Paypal Account Doubts

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maddy_in65

maddy_in65

Forerunner
I Opened my account with Paypal but i havent updated my credit card details with them as i have some doubts

1) How secure is Paypal transaction?. Is it possible that someone steal my details
2) How the Paypal works
3) How do they charge us for each transaction, is there any monthly or yearly charges for account. How do they convert in indian rupees if i purchase something in US dollar.

I am going to buy some stuff from Ebay but i am feared of fishing and other threats. Please clear my doubts
 
1) Very secure. I haven't had any issues with them and if something goes wrong with your transaction ( like sender refusing to honor deal etc), you can open ticket with them and block the funds. I have 3 PayPal accounts with more than $800 in them...no issues whatsoever

2) They act as a proxy between you and seller so that seller with non-secure websites can take your orders and in return PayPal get some commission like 3%

3) There are 3 levels of account. Personal, professional and business. PayPal charges you fee for sending or receiving amount. Generally it is born by seller.

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zanderzone said:
PayPal charges you fee for sending or receiving amount. Generally it is born by seller.
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So if i transfer funds from my bank account (100 $) to paypal account, they would deduct 100$ + 3.4%of 100$ + 0.30$
Am i Right ;)
 
ajay387 said:
So if i transfer funds from my bank account (100 $) to paypal account, they would deduct 100$ + 3.4%of 100$ + 0.30$
Am i Right ;)
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Nope! Paypal doesn't charge senders for transaction fees but receivers. So if you send $100 to someone he will get $100 - (minus) transaction fees :) Also note than you cannot send money from your bank account to paypal if you are in India. You MUST attach a credit card / debit card and make the payment using paypal itself. If your paypal account doesn't have enough balance, the rest of the payment is automatically made from your credit/debit card.
 
zanderzone said:
I have 3 PayPal accounts with more than $800 in them...no issues whatsoever
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i hope these 3 accounts are not under your name only.
paypal allows only 2 accounts for one person, that too 1 personal and 1 business or premier (cant have 2 personal accounts or 2 business/premier accounts).

@OP - Paypal is more secure than paying by your credit card. In case the dealer plays wrong, you can raise an issue in Paypal after which they will refund your money. You won't have to worry about fees if you are sending money. The receiver is charged fees. For conversion, it charges 2.5% above the conversion rate.
 
Paypal automatically converts the currency with a rate 2.5% above current exchange rate as said in my post just above.
 
Don't use paypal a lot. If you do many transactions in a single day with paypal they block your account for no reason. And then you can't do much about it. Just google paypal horror stories and read them.

I also thought paypal was great until my account was blocked. In fact 350 dollars are lying in my blocked account and will only be released after 6 months.
 
sorry to hack in your thread maddy_in65, but I have a question as well.

i have linked only my credit card to my paypal id, now in case of me receiving money, how can i get it in my hands?
 
amol_cool said:
Nope! Paypal doesn't charge senders for transaction fees but receivers. So if you send $100 to someone he will get $100 - (minus) transaction fees :) Also note than you cannot send money from your bank account to paypal if you are in India. You MUST attach a credit card / debit card and make the payment using paypal itself. If your paypal account doesn't have enough balance, the rest of the payment is automatically made from your credit/debit card.
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So its not necessary to have a balance in ur paypal account right ;)

And if i have i have my credit card verified :detect:, and then go on to buy something for say 100$ :Car3:, they would charge 100$ = converted to Rs with with a rate 2.5% above current exchange rate + trancsaction fees right :brevet:

:new:
 
moshel said:
sorry to hack in your thread maddy_in65, but I have a question as well.

i have linked only my credit card to my paypal id, now in case of me receiving money, how can i get it in my hands?
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I think :kid: u have to link ur bank acc :euro:, and then transfer ur fund to ur bank acc.:icecream:
 
mudsir said:
Don't use paypal a lot. If you do many transactions in a single day with paypal they block your account for no reason. And then you can't do much about it. Just google paypal horror stories and read them.

I also thought paypal was great until my account was blocked. In fact 350 dollars are lying in my blocked account and will only be released after 6 months.
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thats true..one of my account is already blocked wit 20$ in it..
and they will block the accounts whenever they want, and without any reason..
for horror stories,u can refer to this site- Welcome to PayPalSucks.com, PayPal Lawsuit, PayPal Alternative, PayPal Complaints, Fraud & Evil behind the PayPal system!
 
ajay387 said:
So its not necessary to have a balance in ur paypal account right ;)

And if i have i have my credit card verified :detect:, and then go on to buy something for say 100$ :Car3:, they would charge 100$ = converted to Rs with with a rate 2.5% above current exchange rate + trancsaction fees right :brevet:

:new:
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you obviously need to have balance in your papyal account for paying. paypal only uses the credit card for verification, it doesnt use your credit card for paying.
so you have to put money in your account using your credit card and then pay by using paypal account. this amount you receive will be charged with transaction fees.
when you go to buy something using paypal, transaction fees will not be charged, the receiver is charged transaction fee. so only fees for converting are charged in this case.

yes there are tons of horror stories with paypal. they definitely dont offer the best service, but unfortunately only paypal is most widely used.
just dont be using too much of it and youll be good. also dont have a lot of money in your account.
 
Hi guys,

Very OT here but I seriously need help. I've opened a paypal account and also successfully linked my bank account. I thought that this would enable me to pay for things on Ebay but apparently not. One has to link their credit/debit card. I tried linking my debit card and PP tells me the card was declined by my bank (ICICI). Called up ICICI, they said there was no block on the card or any issues with the account and to contact PP. I mucked around the PP help section and read somewhere the billing address has to match exactly. Edited my billing address so that it matches my statement address exactly. Still no luck. I've contacted PP and no response so far. To be fair I just contacted them about an hour ago. :D

Anyone else experience trouble linking debit cards? Any advice from personal experience? Thanks a lot! :)

EDIT: Apologies to OP for the hijack! :)
 
ajish65 said:
Hi guys,

Very OT here but I seriously need help. I've opened a paypal account and also successfully linked my bank account. I thought that this would enable me to pay for things on Ebay but apparently not. One has to link their credit/debit card. I tried linking my debit card and PP tells me the card was declined by my bank (ICICI). Called up ICICI, they said there was no block on the card or any issues with the account and to contact PP. I mucked around the PP help section and read somewhere the billing address has to match exactly. Edited my billing address so that it matches my statement address exactly. Still no luck. I've contacted PP and no response so far. To be fair I just contacted them about an hour ago. :D

Anyone else experience trouble linking debit cards? Any advice from personal experience? Thanks a lot! :)
EDIT: Apologies to OP for the hijack! :)
Click to expand...

I'm not sure of current rules but earlier RBI didn't allow transactions in any currency except INR using a debit card. When you try to verify a PayPal account, they'll try to charge about $1.95 and because the charge is in USD and not INR, debit cards do not work.

Use a credit card. Alternatively, you can use something like HDFC Netsafe, Kotak Netcard BUT do confirm with PayPal before you do that.
 
Reviving a really old thread, since most of my questions are answered by this thread, but I still have one pending.

When I use PayPal to buy something in USD, at the time of checkout, am I shown the final price in INR, or that is a surprise till the statement is generated?

I ask because recently I happened to use PayPal's 'guest checkout' for those without a PayPal account, to make a purchase on dealextreme. At that time, PayPal displayed the amount in INR - with a conversion rate much lower than what the banks charge (3.5% for international transactions) - and the same amount was charged on my bank statement. It made the whole process a lot more sure footed rather than me having to wait till the statement got updated.
 
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