RC India

http://www.macworld.com/article/146246/2010/02/paypal_india.html

https://www.thepaypalblog.com/2010/02/update-on-paypal-situation-in-india/

Will this affect LHSes and RC hobbyists while buying from outside India ?

hmm..I had some balance on my paypal and I purchased some goods from dealextreme a couple of days back and after a day or two paypal reversed that amount and left me with a negative balance.

I was amazed to see that and now am seeing your post here..I believe they have stopped personal payments from india as they are regulating transfers from abroad as well as from india.

So, I guess we will have to pay directly from credit card and bear some extra charges..

shuckss..

My Oh My!! I use e-bay for loads of non R/C purchases, like I recently bought Cooler Fan for my laptop for just Rs 750/- for which the 'Geniuine' HP 'Franchise' was asking Rs 5000/- and a month's wait. I have no intention to feed these unethical franchise as LHS sentiments doesn't hold true for those fleecers.

I guess this is quite disturbing. Hope this doesn't follows the suite of blanket ban on R/C and toy import which has been prolong indefinitely.

Update: Paypal is still working atleast with my MasterCard credit card. I just flushed my pending Deal-Xtream  cart (misc camera stuff, DIY electronics,  Trainee Landing kit and pitch gauge for Heli).
Guess should do the same with my other pending carts...

If DealExtreme has an Indian face (commercial registration), then Paypal would allow it.  It is transfers going out of India and coming into India that seem to be affected.

ANYBODY WANT PAYPAL FUND AGAINST BANK DEPOSIT?

Contact me immediately.

I have paypal fund which can be sent to you against the bank deposit.

LET ME KNOW AS SOON AS POSSIBLE.

Thanks

Thats the original problem, prompting authorities to take such drastic step. Well I completed 2 Paypal payments todays , for both  of which I got confirmation SMS form my CC bank.

Sit tight till the service suspension confirmed to your mail and dont do panic shopping..

So you have withdrawn the payment from paypal today right?

How did you do that? When I tried, It just get cancelled and took money.

Yes, Paypal is making us big fool. When I make a withdraw request its currency conversion rate is Rs. 45.06 for 1 USD but when reversing it considered the 1 USD as Rs.48.34 and deducted a huge amount from my paypal balance.

Please let me know the solution.

ujjwaana, When did you made that withdrawals???

Hey Ujjwal,

What is your mobile number?

I think the issue is with personal accounts only and not business accounts.
I own a business account, and can easily make payments and withdraw too.

Sriharishine,
Paypal is not making us big fools. Their currency conversion has always been less by 2-3 rupees. If that is ok with you use thier service, else do not do withdrawlas, and use up all money in buying goods from foreign sites that accept Paypal !!!

I think the problem is with Personal payments only, like sending money to a friend/relative and not for online shopping. I think we still can shop with DE/HC/EBAY etc.  >:D

Hi Guaravag,
I too have business account only, Some of clients pay as personal payment which was reversed to their account and then they paid as for goods/service.

When I made withdraw in the money sent as personal money, It just reversed, When I made withdraw the currency rate was Rs.45.06 against 1 USD. But when it was reversed they calculated the currency conversion rate as Rs.48.34 for 1 USD. IS THIS RIGHT?

This happened in a day. I know and agree the currency conversion rates of payapl. But this is really making fool by having huge difference in withdraw rate and reversal rate right?

Sri Hari, I read that paypal will reimburse the conversion charges, so relax.

Thank you Vinay, I too hope, If they do so, then I will post here.

I haven't read the entire post, but seems like the cry :'(  is about paypay withholding the currency conversion etc. Well I had 2 of my paymnets reversed this month and the conversion or currencly charges got reveresed the next day. So relax paypal is not cheating anyone.

Paypal no longer supports sedning money as gift from and to india (saarting this feb). If one wants to send money from or to India, you just need to select good and services and give a address.

The problem seems to be only limited to personal transfers. I successfully made a purchase from HC and Ebay today w/o any problems. And my CC got debited accordingly. So Online purchasing is not affected. :thumbsup:

Vinay, BTW could you please check for me what dollar-rupee conversion was applied to your HC order today ?
I think the conversion that paypal uses is around 10% less than the market rate, and in which case, it is sometimes useful to use your MasterCard directly, with the 2% added on Hobbycity and other online shopping sites

I may be wrong, but it would be good if you could confirm this for me.

Thanks

If you pay directly by credit card the charges are $1.26..I think for HC a 3.4% + fixed fee is alloted not sure about this...kindly confirm..

I remember it was 47.9 yesterday. going through paypal is always safe.

EDIT: AFAIK HC absorbs all the paypal charges. so no worries there. :thumbsup: Thats one of the best part of HC among many.

EDIT:

From amount   Rs.4,016.64 INR
To amount   $83.79 USD
Exchange rate: 1 INR = 0.0208607 USD

@vinay
better explained exchange rate(in the last line)
1$=47.937029917500371511981860627879[or similar-mental calculation of mine in a minute or so..too slow]

Ha Ha, But thats how Paypal displays it. ;D

Hi Guys  :help:,

I have a question. I am looking to buy something from Ebay and the seller says, "International buyers welcome as long as your address has been PayPal verified and you transfer funds via PayPal within 48 hours after purchase"

I need to set up a Paypal account and put in the CC info and get the code verification and then get address verified etc... Any clue on how long does this procedure take?  :headscratch:

And does the ban you guys have been talking about apply to this transaction as well (I do not intend to keep funds in Paypal, just use CC and be done)

Thanks.

