Obtaining euro coins from outside the EU

[Bimat]

PayPal fees are indeed obnoxious and add to that the higher currency conversion rates it applies, but there are not many other reliable payment options available to Indians either so I just treat it as part of hobby and move on.

As far as eBay is concerned, they have started accepting payments via GPay (on ebay.com) but I'm not sure if it allows payment in a different currency, haven't tried it. I'm quite sure that GPay will also charge a fees if payment in foreign currency is allowed...

(I have even tried sending hard cash via post to pay for the coins I had received to a friend in Russia since he did not have a PayPal account but he faced a lot of difficulty in getting that Indian cash converted into Rubles which even he did not expect. This was much, much before Ukraine war and demonetization, had sent the old ₹500 notes!)

Aditya

[quaziright]

Couldn't you simply use a credit card? Any decent e-commerce site will have a visa/MasterCard payment option. Apart from the conversion rate your bank will charge you, it's the most straight forward way.

[Bimat]

Also keep in mind that as per latest amendments in the finance bill, GoI will start collecting TCS under LRS (20% IIRC) on credit card spends in a foreign currency if the annual expenditure is over 7 lakh rupees. There may not be many people who spend that much on coins in a foreign currency using a credit card but can certainly expect more scrutiny going forward.

Aditya

[Bimat]

Couldn't you simply use a credit card? Any decent e-commerce site will have a visa/MasterCard payment option. Apart from the conversion rate your bank will charge you, it's the most straight forward way.

I believe RBI/GoI does not allow this; RBI does not even allow keeping some funds in your PayPal account, any amount received via PayPal has to be transferred to a linked bank account within 15 days (the amount is auto-debited in case you do not manually initiate it within the stipulated time period.) The accumulated amount can not be used to make payments either (before it gets auto debited on 15th day.)

Aditya

[quaziright]

I'm not talking about PayPal, just simply use a credit card - enter the number, expiration mm/yy and the security number on the back. Don't Indians have credit cards that would work on international websites ?

[krishna]

It adds up to 10% cost upfront, plus the annual fees of credit card companies for converting the regular card to an international one
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Please note that international transaction charges may vary from one credit card issuer to another. While it generally stands at 1% for MasterCard or Visa credit cards, banks might levy extra charges upon customers. Usually, a foreign currency markup fee of around 3.5% is levied on international transactions. With GST, the charge amounts to around 4% of the transaction amount. But it can be more as well.
---------Unquote
link

[quaziright]

I see. An annual fee is usual cost of having a credit card. It's usually offset more than enough by the points you could redeem. For instance my AMEX has a $600 annual fee, but I more than get it back through the rewards system as part of the lounge passes, cash back and accumulated Miles. You do get credit credit cards with no annual fees, but no/very little reward points as well.

Conversion fees are charged by your bank which usually is around 3%.Visa/MasterCard Merchant fees are not passed on to the buyer though in Canada it is now allowed, but you must be informed before your payment is processed.

It is definitely the easiest way to buy online and at around 5% fee overall, it's certainly cheaper than PayPal. The other option is to create a virtual debit card that works internationally, it will maybe save you a few dollars per transaction but I've never found it worthwhile enough to get one myself.

When I order from eBay or other sites internationally I keep an eye on the shipping costs and any customs I'd have to pay. That's why I stopped buying from the US mint a while ago. The shipping costs are $17.99 and then I get charged another 13% customs. It's way easier once in a while to drive down to DC and swing by the mint shop while meeting friends and family.

As far as euro coins are concerned, with exception to the micro nations, i have all the €2 commemorations issued until last year. I decided to stop as there are way too many now, they all look the same and uninspiring . To boot, generally it's become a cash grab with some issued in coin cards and surcharged anywhere between $13.99 to $19.99. If you haven't started, it's ideal time to give it a pass and focus on perhaps an aspect of the rich history of Indian coinage which won't need a. International transaction for the most part

[krishna]

Thanks a lot, i will ask my bank people to elaborate more on credit card international transactions
hope you keep your vibrant collection of Euro coins alive and blooming
most of all, i wish you the best in case you take up collecting indian (pre republic coins)

[redlock]

For instance my AMEX has a $600 annual fee, but I more than get it back through the rewards system as part of the lounge passes, cash back and accumulated Miles.

Okay, this is off-topic.
You don't get anything ''back.'' Those ''rewards'' are priced in in the goods and services you/we buy. If there is no ''rewards'' system all goods and services could, would and should be cheaper. All other customers pay for your ''rewards'' with higher prices.
Don't let the anti-cash organisations and credit cards companies fool you.

[quaziright]

Okay, this is off-topic.
You don't get anything ''back.'' Those ''rewards'' are priced in in the goods and services you/we buy. If there is no ''rewards'' system all goods and services could, would and should be cheaper. All other customers pay for your ''rewards'' with higher prices.
Don't let the anti-cash organisations and credit cards companies fool you.

Yep, off topic. But whether you have a credit card or not, you pay the same price for goods and services all else being equal. Of course, philosophically you can talk about a world without credit cards and perhaps cheaper local goods and services, but likely more expensive internationally.

[Bimat]

It just came to my notice that Standard Chartered Bank now has started a facility wherein an account holder can make payment in 25+ currencies outside India even without a  credit card. Of course, they will have their own remittance, currency conversion etc. charges, but I believe it will still be cheaper than PayPal... I'll give it a try next time I have to pay someone in EU, need to check what all details I have to put while making the payment...

Aditya