The first thing I was greeted with this morning when I opened my mailbox was a short mail from Paypal stating that Electronic Transfer for Indians will continue. What seemed a couple of days back when I had received a mail stating that the India Issue is back and Electronic Transfer would be discontinued from 1st August’10 brought a lot of distress among all Indians.
Couple of months back when the same issue over electronic transfer had erupted it had taken them more than a month to come up with a solution(Purpose codes). So today when I say the mail, I feared worse but was pleasantly surprised.
Now Electronic Transfer will still be available from 1st August’10. Also the $5 fee waived off on cheque withdrawal will still be there. I suspect this to be only a temporary thing and it might not be long when the issue is raised again. My advice would be to start testing alternate options and transfer more frequently to your bank accounts.
Without making you read more, the email from Paypal is below:
Dear Piyush Agarwal,
We’ve received good news. You can continue to enjoy electronic withdrawals just as you did before.
While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service.
Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice.
For any enquiries, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page.
Thank you,
The PayPal Asia Team
Dear Piyush Agarwal,
I want to develop site with products showing INR rates with Paypal integration ..when i enquired with my friends i came to know that Paypal doesnt accepts INR .
1.My first question is whether it accpepts INR currency
2.when i seen paypal website i came to know that 3.4 % + 0.3 Us Doll will be levied for Transaction , but in my case will the 2.5 % of currency covert ion will also apply to that ?
Please advice …
@John – I understand your concerns and though I have never personally set up a shop to come across these questions, I can help you to a certain extent.
1. PayPal does not accept INR currency. You can show the price as INR on the site but the payment needs to be processed in the accepted currency i.e. US dollars.
2. I do not think the currency conversion will be applicable. I have seen this handled in 2 ways across different sites. The first method being that, when a user selects payment method as Paypal, you convert the INR price to US$ using the latest rates and then process it via Paypal. Another method I have noticed is that the amount converted to US has the additional conversion rate added to it. Not sure if sort of conversion is directly handled by Paypal but I don’t think the conversion rate will be charged to you.
Hope that helps. 🙂