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Paypal reversed our bank transfered money @ 48.35 per $..why?

Discussion in 'Business & Tax Advice' started by dheer, Feb 9, 2010.

  1. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    So finally we all got our money back however not the whole amount.. I thought they ll just transfer back the USD we actually transferred but here is the different case.

    Right now PayPal exchange rate is 1 USD = 45.1327 INR

    But they reverted back our money in our account @ 1 USD= 48.35.. Why?

    I have transferred $611.73 on 28th Jan. and today I got only $566.54.. If we believe there might be some currency fluctuation from last week. but still they should change it at the rate of 1 USD= 45.1324 INR (which is they are offering while withdrawal) Why they reverted the money back at the rate of 1USD = 48.35 INR?

    However they also mentioned:-
    "you will see a reimbursement of any withdrawal fees charged. We will ensure that you are not adversely affected by currency fluctuations during the last week."

    But I don't think there was any withdrawal fees in my case bcz I didn't used any third party to withdraw my funds. I just directly transferred to my bank. They also wrote that they ll ensure about currency fluctuations during last week but I don't think they taken care of it..

    It is $45.19 loss for me and same for all the other guys.. I hope paypal will reimburse our losses IMO..
     
  2. carsonrathi

    carsonrathi Senior Member

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    Hey,

    I am feeling some issue with them, it's been 3 weeks m waiting for bank transfer. I used to get it in like 2-4 days. They emailed me about some problem with indian banks but man its almost 3 weeks, so any one else facing similar situation?

    Thanks.
     
  3. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    Dude it seems you are not up on internet frm past few days. check ur paypal account again. They just credited ur bank withdraw back to your paypal account..
     
  4. RamChaturvedi

    RamChaturvedi Supreme Member

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    Shit...i withdrawn 224$+359$ the same day on 31st,,,,and today i got only 207$+331$...45$ loss.....What a piece of shit they are!!!:(
     
  5. BigBuddy

    BigBuddy Account Under Review

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    Hi check the amount in Indian rupees. The difference is less. I can see $9 difference, but the amount credited in Indian rupee difference is just Rs.50
     
  6. RamChaturvedi

    RamChaturvedi Supreme Member

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    When i checked today's conversion rate..its showing 1$ = Rs45.13 :confused:
     
  7. BigBuddy

    BigBuddy Account Under Review

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    No i am not saying about conversion rate. I mean here the credited amount. Look at this..

    Related Transactions
    Date Type Status Details Amount
    28-Jan-2010 Currency Conversion Completed Details -$100.00 USD
    28-Jan-2010 Currency Conversion Completed Details Rs.4,485.97 INR
    09-Feb-2010 Cancelled Transfer Completed Details Rs.4,435.97 INR
    09-Feb-2010 Currency Conversion Completed Details -Rs.4,435.97 INR
    09-Feb-2010 Currency Conversion Completed Details $91.74 USD

    Currency wise difference is nearly $8. But Indian rupees wise i got deducted only Rs.50. So check your details of the transaction.
     
    Last edited: Feb 9, 2010
  8. virus_1720

    virus_1720 Jr. VIP Jr. VIP Premium Member

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    I withrew Rs. 78,901 on Jan, 28 and got the exact same amount back in my paypal in dollar equivalent today. Did any1 talk to paypal about this? Do we need to withdraw our cash again? why did this happen?

    I'll be away tonight so I don't think I'll be able to raech them. Please if any1 talks to them let us all know in here.

    Thanks
     
  9. virus_1720

    virus_1720 Jr. VIP Jr. VIP Premium Member

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    don't check the conversion rate check the rupee value of the currency that they have reversed. Even though my account also shows a decrease in the dollar value by almost $80 the amount I withdrew is exactly the same as the amount reversed to my paypal.
     
  10. BigBuddy

    BigBuddy Account Under Review

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    going to speak tonight. will update here soon.
     
  11. lonojoe

    lonojoe Junior Member

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    Mine is not reversed yet, but they send me mail, they would reverse within 24hours.

    :(
     
  12. ravee1981

    ravee1981 Newbie

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    i lost over $300 in this process :(
     
  13. carsonrathi

    carsonrathi Senior Member

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    Guys,

    I didn't get any money back from them as of 3 weeks, just email on 'Some issues with Indian Bank'.

    I think there are closing there service for us.

    Anyways, let's move on.
     
  14. BigBuddy

    BigBuddy Account Under Review

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    No i dont think, they will close their services for us. Ebay is still in india. If Ebay exists then paypal too.
     
  15. carsonrathi

    carsonrathi Senior Member

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    Ebay India don't have to do anything with paypal, they made 'PaisaPay' for it..
     
  16. carsonrathi

    carsonrathi Senior Member

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    HOLY SHIT.

    Just got money back in account, what's happening?

    They ate my $30 in this conversion?

    Lol, any idea what's going on?
     
    Last edited: Feb 9, 2010
  17. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    Hey guys,

    Don't worry as paypal wrote in the mail:-

    "In addition, you will see a reimbursement of any withdrawal fees charged. We will ensure that you are not adversely affected by currency fluctuations during the last week."

    So I guess they will reimburse our balance amount..

    chill out guys and to all who says PP is closing in India.. there is nothing like that.. They can't close their services to India.. but there were some issues.. which are getting solved. hope everything ll be great..
     
  18. fallacyoflove

    fallacyoflove Registered Member

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    Guys, even I lost near $40 with this. If anyone talks to some sensible paypal customer executive who gives you some good info, please post here. I've spoken to about 11 of them over the last 5 days and barring "Unfortunately, we don't have a specific time frame for resolving this issue" (which they all miraculously seem to read out in the exact words), each of them has been saying different things. I even spoke to a couple of supervisors of the basic executives and still got nothing different. If anyone gets any good info, please post here. I'm trying my luck too!
     
  19. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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  20. lonojoe

    lonojoe Junior Member

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    PayPal returned what they took from me on currency exchange after reversal, not complete, then also I am happy.... :)

    Cheers guys, hope you also got... :)