I noticed that PayPal is using an unfair conversion rate for converting USD balances to Indian Rupees for remittances to India by users. For example, the exchange rate for 1 USD to Indian Rupees today is: 1 USD = 47.6000 India Rupees - this rate is obtained from my bank website (HDFC Bank) today for selling dollars through demand draft. PayPal conversion rate for today is: 1 USD = India Rupee 45.1327. As can be seen the difference is nearly Rs.2.45 per dollar. If I choose to transfer $2,500/- (maximum limit for me) today from PayPal, I stand to lose India Rpees 6,125/-! This is a huge sum, and is it fair? I have asked PayPal if they will issue me a Dollar check to be deposited in my bank account to be converted at the then prevailing rate when I deposit the check for collection. The answer was, no PayPal will convert the US Dollar amount to Indian Rupees and issue the check!
I agree that PayPal is offering a very convenient way to get remittances for freelancers from various sources, but PayPal also ensures that they deduct a percentage from each remittance! Is it then fair that PayPal uses an disadvantageous conversion rate to penalize the freelancer? The option should be left to the customer to request a check In Indian Rupees at the the then PayPal decided conversion rate, or for a check in US Dollars to be collected by the customer's bank at the then prevailing rate (which could be lower or higher from the date of issuance of the check). After all PayPal does not lose anything - the withdrawal is in Dollars from the customer's balance...
I would humbly request PayPal to look at this issue and resolve it to the benefit of the account holders - no denying the fact, PayPal needs to make a fair profit, which they are getting through deductions from inward remittances from various job exchanges or other sources.
knvn
