what is this e-gold and paypal? Do they really send money to India? Are these all legal? They are both legal, PayPal has over 105 million accounts and e-gold Ltd, has just over 3 million.
They are both digital currencies you can transfer to anyone online, anytime, someone in India can go online and transfer e-gold to another user in Russia, or the USA. The transaction is instant and not reversible.
PayPal restricts its use to certain countries, you can see which ones here:
http://www.paypal.com/cgi-bin/webscr?cmd...
e-gold Ltd, allows all persons around the globe access to an account, all countries.
PayPal makes the distinction between a "customer" account and a "merchant" account and charges all sorts of fees for merchants and users. See PP Calculator -> http://www.ppcalc.com/
e-gold does not make that 'customer is different from the merchant' account distinction. All e-gold account are exactly the same you are a merchant online accepting e-gold the moment you open the account.
To fund a PayPal account you go directly to PayPal and can use the usual methods CC and Bank. etc.
To fund an e-gold account you DO NOT go to e-gold Ltd, you must use a third party agent who will keep e-gold in his account and sell it to you for an additional fee- which is free market. There are over 100 agents, and several dozen methods to fund your e-gold account, please see http://gold-pages.net for all popular agents and methods. Here are some good agents accepting e-gold funding in India:
http://www.exchangeg.com/
http://www.thegoldshop.biz/ (ICICI bank cash deposit)
When you are ready to get your funds out of the digital e-gold account you will need a Prepaid debit card that accepts e-gold: lots of them available and cheap, no ID required, please see listings:
http://gold-pages.net/e-Gold_Debit_Cards...
Its instant for most debit cards, to load with e-gold and take cash out of ATM moments later, very easy and fast. See mygcard.com or bluebanking.com , bestgoldcard.com
Finally, PayPal requires identification and verification of the new account holder before allowing you access to use the account, and when you open an account you agree to their terms you are giving them access to your personal informaiton:
""You authorize PayPal, directly or through third parties, to make any inquiries we consider necessary to validate your registration. This may include ordering a credit report and performing other credit checks or verifying the information you provide against third party databases.""
This PP verification is done before you can use the account.
E-gold allow you to use the account instantly after you open and there is no ID or online personal verification at that time.
http://www.the-gold-blog.com also has some good info from time to time, or see the GDCA http://www.gdcaonline.org e-gold=we keep the gold for you in our bank and send you a piece of paper saying you have a share ot two in the gold. If all heaven breaks out, you'll have to fly over to get it in person. E-Gold and Paypal are two of the most widely used online payment processors.
In simple terms you can make payments for purchases or can transfer funds to and from accounts using them.
Of course you have to have an account with them first.
E-Gold is slightly different from Paypal in the sense that it does not deal in liquid cash.
E-Gold, according to their own definition is:
"e-gold is an electronic currency, issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage... e-gold is integrated into an account based payment system that empowers people to use gold as money. Specifically, the e-gold payment system enables people to Spend specified weights of gold to other e-gold accounts. Only the ownership changes - the gold in the treasury grade vault stays put. "
You can read more about it if you visit their site.
Since e-gold does not directly deal in cash, you have to exchange the 'metal' in your account by selling it to e-gold 'exchangers' who pay you for the metal in accordance to market rates. The E-gold website has links to these 'Exchanges'.
However, the RBI considers E-Gold Transactions Violative of Indian Rules, since its not a currency of any sovereign state.
Paypal on the other hand deals in real money.
You can fund your Paypal account using your credit card and withdraw money from it via, cheques, electronic transfer to bank accounts depending on your geographical location.
Paypal does send money to India, and a lot of merchants use paypal to accept payments to their online stores. To the best of my knowledge, there are no legal issues involving Paypal or its use in India.
I hope this helped :-) i don't know |
