Which one is better, in terms of lesser money taken off as service charges: a PayPal account with US$ or Indian Rupees? Do we even have the option?
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I am about to create a PayPal account. I am a resident of India, anyhow will be receiving payments in Dollars. I wanted to ask, as to whether should I set the default currency of my Paypal account as Dollars or as Rupees. If I set it to dollars, I will be charged some amount for converting it to rupees by my bank. If I set it to Rupees, I will be charged some amount by PayPal while recieving the amount from clients into PayPal. Which of these amounts is usually the lower one?
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Answer:
You can choose any currency as default currency based on your requirement. But if you are receiving funds in USD you will anyways bear the currency conversion charges, additionally by default when you transfer funds in India it gets converted into INR. As per RBI rule if you don't transfer funds within 1 week of receiving it, PayPal would transfer funds automatically to your registered bank account. (i.e. you cannot hold funds more then 1 week in your PayPal account).
Amit Shroff at Quora Visit the source
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