Tuesday, July 10, 2012

Why Paypal applies a lower exchange rate than official rate?

Indian freelancers-have you noticed the exchange rate of U.S.Dollars that Paypal applies when they transfer money to your bank?

We get only Rs.52.83 whereas the official rate is more than Rs.56/per U.S.D.
I would guess, Indian freelancers earn on average of $600 per month. The loss due to difference in exchange rate comes to about Rs.2000 per month or Rs.24000/- per year.

That is a considerable sum-eh?

So much do you think Paypal is making through this disparity?

Don't you think we all get raw deal? It is unfair that our Government is a silent watcher.

I am grateful to Paypal for providing excellent service all these years but I just spoke frankly.

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