 IP
  7. bobchrist

    bobchrist Active Member

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    #7
    They've universal 2.5% conversion fee but I think that is on higher side. :cool:
     
    bobchrist, Feb 28, 2009 IP
  8. adda4u

    adda4u Well-Known Member

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    #8
    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
     
    adda4u, Feb 28, 2009 IP
  9. Bohra

    Bohra Prominent Member

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    #9
    Its not fraud man its monopoly.. they dont force u to use their service but since they are strongest cant aviod them.
     
    Bohra, Feb 28, 2009 IP
    kanwarjot likes this.
  10. cipals15

    cipals15 Well-Known Member

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    #10
    That is business.. Stock Exchange Programmers also earns from .0001 difference in exchanges.. How? Ask google..
     
    cipals15, Feb 28, 2009 IP
  11. mail2kamaal

    mail2kamaal Banned

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    #11
    Paypal is doing this fr a long time and its their business ... bad policies.
     
    mail2kamaal, Feb 28, 2009 IP
  12. eddy2099

    eddy2099 Peon

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    #12
    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.
     
    eddy2099, Feb 28, 2009 IP
  13. PressReleases

    PressReleases Guest

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    #13
    Well everybody using paypal to withdraw funds are ware of the fact.
     
    PressReleases, Mar 1, 2009 IP
  14. niks00789

    niks00789 Well-Known Member

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    #14
    yeah they r charging fees
     
    niks00789, Mar 1, 2009 IP
  15. lambda1

    lambda1 Well-Known Member

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    #15
    We Fellow INDIANS will try the above and let you know of any FRAUD friend.. :)

    stay cool but..
     
    lambda1, Mar 1, 2009 IP
  16. tobycoke

    tobycoke Peon

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    #16
    https://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside
     
    tobycoke, Mar 1, 2009 IP
  17. kittyluver

    kittyluver Notable Member

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    #17
    Paypal ought to pay monthly salary to their people. For this they will take commission at least Rs.1.50 per dollar.
     
    kittyluver, Mar 1, 2009 IP
    kanwarjot likes this.
  18. kanwarjot

    kanwarjot Notable Member

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    #18
    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
     
    kanwarjot, Mar 1, 2009 IP
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  19. hdwills

    hdwills Well-Known Member

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    #19
    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.
     
    hdwills, Mar 1, 2009 IP
  20. mail2kamaal

    mail2kamaal Banned

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    #20
    dont wait ...

    just sue Paypal India Pvt. Ltd
     
    mail2kamaal, Mar 1, 2009 IP