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Is it safe to link our Indian Bank account to Paypal?


Date: 04 Sep 2016   Posted By: Nilesh Patel     Group: Finance and Investments    Category: Banking   

Actually I want to redeem amount in $ from one of site to Paypal. And that need to transfer in INR in Indian Bank account. So is it safe? Also, what are the charges for that to convert $ into INR to be credited in Indian Bank account. Is there any other secured site same as Paypal?
Awaiting response.


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Author: Mahesh    05 Sep 2016      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

RBI guidelines have regulated paypal type of the payment processor. So there is no issue with the paypal and connecting the indian bank accounts. If you get money in paypal, you'd get the money processed on same or next day. You can also have the money into bank account using NEFT. Many small business owners and the freelancers are using the paypal for around 15 or so years and they are handling just fine with the system.

Charges for the conversion is however not as per the bank rate but based on paypal's own currency conversion rate. For example banks have 1 USD = 65 Rs. But in case of paypal the conversion rate goes to 1 USD = 63.5 at the same day. The reason being paypal takes its cut for the conversion. That's how they make money for their service.


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