tufel
Forerunner
Does this basically mean, that it doesn't matter whether you pay in INR or USD?This is what PayPal does, when transacting.
ICICI Bank Service Charges for Dollar conversion
- Thread starter tufel
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Really? Since when? I've had an Axis bank card for almost 10 years, it never worked. Well it got registered on PayPal, and I could accept payment too, but I could never pay from it.
Not really. The receiver will get the money in which they have opted for. So the conversion will happen. But I doubt PP is actually using the current USD-->INR conversion rates. They are slightly higher.
On 22nd April the rate was: 1 USD = 54.0514 INR (as per: this site). As per PP's calculations: 280.35 / 5 = 56.07 (or 1 INR = 0.0178). So some how they charged higher.
rkkaranrk
Innovator
It never worked for me also...... You can add the card and even paypal debits the account with 1.95USD for the pp verification code bit you can not make any transaction after this.
rdst_1
Juggernaut
That is kinda obvious. In my personal experience, their conversion rate come out to be less than the bank's, especially if your bank charges a convenience fees per transaction like some banks do apart from the 3.5% and service tax.
Yep, same here. This is really weird, ones Axis card works, others don't! Mine was Visa Electron btw.
But ICICI will work surely right? I mean I don't wanna open an account if it doesn't work with PayPal.
Best option: work for a bank. You get a preferential rate + service tax is waived off. 
Other than that, rates mentioned on most sites are spot rates (also called the interbank rates). The rates which banks work on is arrived using various measures - some use current day high spot price (rates are uploaded at a fixed interval and then highest price is used), then some use average price (high + low/2) and others have some kind of internal formula to arrive at the price. So while for some PP might turn out to be costlier, some will find it cheaper..mainly due to how their banks are arriving at the rates.
Other than that, rates mentioned on most sites are spot rates (also called the interbank rates). The rates which banks work on is arrived using various measures - some use current day high spot price (rates are uploaded at a fixed interval and then highest price is used), then some use average price (high + low/2) and others have some kind of internal formula to arrive at the price. So while for some PP might turn out to be costlier, some will find it cheaper..mainly due to how their banks are arriving at the rates.
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