can we accumalate amount in our Paypal account
@yugasini (12893)
Secunderabad, India
August 1, 2012 7:20am CST
hi mylot friends,
i does have Paypal account since 3 years, all my money from mylot paymet is transferred to my paypal account, up to liberalisation of terms with Reserve bank of India, our money is accumulated in Paypal account, after liberalisation of terms with Reserve bank of India,pay pal is start to transfer the dollars what ever we are getting from other sources ,it is transferring my amount immediately to my local bank account, today i got some 11 plus dollars from mypage site and i wish to transfer the same to Fanbox account,when i have trasnfered ten dollars amount from my paypal account, i got a message from my citibank card people that rs 577.00 is withdrawn from my account towards for paypal for 10 dollars, paypal is paying rs 53.00 for my dollars and they are charging 57 rupees for their dollars,so i have to put loss of 47 rs that is nearly 90 cents,how to stop this type of action and how to utilise our paypal money only lying in our paypal accounts, can any one guide me about this
1 person likes this
6 responses
@Buchi_bulla (8298)
• India
3 Aug 12
Reserve Bank is our regulatory Authority and Pay Pal has to abide by RBI rules. No one can do anything for that. For $10, how much did you get finally? Since I may have to withdraw $10 soon, I want to know how much will be deducted for $10 and how much finally will be credited to our account. Please give your comment for this.
@Buchi_bulla (8298)
• India
3 Aug 12
Thanks Dupremo for the comment and also Yugasini for the reply. I am not in touch in Neelu Angu. I do not know anything about her.
@yugasini (12893)
• Secunderabad, India
3 Aug 12
hi buchi bulla,
thanks for the response, Pay pal have given 53.40 per dollars and they have charged me 57.70 for each paypal dollar, so there is difference about 43 rupees difference in selling and buying of ten paypal dollars,i think that you have reached payout in mylot and you are expecting the payment, all the best, have a nice day
@vidhyaprakash_2 (7116)
• India
3 Aug 12
Hi friend, As we are Indians, we don't have the ability to hold our money in our paypal account and it will automatically transfer to our bank account. Now paypal is not charging for the transfer, so you will get the full amount in your bank account, you don't have the ability to invest your paypal money in another site as per the new paypal rules for Indians
@yugasini (12893)
• Secunderabad, India
3 Aug 12
hi vidyaprakash,
thanks for the response, yes recently i transferred ten pay pal dollars to a site,then pay pal charged extra than what they paid me for Pay pal dollars, so that is the selling and buying rate of pay pal dollars,that is common every where, if we have to buy dollars in India,we have to pay more for buying rate and and we get less for selling rate,have a nice day
@owlwings (43910)
• Cambridge, England
1 Aug 12
There is nothing that you can do about it. PayPal are required by RBI regulations to transfer your earnings to your bank account within 7 days of receipt and they can also, like other banking systems, specify different rates for buying and selling currencies. This is quite normal and legal and according to the Terms of PayPal and their scale of fees, as published on their site.
Because of the special stipulations of the RBI, PayPal have generously waived their usual fees for transferring money to your bank account, so, at least for this, you should consider yourself fortunate!
@yugasini (12893)
• Secunderabad, India
1 Aug 12
owlwings,
thanks for the response, some months back, i too have have problem with paypal to transfer my money into my local bank account,but after words the RBI liberalised the rules with Paypal ,so we are getting money transfer into our accounts without any fees,so for that i have to say thanks to paypal first and RBI next, have a nice day
@yugasini (12893)
• Secunderabad, India
3 Aug 12
hi mkannanm,
thanks for the response, yes i too have observed that even little amount also transferred to our local bank account without any fee, that is great, in India inter banking transfer also have some fee,but Paypal is not collecting any fee from us to transfer funds to our local bank account, have a nice day
@dreamhome (558)
• India
2 Aug 12
The main reason why the funds were transfereed from your credit card account is that we cannot use paypal funds for any online buying or transaction. This is after the new rule at paypal according to the RBI regulations. This is why we have auto withdrawal of funds also to our banks as we cannot use a single cent from our paypal funds for anything. They can only be withdrawn to our bank account. So when you have a credit card linked to your paypal, any purchase you do through your paypal account will be charged from the credit card. If you don't have a credit card linked, paypal will give a message as "you cannot proceed with the transaction until you link a credit card".
@yugasini (12893)
• Secunderabad, India
3 Aug 12
hi dreamhome,
thanks for the response, yes now i remember that, when i have tried to transfer the funds from pay pal with my debit card, pay pal does not accepted ,and they asked the different credit card number, after that recently i have linked my credit card to pay pal, this time i need wait for credit card number, immediately ,they verified my bank account transferred the funds to fan box site,have a nice day
@TeamCholent (2832)
• United States
2 Aug 12
Your biggest issue is being in India as I have a US paypal and I withdraw my funds only every 6 months roughly. I believe the conditions for PayPal to operate in India are very strict and the Indian reserve bank has set a solid guideline they need to fulfill. I guess you might just have to factor this in when you cash-out through PayPal and perhaps you can set your min cash-out amount here to something higher so every 2-3 months you will receive a payment?
@yugasini (12893)
• Secunderabad, India
3 Aug 12
hi Teamcholent,
thanks for the response, yes you are right, not only this site, i have accounts with mp5 site also two days back itself they have transferred eleven dollars to my Pay pal account, i think within two days i get transfer that amount to my local bank account,recently ihave got .04 cents from other sites,that amount also transferred to my account and shown as seperate transaction,so i have to set minimum 50 dollars as my payout,have a nice day
