FormulaMatt Posted April 13, 2010 Report Share Posted April 13, 2010 Have a question: A guy I know and trust is going to pay me for my bike via his credit card and paypal. Like I said, I know him - so I'm not worried about getting screwed on a charge back or anything. But, what are the rules about getting the money to my personal checking account? Can I transfer the whole lump sum to my checking? Or, do I have to wait around for it. A few days is no big deal, I just don't want to wait weeks or only be allowed to take out X number of dollars per day, week, month etc. Also, what is the fee for cc transfers like that? 3%? Does that come off of my end, or does it get billed to him? I am a verified member at paypal, if it matters. Thanks for the help! Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted April 13, 2010 Report Share Posted April 13, 2010 Ull take the hit.. he sends 5k ull get what ever is left after the ffes usually 3% advise him to add in 3% more if hje wants to do it this way Also u can transfer the whole ammount to ur account takes anywhere from 2 to 7 days Edot: now since its such a large transfer from his cc they might put a hold on it. A few days before they release the funds to ur paypal account.. I don't usually deal with such large ones but they did put a hold on a 600$ transaction a few days. Quote Link to comment Share on other sites More sharing options...
FormulaMatt Posted April 13, 2010 Author Report Share Posted April 13, 2010 Ull take the hit.. he sends 5k ull get what ever is left after the ffes usually 3% advise him to add in 3% more if hje wants to do it this way Also u can transfer the whole ammount to ur account takes anywhere from 2 to 7 days Awesome! It's coming Paul.... Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted April 13, 2010 Report Share Posted April 13, 2010 Awesome! It's coming Paul.... Good to hear! Quote Link to comment Share on other sites More sharing options...
Guest Spam Posted April 13, 2010 Report Share Posted April 13, 2010 Wait. If you do a personal gift transfer, you and he might be able to get away with the smallest fee. After you get the money in your paypal, you can transfer the money into your bank account no problem. Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted April 13, 2010 Report Share Posted April 13, 2010 have him send it as living expenses or whatever it is people are using....no fee at all i believe Quote Link to comment Share on other sites More sharing options...
MackDaddy43 Posted April 13, 2010 Report Share Posted April 13, 2010 Get the debit card and set it up to automatically withdraw from your bank acct when you overspend. I use my paypal debit for everything since it gives 1% cash back. And have him send it as a gift. shouldn't be a fee Quote Link to comment Share on other sites More sharing options...
cinergi Posted April 13, 2010 Report Share Posted April 13, 2010 Do a Gift, or as mentioned living expenses and you don't get hit with fees. Just beware that new Paypal now holds funds for up to four weeks before you can access it. Then you have another 3-4 days before you can have it into your bank account. This is the case if you don't have a lot of recent history to back you up. This is from my personal experience over the last five weeks. Quote Link to comment Share on other sites More sharing options...
3.1cutlass Posted April 13, 2010 Report Share Posted April 13, 2010 Isn't there a limit on the amount you can transfer every month? Quote Link to comment Share on other sites More sharing options...
MackDaddy43 Posted April 13, 2010 Report Share Posted April 13, 2010 no, it just takes a few days to clear Quote Link to comment Share on other sites More sharing options...
Bam Posted April 14, 2010 Report Share Posted April 14, 2010 Isn't there a limit on the amount you can transfer every month? There is if you're not double verified, I just went through this a few days ago. If you ONLY have your checking account verified through them there is a $500/month limit, but if you verify either your SS# or a credit card, then there is no limit per month. Quote Link to comment Share on other sites More sharing options...
cinergi Posted April 14, 2010 Report Share Posted April 14, 2010 There is if you're not double verified, I just went through this a few days ago. If you ONLY have your checking account verified through them there is a $500/month limit, but if you verify either your SS# or a credit card, then there is no limit per month. I am running into this problem right now myself. I can't believe all the things I have to verify. Quote Link to comment Share on other sites More sharing options...
Total Sign Posted April 14, 2010 Report Share Posted April 14, 2010 he has 90 days to have it reversed and say its fraudulent. FYI. Quote Link to comment Share on other sites More sharing options...
Radio Flyer1647545514 Posted April 14, 2010 Report Share Posted April 14, 2010 FYI, if you don't use PayPal often and want to beat the fees have them send as a "Gift" or "Payment Owed". The only problem with this, or plus to this is that you can't file a dispute when money is sent this way. You will get hit with fees and it will be a 3% percent charge so I'd have him add that on to what he owes if you don't want to be hit with that. Quote Link to comment Share on other sites More sharing options...
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