HowTO: Save some money when using Paypal

[cute.bandar]

When paying with paypal to some foreign merchant, choose the option to "pay in USD" and not the default option. Look for something like "View conversion option"

Ex: Paid 10$ for hosting via paypal. Paypal Calculated amount to Rs . 712 . I chose the pay in USD option. Paid 10$ , which in the bank records show as Rs. 690 .

Why this works ?
Paypal is evil. They don't use the actual currency exchange rate. They use their own inflated rate. When choosing the pay in USD/EUR option, the bank does the currency conversion at actual rates..

 

[whitestar_999]

When paying with paypal to some foreign merchant, choose the option to "pay in USD" and not the default option.

Ex: Paid 10$ for hosting via paypal. Paypal Calculated amount to Rs . 712 . I chose the pay in USD option. Paid 10$ , which in the bank records show as Rs. 690 .

Why this works ?
Paypal is evil. They don't use the actual currency exchange rate. They use their own inflated rate. When choosing the pay in USD/EUR option, the bank does the currency conversion at actual rates..

Can you post a screenshot of this "change currency for payment option"? I never noticed this option when paying via a paypal issued receipt.

 

[cute.bandar]

When paying with paypal on a site > login to paypal > "view conversion options"
*i.imgur.com/EIX48S9.png

Next, choose the USD option. I have noticed paypal moved the option position in the past.

 

[whitestar_999]

So that's what this "view conversion options" link is for,I always thought it was some kind of calculator tool.

 

[billubakra]

@cute.bandar
Bro a question, are you sure that the bank will calculate less?
Also the bank's conversion charges, 3% in dc & 3.5% in cc +18%gst, are they exclusive of whether we choose usd or inr?

 

[whitestar_999]

Also the bank's conversion charges, 3% in dc & 3.5% in cc

3% is for sbi debit cards,almost all major pvt banks typical savings acc debit card charges 3.5% as far as I know.

 

[billubakra]

3% is for sbi debit cards,almost all major pvt banks typical savings acc debit card charges 3.5% as far as I know.

They have charged way more like around 10%
Is there any customer care email address of PayPal India? @cute.bandar

 

[whitestar_999]

They have charged way more like around 10%

Give details of calculation here,I will check.

 

[billubakra]

7774.99 amount paid charged 780+18%gst
Need their cs number and mail.

 

[whitestar_999]

7774.99 amount paid charged 780+18%gst
Need their cs number and mail.

What was the bill value in USD?

 

[billubakra]

What was the bill value in USD?

97

 

[whitestar_999]

$97 is approx 7328 based on today's rate & you paid 7775 so approx 6% extra which is a bit more but nothing unusual.

 

[kaz]

When you pay in foreign currency don't look at stock exchange rates because bank takes the Visa exchange rates.
Current Visa exchange rate of $1 is ₹76.347423 and stock exchange rate is ₹75.51. And banks charge 3-4% conversion fee + GST on the final amount.

Would suggest getting the free Niyo Card from DCB to avoid conversion fees.

 

[billubakra]

$97 is approx 7328 based on today's rate & you paid 7775 so approx 6% extra which is a bit more but nothing unusual.

It was 76.30 on that day. Anyways what about the 780+gst thing? Any email address of paypal India? They are replying crap with the built in message centre
For International payments: 4.4% (Transaction Fees) + 0.3 USD (Fixed Fee) + 18% GST on (Transactions Fees + Fixed Fee)

For Domestic payments: 2.5% (Transaction Fees) + 3 INR (Fixed Fee) + 18% GST on (Transactions Fees + Fixed Fee)

For example: If you receive $ 1000 USD, you will be charged with PayPal fees of $ 52.274 USD. The calculation goes as below:

Transaction Fee: $ 44 USD

Fixed Fee: $ 0.3 USD

18% GST on (Transactions Fees + Fixed Fee): $ 7.974 USD

PayPal Fees = Transactions Fees + Fixed Fee + 18% on fees charged= $ 44 USD + $ 0.3 USD + $ 7.974 USD = $ 52.274 USD

Hence, you will receive the payment of $ 947.726 USD, when your client send you $ 1000 USD.

