alternative to paypal
By natliegleb
@natliegleb (5175)
India
February 5, 2011 11:35am CST
is there a correct and genuine replacement like paypal for indians to withdraw to bank at high dollar rates and with less fee.what do you think?
4 responses
@vandana7 (98682)
• India
6 Feb 11
I dont think so. But as the person above me said. Alterpay is an alternative. However, if Alertpay seems good enough, and most of the Indians leave Paypal, paypal is not going to be too happy. As of now, Paypal charges $1 for sending any amount less than the equivalent of Rs.7000. But if Alerpay is likely to capture paypal's market share, then in all probability, paypal too would come up with something, like lowering those charges to reasonable level. :) May be, I am too optimistic. :)
@dreamhome (558)
• India
7 Feb 11
@anandjk, I think this is because paypal is the most commonly used payment processor in India and RBI feels that a huge money is transferred from the online world to Indian banks. It is also said that paypal is most commonly used by people who do illegal activities. That is why we were asked to give the PAN numbers in the last year. And this year, it is like this. I think paypal faces immense pressure from RBI every year in the month of February.
@tummalapalli (251)
• India
5 Feb 11
Alertpay is pretty much good when you are withdrawing the cash in the form of a cheque.... They cost 4$ for any amount... So, Alertpay is quite a good replacement....
@tummalapalli (251)
• India
6 Feb 11
I havent got one yet, but I know a few of my friends who are withdrawing nearly 300$ every month... And I am from India....
@owlwings (43915)
• Cambridge, England
5 Feb 11
I think that it's unlikely that you can avoid the kind of restrictions that PayPal have had to institute because they are due to restrictions on ALL overseas transactions imposed by the RBI and nothing to do with PayPal.
@vandana7 (98682)
• India
6 Feb 11
Yeah, we are being penalized. RBI and all those brilliant people who got through government examinations, and bank examinations failed to catch inflated bills, and let the monies leave the country as forex. Now, we who hardly earn anything worth a mention on net, have to pay the price. :)
@mkannanm (582)
• India
7 Feb 11
Alertpay is my next option. But if everyone has decided the same then paypal will lose it's profit share and may comeback to indians with no limit/fee on transfer to bank account. Since paypal is already earn a huge amount during dollar conversion, rs.50 will not be a considerable amount for them. So I still wait for next announcement from paypal (may be 2nd week of march).
