earnings in Euros- would it be a problem to an Indian?
By DoctorDidi
@DoctorDidi (7018)
India
August 31, 2012 9:24am CST
Of late, I have joined Fixedeurobux, a PTC site under the referral of a fellow mylotter who in turn has joined another PTC site of my choice under my referral. But after clicking the ads, when I returned to ‘Account Summary’ of the site, I discovered the earnings in Euros as shown by the symbol €. So long all the sites I am attached to deal only in dollars. But if this site pays in Euros, would it put me in trouble while receiving the payment by my bank account in India as I am an Indian citizen?
1 person likes this
8 responses
@sweetloveforeve (13107)
• Portugal
31 Aug 12
i think its a good thing actually^^ because euros value more than dollars^^ for example 5 euros is 8 dollars ^^ i think when they send the payments to you you can change it to your country currency i guess. bcs my payments in mylot are in dollars but i receive it in euros in my bank account^^ dont worry i think everything will be alright ^^
1 person likes this
@vidhyaprakash_2 (7116)
• India
31 Aug 12
Hi friend, don't worry paypal will automatcically convert the other country currency in to our rupees and send it to our bank branch. So Don't worry about it, surely you will get your payment
1 person likes this
@veejay19 (3589)
• India
1 Sep 12
No didi, there won`t be any problem because all nationalised Indian banks accept checks of all international currencies.The only thing is that the amt will be according to the exchange rate on that particular day on which you submit the check.If your payment processor is Paypal then it will ask you if you want to accept the amt in euros or in dollars whereby you will lose in the exchange.
@veejay19 (3589)
• India
3 Sep 12
Didi, Paypal is an American processor and their main currency is dollars.However they do accept other currencies. One of my friends settled in Canada sent me some money in Canadian dollars.Then Paypal asked me whether i would accept the money in Canadian dollars or converted to US dollars.There were a little cut in the amt for Ca dollars but more cuts in US dollars.I asked for US dollars and i had to forfeit some more amt.So if you ask for Euros they will get it after a little cut but if you ask for US dollars then you will lose much more from your original amt.It is upto you.
@DoctorDidi (7018)
• India
3 Sep 12
My payment processor is Paypal but in previous cases where I worked with sites paying in dollars, Paypal never asked any such question of accepting the amount in euros or in dollars, so why this time it would ask so?
@anil02 (24688)
• India
31 Aug 12
Hello, you will not face any problem. When you request for withdrawal your money processor will convert it in Rupee. Indian citizens are not allowed to retain any foreign exchange with permission of RBI. It is my suggestion to you read FEMA to know about foreign exchange dealings.
@DoctorDidi (7018)
• India
27 Oct 12
I think for such a negligible amount, I do not need to go through "Foreign Exchange Management Act". It would be a mere waste of time and energy.
1 person likes this
@skjee10 (438)
• India
1 Sep 12
I am also a member of this site,you don't need to be worry at all,payment processors will convert it in your local currencies,but you could lose some portion of it (though small) due to currency conversions.But you have to face it as you don't have any choice.
@DoctorDidi (7018)
• India
3 Sep 12
I think all the money processors charge some fees for converting the foreign currency into local currency. But I am not sure which among all the money processors like paypal, payza,solid trust,liberty reserve, OK pay deducts the maximum in such conversion. Have you any idea of it?
@DoctorDidi (7018)
• India
27 Oct 12
Yes, I agree with you that money is money, be it euros or dollars; all these are the different forms of money which vary from country to country.
@wealthymouli (710)
• India
31 Aug 12
Whether you are paid by Euro or Dollar, when you withdraw from the payment processor like pay pal, it will be credited in INR - Indian Rupee, as per the prevailing market value of the currency on the day of withdrawl.
@DoctorDidi (7018)
• India
27 Oct 12
I was a little bit anxious but your statement has freed me from it.
