I'm getting robbed by PayPal!!!!

@boyuancy (1709)
India
January 23, 2012 3:06am CST
Recently, my balance was withdrawn (Automatically) after about a month. The conversion rate was: 1 USD = 48.something INR When the lowest conversion rate possible is: 1 USD = 50.something INR It has happened for more than 3 transactions now. I finally contacted them today. Do you have any insight over the issue?
3 people like this
16 responses
@Olleenz (3400)
• Indonesia
23 Jan 12
Rob you ...? I don't think so ... Conversion rate is easy to change, depend on demand and supply in money market and Paypal just follow market flow. Don't blamed Paypal for this issue but blame the market ...
1 person likes this
@adhyz82 (36289)
• Indonesia
23 Jan 12
it seems like my opinion.. hm...
@adhyz82 (36289)
• Indonesia
23 Jan 12
so it means you can read my mind ollenz
@Olleenz (3400)
• Indonesia
23 Jan 12
I don't even see you .... I play Forex market regularly, so I know those thing ....
1 person likes this
23 Jan 12
Really, geez..
1 person likes this
@varier (5699)
• Indonesia
23 Jan 12
I guess every institution have the rights to decide the conversion rate - of course mostly with the acceptable rate. It's not surprising me if you got low conversion rate from Paypal, anyway. Happens to me too. While every conventional banks here gave the rate of $1=Rp9100, Paypal only gave $1=Rp8700. And also there is withdrawal fee of Rp16000 (=$1.5+). If you're saying that you had getting robbed by Paypal, then I was getting robbed more.. Well, it can't be helped. I think that's how Paypal make money..
@adhyz82 (36289)
• Indonesia
23 Jan 12
wow..it`s great difference too... when we must convert to rupiah the conversion from Paypal to bank is only IDR 8700/$1..?? but i had withdrawn to my Mandiri bank, the latest conversion 5-7 days ago is IDR 8900/$1..
@varier (5699)
• Indonesia
24 Jan 12
It was conversion rate on two days ago.. Recently I checked the conversion rate today and it's only Rp8689 . Compare it with BCA's rate today - 1$=Rp9150. Ouch..
@adhyz82 (36289)
• Indonesia
24 Jan 12
wow..thats fantasctics i think..thanks for your information but iam not interested for opening BCA account..
• India
23 Jan 12
Its cheating... I have never had any transaction till now but its just not fair.. They already charge more fees for transaction than alertpay and others.. The value in INR is above 50 for more than a month now.. But i guess there is no way out... Only paypal is supported by mylot!!
@adhyz82 (36289)
• Indonesia
23 Jan 12
it`s not cheating.. this is conversion rate. please differentiate between cheating and conversion rate
• India
23 Jan 12
same problem with me. today I saw some buddy login 10 january 2012 for my paypal ID and I already set my two mail one primary another secondary. so, that person remove my secondary mail id so I login my primary mail id and removed that person mail. he/she mail id from hotmail. what about yours?
• India
23 Jan 12
my good luck my paypal balance zero. so safe my money. :)
@Kalyni2011 (3503)
• India
29 Jan 12
Wait for the reply first, paypal pays on the basis of conversion rate at the time of conversion, they are honest, one can check the rate of conversion in net.. Thank you so much for sharing Happy posting, cheers. Kalyani
@youless (86524)
• Guangzhou, China
28 Jan 12
I think the rate in Paypal is really unfriendly to the users. Perhaps it is the same for all the members globally. The rate is lower than the lowest rate in the bank. But since it is one way that I can get my online earning, so I have to stand it. I love China
@vandana7 (57187)
• India
24 Jan 12
Well..INR has been moving up so dollar has been moving down especially since Moody's revision. These rates vary you know. :) Moreover, the bank with which you've linked up may also be getting dollars cheaply so it may be offering less for your monies.
@anne25penn (3310)
• Philippines
24 Jan 12
With regard to dollar conversions, online banking systems like Paypal convert at a lower price than what is the current exchange rate in banks. This is the reason why my brother has stopped sending money thru Paypal because when I withdraw the money, it automatically gets converted and the exchange rate is quite low and even if you say that it is a small amount (P1 to P2) if compounded it becomes a big amount. It will be like close to $1 and to think that Paypal has already charged my brother for handling fees. I would also get charged for handling fees by my bank. So if instead of getting P44 to a $1, I would just get P42.
@longbangod (1791)
• Philippines
24 Jan 12
Yah, I agree with some of your friends here. I don't think paypal would do that. I mean as the term you used, paypal won't rob anyone. I'm sure it could not do any good on their part if they do cheat. As they said, just wait until paypal answer you, I'm sure they have their reasons regarding this matter.
@bjc66bjc (6745)
• United States
24 Jan 12
hi boyuancy, being robbed by paypal, is a very awful accusation, especially when you really don't know what happened...perhaps there was a conversion fee or something... Fortunately I am a newcomer and have not experienced such happenings but hopefully they have a good explanation for you,,,,, Good luck....
@Hatley (157682)
• Garden Grove, California
23 Jan 12
hi buyuancy y ou are stuck with this going up and down as its in the terms of agreement you signed, its really not all that bad and you can take out mo ney when it hits the best and wait it ouf with the lowest b ut theiur terms you agreed to when you signed up./
@carolscash (9503)
• United States
23 Jan 12
Since I live in the US, I do not have these problems. I hope that you hear something from them as Paypal is a very reputable company. I have never had a problem with them.
• Philippines
23 Jan 12
dollar rate is not fixed every day nor every month as it might be higher today then all the sudden it will dropped, sometimes it will be lower today then tomorrow it will go up. important things to do if you do the conversion is to check the ups and down of the dollar rate in your country, in my country i always check what is the highest amt and possible dropped, if its lower i dont withdrawn my money now if i know that its on the peak nor the highest conversion so far for the month then thats the time i withdrawn the money. so you also check the chart of monetary conversion i your country.
@adhyz82 (36289)
• Indonesia
23 Jan 12
i dont think paypal rob you.. it`s about conversion rate and the conversion rate is easily changed..so don`t blame paypal if it`s related the conversion rate
@visavis (5945)
• Philippines
23 Jan 12
Hello, In my experienced with paypal never happened. My suggestion is wait the reply from paypal to your inquiry before you do something. For sure paypal never do it or may something wrong about. see you around