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"?
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!