Paypal has been one of the best way to receive foreign money into India. Though, in recent time PayPal imposed many restrictions, but still Paypal is still the best Payment system for Indians. Though many people are not aware of that PayPal USD to INR conversion doesn’t pay the same as what we get from open market.
I have been using paypal from a long time and 1 thing which I have noticed about paypal is that they pay less when we do a currency conversion. The margin of difference is almost 2-3% .
Yesterday Currency conversion rate for USD and INR was
1 USD= 49.02 RS
and Paypal was paying 46.35RS
Though few few dollars it does not make much difference but when the transaction is high, this difference always count. Though paypal has an explanation regarding this, as this is done so as to assure that fluctuation in currency conversion rate should not affect any transaction.
That makes complete sense, but still I’m not really comfortable getting low price for currency conversion. You can always use google to find the current market rate for USD to INR conversion.
