India and Paypal Encashment!

India
December 8, 2006 10:14am CST
dear all, I'm with a serious issue here! I need help from those who reside in INDIA but all can answer so that I can get a brief idea. I'm residing in South India and am using paypal to recieve some little funds from a client. In these 6 months i earned $150 in my account of paypal, which is the minimum to request a check or withdraw the money. i do not have a credit card or anything to verify my account. my doubt is to make a withdrawal, we need to be verified or not? moreover those who got a check from paypal in INDIA, pls tel me it took how many days to get the check at your home address, after the online request. Also tell me how long it took for the clearance of the cheque from paypal in your SB account. Those who used the citibank account will get 3 days for clearance know. So, be specific to mention your bank name. Finally what's the conversion rate of paypal. I heard that paypal is converting USD to INR @ 42.5 which is less than the exchange of today. To know the current USD to INR pls visit www.workfromhome-currencyconverter.blogspot.com and reply me. Takecare, have a nice day to all and thanks in advance for the best answers which I'll get here!!! (footnote: don't confuse with cheque and check both mean same; in USA its check and INDIA its cheque)
36 responses
@dan1107 (343)
• India
9 Dec 06
No you dont have to be varified to accept the check from Paypal. But they pay far less than the amount you deserve you will loose at least INR5 for each dollor from Paypal and this is where they make money. Its like the local Sabziwala who weighs 900 grams of vegetables and charge for 1 kg. There is one thing you can do to avoid this, get converted your money in e-gold and then get your e-gold via Western Union though you have to shell out a large fees in these conversions. Keep informed of the developments.
2 people like this
• India
18 Dec 06
awesome find mate
• India
25 Dec 06
thanks for the nice response here!
5 Jan 07
good work
@blueman (16513)
• India
8 Dec 06
if i'm not wrong i read it somewhere that cheque from paypal will be discpatched from paypal singapore. and will be sent through citibank, and will take upto one week for the amount to show up in your SB account. and as for the exchange rate i think it is lesser then the market rate. i do not think you have to verify your Sb account, all cheques are sent account payee, which would be the name you'v given to paypal.
1 person likes this
@drumm1n (500)
• India
9 Dec 06
blueman! how much have you made so far??!!:P
• India
9 Dec 06
hi blueman , thn ks a lot for the info u hav provided regarding paypal account. it answrs many of my queries.
1 person likes this
• India
23 Dec 06
ok blue man keep it up! what about your paypal transactions? any complaints?
@oooppsss (21)
• India
10 Dec 06
hi mate, i can help you in this manner.. even i'm from india and making money by selling hosting and web solutions. i can get you a virtual credit card to get verified on paypal + a us bank card by which u can withdraw money in near by atm it'll hardly take three days to get funds loaded in to your bank card. i sold arund 50 packages till date and this bank card and credit card works everywhere.. even in estonia, romania.. u can add me as a friend and can contact me their if u want to have solution..
• India
18 Dec 06
can u help me out cause i dont have credit card
1 person likes this
• India
27 Dec 06
yeah i too heard and read lot of articles/forums reg this card. but it is illegal to open an account in international bank as per the RBI rules!
• India
9 Dec 06
hey guys help me too i have also unverified paypal acount , and i live in india , also i have personal account , should i change it to premier/business or its ok , how much they will take commition in every withdrawal to india ! guys anyone who paid in unverifed account please share wid us and help us
• India
27 Dec 06
no need to convert the personnel account to premier one, unless you're in the need to accept credit card payments from anybody around the world!!!
21 Nov 07
hi manu i'm also waiting for tat answer for ur question....i think now we can withdraw our earnings through indian bank account....
• India
9 Dec 06
hi ramesh, thnks for starting this topic . i got answr of my queries also bcoz of this.
1 person likes this
@hemtata (284)
• India
9 Dec 06
I too got answer to my queries. I have to go long way to earn $150. Thanks.
• India
25 Dec 06
all the best to reach $150 as early as possible!!!
@kamalcpc (704)
• India
9 Dec 06
hai ramesh gopal, i am from south of india residing in hyderabad, i got the same doubt, i think shopping online is the best way to take money from paypal
@raghwagh (1528)
• India
9 Dec 06
But can we shop through paypal with balance of less than 150$
• India
10 Dec 06
hi kamalcpc, thanks for the details, can u please use this link to earn more in paypal: http://www.agloco.com/r/BBBH1251
@runsgame (2032)
• India
28 Dec 06
thanx for a nice topic. can any one tell me .,the earnings i receive is taxable in india or not
1 person likes this
• India
28 Dec 06
As you're getting the payment in terms of INR there'll not be tax issues I think. But if you recieve USD check then the RBI will deduct some amount while getting the clearance of cheque itself. hope you're clear now!
@crosshair (120)
• India
15 Dec 06
hi rameshgopal, I am resident of hyderabad n first of all i shall thank you as your posts hav cleared most of my doubts about the transaction as i am a new too paypal. i think from all the replies to u i came to know that they will some reduction in the transaction and hence i decided use my paypal account balance for purchasing online. Thank u all
1 person likes this
• India
27 Dec 06
its good decision to purchase via paypal! anyhow you saved $5 and more know dear!!!
