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Paypal Help...


FormulaMatt

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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! :cool:

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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.

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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.... :D

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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.
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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.

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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.

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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.

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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.

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