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Old 28th August 2008, 23:49   #1
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Default Paypal:- Info needed.

Plz share your experience on using paypal as mode of payment.I am total dumb in this aspect.
Plz share do's and don't.

https://www.paypal.com/us/cgi-bin/we...y-fees-outside
In it there is a clause of multiple currency transaction which is charged to buyer.Is it so.or i got it wrong.
I might be using Paypal for first time in my life,your help shall be appreciated!

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Last edited by aah78 : 29th August 2008 at 03:07. Reason: See note.
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Old 29th August 2008, 00:20   #2
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While registering for PAYPAL account,even after selecting India as resident country,the primary currency option doesn't shows INR,
US dollar is the option with some other currencies.
what to do about it.which currency should i select.
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Old 29th August 2008, 00:35   #3
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Quote:
Originally Posted by Gill View Post
While registering for PAYPAL account,even after selecting India as resident country,the primary currency option doesn't shows INR,
US dollar is the option with some other currencies.
what to do about it.which currency should i select.

I think its wise to go with USD since most of the cards will be accepted for USD sales. First you will have to create a Paypal
account and add a Credit card to your this account. Then they will charge you 1.95 USD on your card and send you a 4 digit number in the transaction details within 2 days time. You will have to check the CC transaction advise online / next bill for the 4 digit pin.So if you want the transaction within few days add a card with Online account so that you will not have to wait till your next bill to arrive. Once you have this PIN, go back to your paypal account and get your card authorized by entering it, so that you can avail the full credit of your card. The 1.95USD deducted from your card is a one time fee and will be added to your paypal account as soon as you enter the PIN ,and you can use that amount for purchases. Hope I didnt confuse you much.

Last edited by HotChillyPepper : 29th August 2008 at 00:40.
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Old 29th August 2008, 00:44   #4
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So that means i have to pay 2.95% as currency conversion charges to Paypal,
Secondly,is it possible to get a paypal account without a credit card?I mean is there any other way around...just fo info sake.
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Old 29th August 2008, 03:15   #5
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Quote:
Originally Posted by Gill View Post
So that means i have to pay 2.95% as currency conversion charges to Paypal,
Secondly,is it possible to get a paypal account without a credit card?I mean is there any other way around...just fo info sake.
To answer your first question, yes, they'll take their cut but where'd you come up with the 2.95% figure?

You can use your bank account instead of a credit card.

Go through their Help section - it's pretty straight forward and will answer most of your basic queries.
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Old 29th August 2008, 06:09   #6
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Quote:
Originally Posted by Gill View Post
While registering for PAYPAL account,even after selecting India as resident country,the primary currency option doesn't shows INR,
US dollar is the option with some other currencies.
what to do about it.which currency should i select.
Actually, when you make a purchase it shows you the value in INR as per latest exchange rate.
@topicstarter
the amount they charge as transaction and processing fees is about 1% of the value. I recently bought an item worth Rs 440, which will show up on my CC statement as 450 or so.Regardless, the info is not much and clearly given when you are about to make a transfer through pay-pal. You also get a confirmation email from them after you've made the purchase.
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Old 29th August 2008, 10:08   #7
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Gill Sirji, basically it is a verification process. Some ebay sellers will ship ONLY to paypal verified address (which means your CC billing address)

You provide them your details and credit card. You instantly get a 100$ US limit. That limit gets lifted once you feed in the verification code that will appear on your CC statement against a 1.95$ charge (which is refunded I think).

Indian bank accounts cannot be link to your paypal account. Im not sure what that 2.95% is that you mentioned.
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Old 29th August 2008, 17:45   #8
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I think 2.95% is levied on merchants not buyers,my mistake!
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Old 29th August 2008, 19:36   #9
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You need bank account details and your bank's branch code (NOT the micr code) used in some electronic transaction. The exact name is used on paypal itself. You can ask your bank for that code, or use google to find the code. I used google.

My bank had given me a visa electron card, so was unable to use that card number - so used the bank branch / code combination. Once the money was credited into my a/c, simply used the card to withdraw.
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Old 8th September 2008, 17:34   #10
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My friend wants to send money from Canada through Paypal to me. I'm having a HDFC Savings a/c.

Please help.
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Old 8th September 2008, 21:58   #11
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Quote:
Originally Posted by s0uljah View Post
...Indian bank accounts cannot be link to your paypal account...
Quote:
Originally Posted by mithun View Post
My friend wants to send money from Canada through Paypal to me. I'm having a HDFC Savings a/c.
Actually now we can withdraw funds form PayPal to accounts in quite a few Indian Banks, or to your VISA credit card.

Withdrawals to a bank account are not charged, if you withdraw more than Rs.7000.00 at a time. If you withdraw less, you are charged Rs.50.00 per withdrawal. There are also minimum-withdrawal requirements, like for eg. if your account is setup for USD, you have to withdraw a minimum of USD10$ at a time. Now withdrawals can be made to all banks under the NEFT network (you need the IFSC code of the bank branch & your bank account number for that).

Withdrawals to your Credit Card are charged USD5$ per withdrawal (regardless of the amount).

@Mithun, check the link above and check if your bank branch is in the NEFT network. Your bank manager should be able to help you with details too. Your friend will need to enter the Bank Name, the IFSC code of your bank branch and your account number through his PayPal account.
The thing that I'm not sure of, is whether your friend will be able to send the funds to your bank account. The option that PayPal gives is meant for withdrawal funds of from the holder's PayPal account to his own Bank Account. But then he can send the funds to your PayPal account, and you can withdraw funds yourself.

I just use our PayPal account to accept payments that my regular payment gateway can't/won't handle. The volume is pretty less, and the funds are withdrawn to our official VISA credit card. I haven't yet tried withdrawing funds to our bank account yet.
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Old 8th September 2008, 22:32   #12
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although no transaction/transfer fee but paypal will charge conversion fee (CAD to INR), around 2.5%
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Old 8th September 2008, 22:48   #13
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If I have to pay somebody who accepts money via paypal, do I need a paypal account? Can't I just use my credit card to pay somebody who has paypal?
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Old 8th September 2008, 22:53   #14
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Actually you can, no need to have paypal account to pay.
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Old 9th September 2008, 00:26   #15
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One small warning to all of you though. Make sure to not keep a lot of money in your Paypal accounts. Paypal has been known to freeze random people's accounts without any warning, and no reason is given either. When I used to work for a US website, their business account was frozen for a month, inconveniencing us all when we were to get paid or needed money to spend on researching/buying stuff.
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