In search of money processor site other than Paypal for earning online.
By DoctorDidi
@DoctorDidi (7018)
India
September 10, 2011 9:57am CST
From one of my queries I came to know that my earnings from mylot that would be accrued to my Paypal account cannot be invested online as I am an Indian citizen and the Reserve Bank of India (RBI) does not allow so. Let me know then what would be the fate my earnings credited to my Paypal account. It seems that the amount accrued to my Paypal account would automatically be transferred to my Bank account in India after deduction of a fee by Paypal. I am not sure whether I have to do anything for transfer of the said amount to my Bank account in India. Then how can I invest online? Is it so that I can, as an Indian citizen, use Paypal only for receiving money but never for paying anyone online? Is Paypal the only site on which there is imposed such restriction by RBI or are all the similar sites affected in the same way due to such restriction imposed by RBI? If it is not so, then it is wise to open an account with any such money processor site like Alertpay or Liberty Reserve and use it for any money earning site which allows its use. What is your opinion in this regard? Can you suggest money earning sites which approve any such money processor site other than Paypal so that I can invest the earning from there online without transferring it to my Bank account in India and when I need any money, I can transfer it to my Bank account in India for withdrawal? An early reply is very much sought after.
4 responses
@thanks1961 (7035)
• India
10 Sep 11
Here, I think all these corporates are playing jointly. The idea behind all these are to make money from the public only. Even Paypal is come with their polite way of talking that they all are doing as per the instructions from RBI.
There are so much of Govt. rules and regulations affect such transactions globally. Many are exploiting these provisions and to avoid tax and so many things. We normally might have $10-20 transactions only. But there are millions of dollars are getting into daily transactions under this name.
Another thing, as per law, paypal cannot keep the money in their account more than 10 days and if they keep the money more than 10 days, paypal have to pay interest to the account holders.
Again, paypal used to charge us for each and every transaction that we do from their account. Suppose I got $10 on this month, I have to transfer within 10 days. In this transaction they will get Rs 45 or more from this transaction. If I get another payment of $10 after 10 days from another company, again we need to transfer the same amount within 10 days. Similarly, if we get a 10 different payments from different company on different days, we may make 5-7 transactions with in 2 or 3 months time. Where as if can can keep hold of these amounts for 3 months and make only one transaction we may lose only just Rs 45-50 only. Where as if we make 7 transactions in 3 months time means 7*50 = Rs 350/-. Here we are losing a the money and paypal get a major amount of money from us. If each and every people do such transactions with 10 days, imaging how much profit is accrued to paypal.
This is the idea - we all are really fools as there is no alternative. Also, I think the same rule must be applicable to other companies as well. Even AlertPay, Liberty Reserve also might have to follow the same principle, (need to confirm) as all these are controlled by RBI. RBI instructs Paypal to give interest for the account holders if keep money for more than 10 days. So, in order to avoid interest paypal made this rule mandatory and they will get more transactions and more money. Even if there is only $2, we have to transfer with in 10 days time and each time paypal get the transfer charge also. How is the idea?
This is only a just one example and there are so much of great ideas are inside. So, if you are opening an account with Alert Pay or LR, go through the instructions and bylaws. Sub Log Shana Hai...... Everyone is so smart to get other's hard earned money in to their pockets - that is called BUSINESS.
Thank-s
@thanks1961 (7035)
• India
15 Sep 11
Hi,
As I was responding to an Indian, I briefed the fact with an example of Indian Rupees. When it comes to US$, the exchange rate comes around $1 = Rs 45 (approx. it may vary from Rs 42-48), depend on daily exchange rate fluctuations. For the convenience if we take $1 = Rs 45, Rs 3 is very less.
Now, whenever we make a fund transfer from paypal to our local bank account (here for me, the account in India) paypal deduct a one time charge of Rs 50 ($1 or above) for the transaction. So, if we get a payment in a month from different companies on different dates, we should transfer the same within 10 days.
I will explain more in detail. Supposed I receive $15 from ABC company on 1st of October, I am supposed to transfer within 10 days, so that I will transfer $15, this is the 1st transaction in this month and paypal deduct Rs 50 for this. Again, I am receiving another $10 from myLot on 10th of the same month I need to transfer it by 10 days time and again I will transfer Rs 50 will deduct by paypal. Similarly, if I make 5 transaction (transfer) from different companies in a single month paypal will get Rs 50x5= Rs 250. Here you can see that paypal is making money in this way. However, paypal is doing this process as they got instructions from the Indian authorities, (as per rule). There are many exploiting this fund transfer process internationally, the govt. may be losing taxes as per their calculation. This method will soften the process and there is legitimacy also. If we keep our money in paypal account for more than 10 days, paypal is supposed to pay us interest. As long as paypal doesn't give any interest in keeping money in the paypal account, the govt. is insisting us to withdraw the money form paypal with in the limit of 10 days. They got their own genuine reasons and in all way we are the losers.
I think you are clear about the matter and if you have any clarifications, please come back.
Regards,
Thank-s
@Yasya08 (213)
• Israel
16 Sep 11
Liberty Reserve has np such restrictions and I easily withdarw it from LR to Indian bank account with e-forexgold.com
@bargavashok (174)
• India
10 Sep 11
Alertpay and Liberty Reserve have no such restrictions as far as I know. I have used Alertpay successfully to invest in a site online after Paypal imposed such a restriction, so I think it should be fine even now. Anyway, most of the sites I have tried to make and invest money online have turned out to be pathetic scams. So I would rather suggest, you not waste your hard earned money, unless you are highly confident on the site you are going to invest.
@anil02 (24688)
• India
11 Sep 11
Hello.I am using paypal and alertpay. When my lot transfer your earning to your pay pal account you have to make withdrwal request to paypal. With in week your fund will transfer to your bank account. If you want invest your earning than you must be add fund to your paypal account. It is condition of RBI than we cannot invest fund which we have recd. in paypal account directly. First these funds transfer in your bank account than transfer to paypal account from your bank account. If you want to use alertpay, than you can invest your fund but you cannot transfer in your bank account. I have 10$ with alertpay but I cannot transfer these in my bank account. Good luck