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Paypal Alternatives in India?
February 6, 2010 in Uncategorized by guest
Need to know the paypal alternatives for India? Are there any that helps one to transfer money from, say my oDesk accounts to the Indian bank?
Please share.
Paypal Alternatives in India?
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The situation is hopeless in India. There doesn’t seem a good competitive alternative nor is anyone working on bringing out meaningful service.
Check out the discussion here / Feedback on Xoom and other services : http://www.pluggd.in/paypal-india-outage-no-payments-to-or-from-india-297/
Well, Someone told me that Moneybookers is the best PayPal alternative however it is now 3 days since have placed a withdraw request from Moneybookers but I have not received the funds in my local bank account.
Xoom is supposed to be the second-best option but there are some problem associated with it. First there charges are a bit more ($10 for upto $100 and $15 upto $250). But the best thing is you can fund your xoom account from your PayPal account. however there are many ambiguous reports coming of failed Xoom transaction.
the last option is to go for a pioneer card. If you are a freelancer then you know that from which place you can get this card.
Am answering this purely from a regulatory point of view though i completely understand the practical difficulties faced
Under the RBI regulations, as an Indian entity, having PayPal account (or any other similar organisation) in foreign currency itself is not permitted. RBI regulates the holding of Foreign Currency accounts outside India by resident Indians under FEMA specifically covered under FEMA 10 /2000.
Unless am missing out on some part of the regulation, the only option under the Indian regulations is where you get the buyer of your services to remit directly to your account in India using a wire transfer or a cheque /International DD. RBI would be aware of the PayPal /Odesk accounts,however due to the smaller amounts are small (by RBI standards) it would not have taken any actions on these however we as users must be aware of the same.
Further if you look at the regulations on the exports of services (which includes export of software), all exporters have to be registered with DGFT with a valid IEC code. Further transactions need to be reported in the form GR/ Softex Form. While there is an exemption for the smaller transactions (less than USD 25000) am not sure if there is even the awareness of the requirement.
Refer http://bloggd.in/2010/02/12/paypal-outage-in-india-and-alternatives/ for some options
I second to what Mr.Chandalia said. If you guys are looking out for an International Payment options alternative for your business, thn do write me at sandeep at timesofmoney dot com or call me on 09967040302 for a solution
MoneyBookers is the best alternative to paypal. Paypal was using IFSC code to transfer the money to Indian Banks and MoneyBookers use SWIFT, which is an international wire transfer.
Any payment made through SWIFT transfer takes at least three working days.
All payments are reliable and reached directly to your bank without any problem.
I recommend MoneyBookers.