Forum Moderators: buckworks
I have been using PayPal to withdraw money I receive in US Dollars. The check comes to my house in anywhere between 15-45 days. This is not a problem.
What is the exchange rate that you guys get? In my last transaction with PayPal on August 3, I got an exchange of '1 U.S. Dollar = 45.5032 Indian Rupees'. I am afriad that the actualy currency rate is about 47, is that true? I know we get it at the buying rate, but it shouldn't be so less. What do you guys think?
However, you need to note that, as when most commodities are bought and sold, there are wholesale and retail rates for currency. This allows the trader to earn something for his trouble.
For example, if I go to a dealer in gold and buy an ounce, it may cost me $630. If, just after completing the transaction, I offer to sell it back to the dealer, he may only pay $620. That's the difference between the wholesale and the retail price.
You get the retail price when you have your currency converted by PayPal. If you feel the rate you are getting is not good enough, you may be able to have your funds paid to you in U.S. dollars instead. Then you can buy the rupes yourself.
By the way, its 1 USD = 46.4469 INR now I think.
