How crappy the currency conversion and exchange rates in PayPal is and how to avoid such crap and get most out of your PayPal Balance.
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Paypal
When I tried withdrawing money from my PayPal account, found automatic withdrawal option. The only question I had was about the withdrawal fees.
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Let me share some of the major issues when using PayPal in India and PayPal alternatives I have decided to move to.
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PayPal was not compliant with RBI Guidelines for almost a month but recently I hear from lot of other fellow Indian webmasters that PayPal is slowly but surely implementing them.
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As per PayPal, to become compliant with RBI Guidelines they suggested – Effective March 1, 2011 any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from [...]
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My PayPal account is live ever since 2003. 18th April 2003 is when I got my PayPal account and on 24th Sep 2003 is when I got my PayPal account verified. I remember clearly back in 2003 we had almost no PayPal operations in India. We were only able to receive and send funds but [...]
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January 2010 It was PayPal and this January it was Payoneer who had issues with Indian Banking system. Now RBI (Reserve Bank of India) raises yet another issue with PayPal. I got this email from PayPal today morning Dear Shabbir Bhimani, As part of our commitment to provide a high level of customer service, we would [...]
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After Issues with PayPal Withdrawal in India this February many Indians have opted to go for Non-PayPal based payments methods and so am I and after testing few alternatives the one that is working the best for me is Payoneer. I have been using them for more than 6 months now and am going to [...]
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PayPal yet again in the news among Indians and this time the situation is really strange. All withdrawals request from PayPal to Indian bank account on 7th of April are still pending and withdrawals request after 10th of April are complete and even deposited into the bank account. I also read the same issue in [...]
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Today when I logged into my PayPal account I was surprised to see that PayPal is asking for PAN Card of Indians. Check out the FAQ’s for PAN on PayPal website. Looks like PayPal is moving on the Path set by RBI. But as usual with PayPal there is a big big issue. I entered [...]
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Summary of recent update from PayPal is – Indians will be able to withdraw funds to Indian local banks provided they have ‘Export Code’ which they can provide at the time of withdrawal. I had no idea what Export code is? So started searching things on what it is, how to get it, and the [...]
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Update : Feb. 24th 2010 – There are many users who have reported that XOOM has stopped payments to India if you fund it using PayPal. As you can see in comments I tried calling the official numbers which never connects so consider XOOM as not an option from today. This news is still not [...]
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I do lot of experimentation on new ways to internet marketing strategies for my web properties and like to share my experiences on ways to make money online @ IMTips.co. Read more about me