Why Paypal pays less in Indian Currency

Discussion in 'PayPal' started by zhinghur, Jan 8, 2008.

  1. #1
    Paypal is paying Rs 38.16 per dollar whereas Indian Rupee is trading above 39 since long. Can anybody tell me why they are paying less ??
     
    zhinghur, Jan 8, 2008 IP
  2. mitin

    mitin Peon

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    #2
    best ask paypal.
    1 U.S. Dollar = 37.9957 Indian Rupees

    checked right now.
     
    mitin, Jan 8, 2008 IP
  3. mechanix

    mechanix Well-Known Member

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    #3
    Paypal charges a 2.5% conversion rate while withdrawing.I guess that might be the reason for this.!!
     
    mechanix, Jan 8, 2008 IP
  4. mitin

    mitin Peon

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    #4
    ahh yes. i forgot about that charge.

    my mistake.
     
    mitin, Jan 8, 2008 IP
  5. letsjoy

    letsjoy Well-Known Member

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    #5
    Paypal do same as Western Union do about paying less in other currency.
     
    letsjoy, Jan 8, 2008 IP
  6. mitin

    mitin Peon

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    #6
    they dont pay less.they just levy a currency conversion charge.
     
    mitin, Jan 8, 2008 IP
  7. zhinghur

    zhinghur Peon

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    #7
    What a crappy reply . Just don't reply, if you don't know about the answer. Read the post twice before replying. Paypal pays 38.16, deducting the conversion charge as mentioned by others above and not 1$=37.9957 and still you forgot the conversion rate over. Brush up your mathematics, dude.
    Indian currency never fall below 39 .

    Thank you above all others for the reply. I got it.
     
    zhinghur, Jan 8, 2008 IP
  8. eddy2099

    eddy2099 Peon

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    #8
    In this free market economy, currency exchange rates is not fixed at a single rate but there is two rates, buy and sell rates. Then to complicate things, different banks would use different rates. At the same time, there is no requirement to fix the exchange rate if it is changed in the US or in India. They can vary quite vastly.

    Paypal uses the exchange rates provided by the bank it uses and where I am from, the banks usually do not provide very attractive rates.

    At this moment, there is nothing really much you can do about it.

    If you look at XE.Com, at the moment, the exchange rate listed is US$1 : 39.3050 INR and if you deduct the 2.5% foreign exchange fees which is 0.982625 INR thus given you a rate of US$1 : 38.322375 INR which is roughly what Paypal quotes you.

    The exchange rate can vary even hour to hour. I am not sure which bank paypal use so I cannot find out what is the exchange rate that the bank uses.
     
    eddy2099, Jan 8, 2008 IP
  9. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #9
    Just to let you know that currently paypal pay $1=37.9957 INR as conversion rate. I think you don't know that. Try to withdraw funds from your paypal account and check yourself :rolleyes:

    They pay less because of 2.5% conversion rate while withdrawing.

    DON.
     
    deluxdon, Jan 8, 2008 IP
  10. Abhik

    Abhik ..:: The ONE ::..

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    #10
    Oh yes, its because of 2.5% Currency Conversion Charge..
     
    Abhik, Jan 9, 2008 IP
  11. zhinghur

    zhinghur Peon

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    #11
    You are wrong , buddy !!!!!.
    Just checked it again now , paypal pays INR Rs38.12 per dollars.
    I have withdrawn around 6 times last month.
     
    zhinghur, Jan 9, 2008 IP
  12. atoztoa

    atoztoa Well-Known Member

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    #12
    Try to be polite, anyways Currency Rates change every minute, so it is possible that he may have withdrawn money when currency rate was low
     
    atoztoa, Jan 9, 2008 IP
  13. mitin

    mitin Peon

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    #13
    when i checked, the currency rate shown was
    1 U.S. Dollar = 37.9957 Indian Rupees
    hence i posted that.

    sorry if you felt it was a crappy reply.

    Brush up your mathematics, dude.
    better tech that to paypal since i copied directly from the paypal Website.
     
    mitin, Jan 9, 2008 IP
  14. digitalpassion

    digitalpassion Peon

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    #14
    Paypal pays the credit card exchange rate, it was the norm when it was USD and now the same even applies to INR.

    Hope my reply helps,

    Regs,
    Digi
     
    digitalpassion, Jan 10, 2008 IP
  15. zhinghur

    zhinghur Peon

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    #15
    Sorry, I guess I should be more polite. But still, I know that cannot be possible as I also trade in forex and BSE. This is my daily side business.
     
    zhinghur, Jan 15, 2008 IP