• India
9 Dec 06
hi ramesh , i think now questions are answered , they chrge 5$ for each cheque they send , you , you should read the website for details, you will get enough informations.
1 person likes this
• India
27 Dec 06
yes I requested $200 and before I confirmed the request they showed some calculations based on the balance 195$ along with the corresponding INR on that day and finally i agreed to the conversion and requsted the cheque.
@shyam4uall (1002)
• India
9 Dec 06
Can online shopping be a good option for those who don't want to have cash payments...or it will be another losing idea.. Or Ikobo can be a alternate option....
1 person likes this
• India
12 Jan 07
Ikobo will not suit India i think!
@sndshrane (288)
• India
9 Dec 06
Hi, ramesh gopal. I am also from india. I live in Mumbai. I have my saving account in city bank. But i want to know that the conversion rate for tranfering payment from city bank is also 42.5 INR? please answer this if you know it. Thanks for your time.
1 person likes this
• India
12 Jan 07
Whatever the bank may be, the conversion rates are unique in paypal!
• India
9 Dec 06
This is a good topic but i would advise that those who are in india and who want to make a purchase can transfer the money to other account to be more clear: rameshgopal365 has 150$ and he is in south india and iam also in south india and i want to purchase a $50 thing from paypal so i request ramesh to transfer it to my account and i pay him $50*45 in todays conversion rate to his bank a/c immediately so that he dont loose any fee in transaction and get it earlier and also mee too benefited... This just an example how we can help the unverified people... any suggestions
1 person likes this
• India
12 Jan 07
Good transaction deal but who believes who in this scam world???
@raj0019 (2626)
• Argentina
9 Dec 06
You have to verify your Paypal account to withdraw any amount of money, currently your withdraw limit must be showing 0$, to verify you will need a valid VISA international credit card (You can get it by any reputed indian banks, example HDFC, ICICI), after adding credit card Paypal will ask you to participate in Expanded program. When you finish the verification process you will be given a 4 digit code number. Paypal will charge you credit card about 1-1.6$ just to verify it. After the process is completed they will credit your money again. After that you can ask for a cheque request. It takes about 3-4 days to process the cheque and about a week or so to reach your home address. You cant use credit issued on other person name, it must be yours only.
• India
12 Jan 07
Thanks raj, given a plus!
@bhavesh80 (383)
• India
9 Dec 06
Paypal - E-wallet kind of stuff that stores ur money on net.
According to me, there is no need to verify urself as the chek u get will be in ur name and moreover crossed check. Secondly there is a processing fee of $5 when paypal has to pay international check. So i dnt think so anythin is wrong in dat. As far as conversion rate is concerend i have no idea abt it. I think so u need to provide ur account no and ur banks swift code to get ur money transfered.I m nt sure abt this, but u can find it out with paypal.
1 person likes this
• India
12 Jan 07
Anyhow thanks for the bit of info here!
• India
9 Dec 06
As far as I read in the Paypal.com, Indians can just request the payment through cheque, by just going to the payment option in your member area. You can withdraw money in paypal only through cheques in Indian rupees and deposit in your local bank. If you are not a verified member, their are some limits to your withdrawal which is clearly mentioned in the web-site.
• India
12 Jan 07
Can you give the figures of the limit for an unverified member like me?
@prey15 (221)
• India
9 Dec 06
Hello to all, even I have my query could some one clear it up... Do we have to have a minimum balance of 150$ in case we need to withdraw from paypal.
1 person likes this
• India
27 Dec 06
sure and sure you should have a minimum of $150 in your account, to request a cheque. all the best!!!
@avnegi (495)
• India
9 Dec 06
plz let me also know abt it thanks for starting this discussion
1 person likes this
• India
12 Jan 07
You're welcome avnegi!
@findcutegj (1466)
• India
9 Dec 06
Mr rameshgopal, you have done a good thing to post this thread. If what you have said is true (that is we cannot get less than $150, i would like to say the paypal guys are fraud!!!! Even if they deduct rs 5 per dollar while converting the rupee, they are even bigger theives. Now, i would start seeking some other alternative mode to this. Have u heard of ikobo?
1 person likes this
• India
12 Jan 07
I agree you ver well! Actually i completed a task to my client which worth INR 10000 but paypal deducted from me in 2 ways. 1. As my client used credit card to paypal transfer, paypal charged some 2.99$+. 2. As I requested a cheque they just converted @ 43.81 or something less than this, even though the conversion rate on that day was 45.86. Hope paypal is the millionaire, without efforts to earn!!
@vivek2006 (1419)
• India
9 Dec 06
It takes about one week atleast to transfer money from paypal and show up in your bank account, they use singapore bank accounts to transfer money to your account, thats as much i know. If you know something other than that please tel everyone here as they also might benefit.
1 person likes this
• India
12 Jan 07
Why responses are getting duplicated here?
@vivek2006 (1419)
• India
9 Dec 06
It takes about one week atleast to transfer money from paypal and show up in your bank account, they use singapore bank accounts to transfer money to your account, thats as much i know. If you know something other than that please tel everyone her as they also might benefit.
1 person likes this
• India
12 Jan 07
In my case it took just 3 days. The bank I used is ICICI, Mumbai located branch.