feeded up with paypal and inidan RBI rules

India
June 10, 2011 3:40am CST
hi mylotters, the recent RBI rules over paypal is not suitable for people like me, i have a paypal account, i don't have credit card but i had verified account with my bank account, it was going fine i was able to save my money in paypal and used to use to buy things but now due to the RBI rules , i have enough paypal balances to buy a thing but when i goto buy its says link your credit card to buy , with paypal balance i can't buy, but with other payment processor like alertpay it isn't like this, i can buy with account balance there, i hate RBI
2 responses
@seobuzz (1121)
• India
26 Jul 11
Yes recently RBI made some regulation about paypal and which is not very wise step for online money makers like us. RBI also made this peculiar rule that you have to transfer all your Paypal balance with 7 days from receiving. And the minimum balance for transfer is $10. Moreover we can not use our Paypal balance for buying online commodities (for that we need to link our debit card). That is very annoying I think. Mysteriously RBI has not made rules for Alertpay which is another online payment processor; strange!!
• India
26 Jul 11
For you kind info i would like to mention here that alertpay is not offering service in india.if you want to add ur bank a/c in alertpay then there is no option for it.just you can add ur credit or debit card.as like paypal.so i am also afraid of paypal bcoz if i withdraw money from paypal less then 7000rs(150usd) then i have to pay them 1usd as a fees.and if i don.t have that much in my A/c then i can.t stay with that money more then seven days.so its very annoying.
• India
26 Jul 11
alertpay doesn't have branches in india, if they offer this will be costly in processing cahrge for them thats why.
@seobuzz (1121)
• India
26 Jul 11
Yes Paypal has the lowest transaction fees among all payment processor and also it is the most reliable one.
• Philippines
10 Jun 11
It also says that on my Paypal account and I'm from the Philippines. Mine is already linked with a card so it's no problem. I think all you can do now is link yours too. You pretty much don't have a choice here.