Paypal too greedy ....

The first thing to understand is that rates of exchange vary quite significantly. Not only will you find some people in the same location quoting different rates of exchange but, often, the rates for bank transfers are different from those you will see for buying or selling cash. Not only that but many people charge either a flat fee for conversion OR a percentage rate. The conversion rate used by PayPal varies on a daily (or even hourly) basis but is always quoted on their website and the actual rate used for conversion is shown in the transaction. They ALSO charge a fee of 2.5% for any conversion. Although PayPal's conversion rates may not be the best that you can find, you have to bear in mind that they have a business to run (and they are NOT a bank - they are a payment provider) and, for many transactions, they make no charge for the transaction itself. I don't doubt that your bank's rate of exchange seemed better (though you need to be careful about which rate of exchange you are looking at ... the rate of exchange which is quoted on a board inside the bank is often NOT the rate they use for conversions in an account. It is usually the rate at which you can buy or sell currency notes!). Every bank or payment provider will set and publish their own rates of exchange unilaterally - in other words, there is no negotiation possible by the customer!

$ 300, a very large amount. Is that your online work? If yes. What sites do you follow? You want to share with me?

Hi Advokatku, I think you should blame the whole banking industry instead of blaming paypal. Even credit card has different exchange rate than those listed in forex daily. The banks usually quote at a very bad rate compared to licensed money changer. The reason is that banks have more costs incurred, and they use this method to cover their overheads. That is why never change money at a bank in any country. Never use credit card if you are in a foreign country when you have cash on hand. You are going to pay more since you get bad rate from credit card company.

Hello, advokatku! I have to say first I'm sorry that happened to you, but paypal and other services like these are good for paying online and for storing cash in them and that's about it. It's normal that their exchange rate is not the same as your country since they are an international site. You should make your card accept dollars and then exchange them at the bank. That way you'll have better control on your exchange rate. Hope it was of help. Good luck!

You should probably find a PayPal alternative then since you're not a happy user.

I know. Paypal has so many hidden charges that you do not really know until you have already transacted. But paypal is the only one I know so I use this :)

It says for indians it is following guide lines by Reserve Bank of India, it had limited my account and account of my hubby, it has resolved mine, but not his, he has given his PAN number, but it says this is wrong as verified by some THIRD PARTY!! One good thing it sends payment to my as well as his bank account here in rupees automatically. Happy posting, cheers. Kalyani