It will take 3 days max to verify your CC.

No the ban will not apply for buying from EBAY/International stores etc.

Thanks vinay for IMMEDIATE reply,

Hmm...  :headscratch:

Any other way make this purchase quicker? The reason being, I have a discount coupon which I want to use and it expires on Feb 28.  :-\

Once you  create a paypal account then you can use 500$ before verification. However you can send your ebay vendor a Pm asking him if he is ready to accept from non verified account. Tell him you are new to paypal and you cant immideatly get verified account.

Thats a good idea Vinay, Thanks.  :thumbsup: Didnt know that can be done.

Just got a mail from paypal as below:-

" Dear XYZ,

We have been diligently working with the RBI and our business
partners to resume Indian bank withdrawals for the thousands
of Indian businesses who depend on PayPal to sell their goods
or services in the global marketplace.

Today, we are happy to announce that the RBI has allowed us
to continue local bank withdrawals for settlements for exports
of goods and services.  We are currently making changes to
comply with Indian regulations for settlements for exports of
goods and services, and we anticipate that, as of Wednesday,
March 3rd, customers will be able to use our
bank withdrawal service. 

As part of the changes, you will be required to fill out a
new field entitled 'Export Code' when you request a withdrawal.
This information is required under the current laws of India in
order to identify the nature of cross-border merchant transactions. 

On Monday, March 1st, we will be back in touch with specific
instructions on how you can move your money into your bank account.

Moving forward, the RBI has told us that PayPal needs specific
approvals to allow personal remittances to India, which we
currently do not have.  Until we get these approvals, personal
payments into India will remain suspended.  However, if you are
an exporter, you will continue to be able to use the PayPal
service for payments of goods and services.  In fact, with the
changes we are making to our system, PayPal is now set to be a
more powerful engine for exporters in India.  With purpose codes
for export transactions and FIRCs (Foreign Inward Remittance
Certificates), you should now be able to get the export
related benefits you seek.

You can check the PayPal blog for additional updates.

www.thepaypalblog.com

Cheers...

Bad news continues for Indian users of Paypal.
Looks like we cannot use funds we have received from abroad for online purchases.
ie All funds received must be transferred to bank accounts, and all purchases to be made by credit cards.

I think this is crazy, but was much needed by RBI to keep a check on online transactions.

Going to hit many of us...

Yeah this is a new problem from paypal. I got a mail this morning as below...

----------------------
Dear XXXXXXX,

In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:

•       Any proceeds or earnings received into your PayPal account from the export of    goods and services should be withdrawn to your bank account within 30 days.

•       While making the withdrawal please make sure you select the purpose code that best fits your business.

•       Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India.  This received amount cannot be reused for making purchases.

•    If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.

For any questions, please reach out to our customer support teams by following the steps below:

1.     Log into your PayPal account

2.     Click “Contact Us” at the bottom of the page

3.     Click on “Send Us” an email or “Call Us” to reach us by phone

We cannot thank you enough for your continued attention and patience.

 

Thank you,

PayPal

-------------------

so now first you withdraw to your account and pay a high conversion  fee, and the buy from your inr card and pay an even higher conv. Fee again !

What If I send the money to my another paypal account from the account (in which I got fund from other country) and purchase from it?

Will it work out?

will paypal work without credit card


  if i make paypal accout and verify it with a bank account
  and receive paypal money from other paypal member.


according to current situation
is there any problem,will it work anybody please

 :(

Since I always buy with credit card using paypal. I am safe. 8-)

i have no credit card is there any way that i can use paypal

if i receive money from other paypal user can i use it
for buying
 

Dinil, paypal said that we cant use the fund received from abroad cant be used for purchases. But you can use the fund received from indian people.

I need help from someone who can say that if I transfer the fund received from foreign people to my another paypal account and use it for purchases. Will this work out???

well you would pay 4.75 % transaction fees. why would you do that !

This was required for mainly two reasons
1. Lot of hawala and benami transactions happening through the route and the purpose of finance remains anybody's guess.
2. Lot of people receiving money for slae of goods and not paying up the taxes etc.
So as always due to some one's follies most of us get penalised.

However if you are mostly a buyer, you are mostly unaffected, but in case of refunds etc, due to transaction falling through there could be complications. 

Doesn't pay pal provide 'Credit' balance where if some one refunds you, the amount (in USD) remains in your account as credit which you use in later transaction - just like the $2 credit one use to see in a fresh Pay pal account, which pay pal used to charge to your credit card for verification purpose ?

Heli Pross returned me few dollars since they were out of stock on some items. Pay pal put it back into my creditcard account. I could see a credit equivalent to dollar in my credit card statement. :D

OOPS!! thats like paying the conversion and credit card charges TWICE (in fact thrice when you finally order the item you got refund for). That sucks!!

I have transferred a fund from my account to another new paypal account and it does charge me any fee.

In case if they charge, I think it wont be as much as that we loss in the currency conversion fluctuation that we face in withdrawal and adding funds.

I am waiting for gaurav's reply for this...