Last month I transferred 20$ in my local bank account But i credited only 370INR. Can anybody give me solution for this?
hi, actually local bank transfer done through wire-transfer and the fees is quite high compared to other services. e.g. there is a fixed charge like $12-$14 for wire transfer. That’s why you got only INR 370. wire-transfer or local bank transfer is good for large amount like $1000+
Better you can use Paypal service. If you withdraw $20 to your paypal a/c you’ll get $19 ($1 will be deducted as transfer fees, this is same for large amount as well). Now just simply withdraw the fund to your local bank via paypal. On Paypal you’ll get the currency conversion charge a little lower. e.g. if current dollar/INR exchange rate is 63.8 you’ll get around 61.2. So the amount you’ll get around 61.2X19=1162.8
Hope it’s clear now.
Wire transfer is available for Indian residents only, I think, and is through the Payoneer process. I remember reading about it somewhere on the forums a few months back but it’s one of those things that isn’t well known by anyone it doesn’t concern. For everyone else, PayPal and Payoneer cards are the only option.