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Topic: Please explain Paypal!!  (Read 1261 times)
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rabbithorns
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« on: July 21, 2004 08:36:42 AM »

I'm sorry if this has been done before I didn't see it anywhere...

My son is selling his old music, etc. on eBay and the money is going to Paypal. So why can't he put it his savings account. He says they take a portion of every "deduction" from their holding account so he's waiting until there's a big amount and will then deposit it.

Is that right? Is it true that Paypal has his money and it's not given to him until he requests it? And then there's a fee for every "withdrawal" of money he's earned?

How much is this fee per "withdrawal"?

Thanks,

Padma
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« Reply #1 on: July 21, 2004 09:17:49 AM »

Paypal is basically an online bank. When someone uses it to pay for things on eBay, the money goes there and stays there until you request for it to be transfered into another bank account. eBay can take its fees from there, but they dont have to. They will take a credit card or debit card also, but I find that leaving a little cash in my paypal and paying eBay that way is just easier. Unless you have a merchant account, paypal doesn't charge for withdrawals. They only charge for outside deposits and thats only if you have a merchant account, as opposed to a personal account. and even if you do have a merchant account, as I do, its minimal. I dont recall the exact percentage, but its truly tiny. You can get any other information you need by checking out their website at www.paypal.com Hope that helps!
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« Reply #2 on: July 21, 2004 06:58:11 PM »

My son is selling his old music, etc. on eBay and the money is going to Paypal. So why can't he put it his savings account. He says they take a portion of every "deduction" from their holding account so he's waiting until there's a big amount and will then deposit it.

Is that right? Is it true that Paypal has his money and it's not given to him until he requests it? And then there's a fee for every "withdrawal" of money he's earned?

How much is this fee per "withdrawal"?

Thanks,

Padma

hi, i'm going to answer this because the first reply seems a bit confusing.

first of all, are you (or rather your son) in the USA? what i shall write below pertains to paypal members residing in the u.s., as that is all which i'm familiar with. paypal's rules may be different for their members outside of the u.s.

he should be able to transfer funds from his paypal account to his bank account ANY time he wants to. there is no fee involved to make this transfer, and it usually takes 3 to 4 days for the transfer to take place. i transfer funds from my paypal account to my checking account on a monthly basis, and sometimes more often. i don't know why he couldn't transfer his funds to his savings account instead of a checking account. could that be the problem?

i'm not sure what "deduction" you're referring to. if your son has what paypal calls their "business" or "premier" account (which mostly means that he can receive credit card payments via paypal), then paypal DOES charge a fee for EVERY transaction for which he receives money via paypal (whether it's a credit card transaction or not). this fee (for u.s. members) is 2.9% + 30cents per transaction. this is an extremely competitive rate, were he to compare this to setting up a merchant account so that he could receive credit card payments directly.

he will have to "request" his money from paypal. paypal won't automatically move the money from his paypal account to his bank account. all he has to do is log in to his paypal account and click the "withdraw" tab/button/link. it should be pretty self-explanatory after that.

i've used paypal for probably 5 years now, and i think it's the greatest thing!!! i hope this information helps!

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rabbithorns
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« Reply #3 on: July 22, 2004 12:55:58 PM »

Thanks for your help - both of you - alot has been cleared up. We are in the US and I think he may have a merchant's account or at least be taccepting credit cards. So that explains alot.

Well, as long as he wants to get rid of his "old" stuff like comics and music, I guess that's a good way to do it. I certainly take him to the post office enough! Well, soon he'll have his license and he can take himself!

Thanks again. I am much less mystified. :-)

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« Reply #4 on: July 23, 2004 06:32:11 AM »

PayPal does NOT charge any fee for withdrawing money from your paypal account into your bank account. I do it every single day. There is only a small fee charged when you receive money from someone. Good luck.
« Last Edit: December 16, 2006 05:42:15 AM by jungrrl » THIS ROCKS   Logged

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