For indian paypal users: While withdrawing money via cheque in paypal, i suppose we have options like to get it in $ or in my country's currency- Rs - Indian rupees. Paypal gives about Rs 39 while i suppose banks give about Rs 40.6 , somthing like that? am i sure? do we get better rates in our bank. I have HDFC bank account. Any way to get better rates for paypal money? Pls help if u gave suggestions
Banks have several different rates. There is the Intrabank rates which is for banks to banks. There are retail rates for us humans but some do have different rates for different amounts. The rates quotes by the banks would be different if you are buying or selling your local currency. The last time I used Plimus to withdraw as my local currency via wire transfer I found that I got a worst rate than with Paypal withdrawal but I guess because currency rates are very dynamic and can change over the course of a hour. With Paypal, you fix the currency rate at the time of the withdrawal. With the banks, it depends on the time it hits the banks. I guess what you do is if you need to withdraw from Paypal, monitor the trend few times a day and when the exchange rate is good for you then do the withdrawal.