After recent spat between Indian Government and PayPal regarding transfer of funds to the country, PayPal has to impose strict rules to comply with the Indian Regulations, which in return will affected lots of Indian Users.
Here are some of the new rules & disadvantages of PayPal :
1) There will be 'NO' personal payment option for Indian Users, Every payment to and from paypal account will liable for fees. Hence even if you want to send money to friends PayPal account, fees will be imposed.
2) You have to enter PAN card in your PayPal account in order to withdraw money to bank account, which in return will Raise eye of IT department if large amount of transaction took place.
3) Fees is increased up to 3.4% money received for Services and Goods sold on Ebay or anywhere else.
4) PayPal continues to provide low currency conversion rate, about 43-44 Rs Per dollar.
5) You have to specify the reasons for Money being sent to your Account aka. Purpose Code
Now I don't see any good reason to use PayPal, what about my privacy :P
Original Post Date : April 16 2010 12:54 PM