When you pay in foreign currency don't look at stock exchange rates because it takes the Visa exchange rates.
Current Visa exchange rate of $1 is ₹76.347423 and stock exchange rate is ₹75.51. After which banks charge 3-4% conversion fee + GST.

Would suggest getting the free Niyo Card from DCB to avoid conversion fees.

I paid in Indian currency. This Niyo thing seems good. Is an account mandatory? How do they make money out of this?

 

[whitestar_999]

It was 76.30 on that day. Anyways what about the 780+gst thing?

Post details of that 780 deduction transaction if & when happens(I doubt it,never trusted bank customer care about things like paypal).

Receiving payment on paypal is different from paying international bill via paypal which has lower charges. That is why many small sellers(& even many big sellers) prefer or give option of buying via bitcoin which has 0% commission charges so they get 100% of the amount.

DCB Niyo is a prepaid card which you need to get from dcb bank branch by visiting,savings acc is not mandatory & they offer this card as a kind of promotion/advertising for their bank I think.

 

[billubakra]

Post details of that 780 deduction transaction if & when happens(I doubt it,never trusted bank customer care about things like paypal).

Receiving payment on paypal is different from paying international bill via paypal which has lower charges. That is why many small sellers(& even many big sellers) prefer or give option of buying via bitcoin which has 0% commission charges so they get 100% of the amount.

DCB Niyo is a prepaid card which you need to get from dcb bank branch by visiting,savings acc is not mandatory & they offer this card as a kind of promotion/advertising for their bank I think.

Paid using friends card for some other friend lol. He showed me the texts. It doesn't sound good to ask for screenshots. They have been charged under DCC markup free+IGST on that.
To bhai bitcoin cloud mining companies se mine karo.
How do they earn money from people using Niyo card?

 

[whitestar_999]

Paid using friends card for some other friend lol. He showed me the texts. It doesn't sound good to ask for screenshots. They have been charged under DCC markup free+IGST on that.

Then it is not your usual paypal transaction & most probably you would have paid similar amount of money using any other card too.

To bhai bitcoin cloud mining companies se mine karo.

Too risky & time taking,first you need to recover your cloud mining company charge & then you need to mine the amount needed for paying the other party bill.

How do they earn money from people using Niyo card?

They don't,think of it as advertising expense.

 

[billubakra]

@whitestar_999
Then it is not your usual paypal transaction & most probably you would have paid similar amount of money using any other card too.
No, he used his card only for this transaction. I didn't get that.

Too risky & time taking,first you need to recover your cloud mining company charge & then you need to mine the amount needed for paying the other party bill.
No, the first amount is the contract amount, then the system starts mining for you. At the time of payout they charge a commission.

They don't,think of it as advertising expense.
I highly doubt that.

 

[whitestar_999]

No, he used his card only for this transaction. I didn't get that.

I meant in a typical paypal transaction for certain amount you have to pay ~4-5% extra with no other charges but this Rs.750 charge is diefinitely something extra for a non-typical paypal transaction.

No, the first amount is the contract amount, then the system starts mining for you. At the time of payout they charge a commission.

Saw some plans & even that does not seem good enough to me.

I highly doubt that.

Why,have you seen DCB bank advertisements in TV/matches etc? These small banks usually spend their advertising budget on such things only for a better return.

 

[billubakra]

@whitestar_999
I meant in a typical paypal transaction for certain amount you have to pay ~4-5% extra with no other charges but this Rs.750 charge is diefinitely something extra for a non-typical paypal transaction.
No bro the card was used after a month of no usage. SBI told to contact PayPal and PayPal is crap. Can you share email of their concerned?

Saw some plans & even that does not seem good enough to me.
But contract amount+commission seems good enough. What's wrong in that?

Why,have you seen DCB bank advertisements in TV/matches etc? These small banks usually spend their advertising budget on such things only for a better return.
These kinda private banks usually have those hidden terms and conditions in there somewhere. Is anyone using that card on TDF?