[quote=Sandeep Chauhan]Is payoneer card accepted in India. Any one using it.[/quote]
You can use Payoneer as a withdrawal method at oDesk. But as per the regulations implemented by RBI no foreign provider can issue a card to any Indian citizen unless that provider(bank) is also having a branch in India.
Don't go for Payoneer if your needs are local currency(INR)
Jul 3, 2014 10:00:01 PMEditedOct 30, 2014 07:35:17 PMbySandeep C
Thank you Valeria for your reply. Thank you Nitin for your reply. I did want to know from actual users from India about how was their experience of using payoneer. I am using LFT method to withdraw my money. And I wanted to know which other alternatives are available. I guess LFT is best methon to receive funds except that USD-INR exchange rate is less that actual market rate.
I had done search on this and think that AXIS bank gives full amount (exchange rate= updated exchange rate). Anyone having any idea on this.
[quote=Sandeep Chauhan] I had done search on this and think that AXIS bank gives full amount (exchange rate= updated exchange rate). Anyone having any idea on this.[/quote]
Sandeep you might be right about AXIS bank but that won't be applicable here. Currency conversion is done by JP Morgan Chase Bank and funds are routed to your bank's branch in INR. So whichever bank you choose exchange rate won't be affected.
As of now, I would recommend for withdrawals in following order (based on my own experience)
1) LFT - Obviously the best suited as of now. I don't need to elaborate on this.
2) WIRE Transfer - Now here the live exchange rate comes into play. Wire transfer would be in USD from oDesk. So it will depend which bank you choose to receive money (you can go for AXIS for best rate). BUT THERE IS A HEFTY 30USD WIRE TRANSFER FEE. So unless and until you don't really earn insanely in a particular month. I don't think this would be profitable to you.
NOTE- IF there is some urgency and you need your money very badly, then go for it. As this is the fastest transfer method.
3) Paypal - Even lower exchange rate than oDesk. Restrictions from RBI a) You can not spend your earnings from Paypal b) Any funds in your Paypal account will be transferred automatically to your bank account daily (i.e No holding period)
Rest methods I don't recommend, they are not a good fit for India.
Jul 24, 2014 01:18:47 AMEditedOct 30, 2014 07:50:32 PMbySourav B
Hi Nitin I see you have been helping a lot with information, I just want to know one thing, I mean I get my funds on my HDFC account, but as many of you know about HDFC, I don't want to elaborate, I just need to know if I can use any other bank for that matter?? Please give me 2-3 names if you know.