PayPal Currency Converter Exchange Rate is too Low

Posted by Deepak Singh Internet
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RBI (Reserve Bank of India) has made?compulsory to Transfer any Payment?Received for Goods and services by Indian PayPal Users to their PayPal account within 7 days from the?received?date. This Policy is affected from March 1, 2011. And any Indian PayPal User can't use his PayPal Balance to buy goods or services over Internet. Therefore for Indian Publishers there is no any option other than to transfer their PayPal Balance to their Indian Bank Account.

Since I was?received a small payment from?Adbrite on March 7, 2011. I transferred it to My Indian Bank Account.?PayPal?Charges for Fund Transfer in India are as,

  • Up to Rs.6,999 - Rs.50
  • Above Rs.7,000 - Free

This is a very small service fees charged by PayPal for?Transferring?Funds Directly to your linked Bank Account. You can also get your Payments via Cheque [check]. But it takes?up to?20 days to get money in your account therefore Online Fund Transfer is good and takes 4-7 days.

But when I saw the PayPal Currency Converter Rate I was?little?shocked. Since I am from India, converter did following conversion.

  • USD - INR

PayPal?Currency?Converter rate for USD to INR is Counting 1 USD = 43.6312 INR. Now see the Result for the same amount and for same days and same time at another Currency converter say, XE.com (The World?s Favorite Currency Converter Site).

Comparison?Between PayPal & XE:

  • PayPal : 1 USD = 43.6312 INR
  • XE.com : 1 USD = 45.0329 INR
  • Difference?between both: 45.0329 - 43.6312 = 1.4017 INR
  • Total Amount loss at PayPal (For $100 US): ?4503.29 - 4363.12 = 140.17 INR

Hence if you are transferring $100 to your India Bank Account from PayPal You will be loss 140.17 INR just for lower Exchange Rate from PayPal. But there is no any other option available for Indian PayPal users.

4 Responses to “PayPal Currency Converter Exchange Rate is too Low”

  1. Abhishek says:

    Thats sad. Even I am disappointed by this.

  2. Anonymous says:

    l too keep getting ripped off by paypal exchange rate. No reason for this is justified but feels like a manipulation of the numbers and could possibly be classed as finacial advantage by deception, Very well knowing no one person will be heard l encourage millions of users to not use paypal for 1 week or until the rates lift, A kind of go slow would make those involved with paypals rip off exchange rate hopfully kick right up the bum (twice really hard)by the loss of millions to them and not us. Or go to the media and state our case. lmagine millions of users take civil action together as one to keep them honest. l believe we have a fantastic case,Remember without us, They have NOTHING!!!!!

  3. What theme are you using here ? I really like the design. Many thanks for this post.

  4. chandan says:

    how to know the paypal exchange rate months wise year 10-11

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    Deepak Singh

    BlogTechnics is founded by Deepak Singh (me). I am a Professional Blogger & SEO Expert from India. I writes about Blogging, WordPress, Blogspot, SEO, Social Media, Web Development, Make Money Online and Technology. Along with Blogging I offers various services such as WordPress Blog Setup, WordPress SEO, Blogspot Template Designing, WordPress Theme Designing, etc.read more