paypal query

[iMav]

guys if i open an account with paypal and if some 1 sends me moneythru paypal how much does paypal cut for themselves and what all do i need to do inorder to open an account for people to transfer money to me and what means of payment do the people paying me use ....

 

[Sukhdeep Singh]

Paypal fees depend upon the account you Open. Personal, Premier or Business.
*www.paypal.com/us/cgi-bin/webscr?cmd=_display-fees-outside&countries=ROW

The users can fund their Account based upon country. Indians can via Credit Card. US people via CC or Bank Account

 

[iMav]

so if some1 sends me some money thru a credit card those guys will charge me 2.4 to 3.4 % + 0.30 USD ???

what other money transfer options do i have ... i am actually looking for a service by which others a able to send me money online within india

 

[abinesh]

and i ve got a doubt s well.. do we have to withdraw only after saving 150 $ ? or is it possible even befor that.. if so how? pls help with this as well....

thanks

 

[Sukhdeep Singh]

so if some1 sends me some money thru a credit card those guys will charge me 2.4 to 3.4 % + 0.30 USD ???

what other money transfer options do i have ... i am actually looking for a service by which others a able to send me money online within india

Correct, the Receiptant pays the charges. There are otherways but Paypal is the easiest though i dont like Paypal myself for loads of reasons But i am stuck until Google Checkout takes over the world, well i hope

and i ve got a doubt s well.. do we have to withdraw only after saving 150 $ ? or is it possible even befor that.. if so how? pls help with this as well....

No you cannot withdraw before 150$ but there are people who do these on money forums for commision but high scam rate

 

[abinesh]

No you cannot withdraw before 150$ but there are people who do these on money forums for commision but high scam rate

thanks very much for the info ..

 

[iMav]

thanx

 

[din]

@iMav

Your requirement is to transfer money within India ? I mean sender / receipient are in India ?

Then best option is doing through any bank as most banks has core banking now, so the sender can deposit to receipient account from any branch.

If you need a service like sender is in another country and receipient in India

Western Union

Xoom

Cash2India

Wire Transfer

Moneygram

etc ...

 

[iMav]

everything is within india ... how much would banks charge me for the transactions and is it necessary that the sender should have an acc in the same bank as the recipient

 

[Sukhdeep Singh]

As far as i know Same bank there is no charges. I dont know about other banks but HDFC allows transferring to other bank accounts at no extra cost

*www.hdfcbank.com/personal/payments/emonies.htm

 

[din]

Sender need not have account in most cases.

From my experience ..

SBI - Tried, no account needed, for SB account no extra charge, limit is 20,000 per day I think. If the account is CA, they will charge 100 or so extra.

HDFC - Account needed, account to account transfer possible, internet transfer possible - No extra charges

ICICI - No account needed, can deposit in any branch

Corporation Bank - Same as SBI

Federal Bank - Small charges was there before, not sure how it is now. But account to account transfer through internet - free

SBT (only in Kerala ?) - Same as SBI with a daily limit of 15,000.

 

[iMav]

so if i have an acc in icici then the sender can make a dd or cheque from any bank and deposit in my icici acc and no will be charged anything ?

 

[Sukhdeep Singh]

so if i have an acc in icici then the sender can make a dd or cheque from any bank and deposit in my icici acc and no will be charged anything ?

Cheques and DD can always be Inter Bank...no worries. Thats the very basic of banking...the reason you have clearing houses. Charge depends, for example, my Cheques from HDFC are payable at par so there wont be any charges

 

[iMav]

thats what i want to know if i have an acc at say icici then the person sending me money will he be charged anything if he has acc in another bank?

 

[din]

If your acc is with ICICI and the person sending money to you has account in another Bank, then he will be charged, and the charge varies.

But if you have ICICI account and the person pay to your account from any branch (of ICICI) all over India (he need not have ICICI account anywhere) then there will not be any charges. Same for SBI, Corp bank etc.

 

[Sukhdeep Singh]

thats what i want to know if i have an acc at say icici then the person sending me money will he be charged anything if he has acc in another bank?

Thats what i am saying, he may or may not be charged depending upong the account he has.

 

[akshaykapoor_3]

Never use paypal services to send or receive money. I will personally suggest that if you want to make a transfer within india then make it via directbank to bank transfer as most of the branches are core now as sum1 said above. Never use these online payment processors. They are all fraud and once you lose your money in this, they wont listen to you then, you wont get any replies to your emails. NOTHING

am myself a frustrated paypal and scriptlance member.

 

[iMav]

k thanx guys ... appreciate the help ...