Paypal payments and moving money to my bank account?

[328iGuy]

I was just wondering, if I sell something such as a lanes I am planning on and the end payment is done using Paypal. If I have added my bank account, can I then transfer that money to it for use in cash?

Am I charged an additional fee for doing that?

What charge does paypal charge for the payment, is it 3%?

Thanks a lot

[Ronald S. Jr.]

You pay 3% for receiving the payment, but no charge for the transfer. Go to the "withdrawl" tab and click the option to transfer to a checking account. It takes 3-4 days, but it's free.

[328iGuy]

You pay 3% for receiving the payment, but no charge for the transfer. Go to the "withdrawl" tab and click the option to transfer to a checking account. It takes 3-4 days, but it's free.

Thanks a lot! :cool:

[GilesGuthrie]

It's free as long as the amount is over a certain threshold, which isn't very much. The UK£ threshold is £50.

Also, the bank account name has to be exactly the same as the PayPal Account Name, and you can't have a joint-named PayPal account. Basically, be prepared to have to open a specific account with your bank (like a basic Savings account) to effect the transfers. It's what I did, and while it was a faff to set up, it's fast, cheap and easy to use now it's running.

[328iGuy]

It's free as long as the amount is over a certain threshold, which isn't very much. The UK£ threshold is £50.

Also, the bank account name has to be exactly the same as the PayPal Account Name, and you can't have a joint-named PayPal account. Basically, be prepared to have to open a specific account with your bank (like a basic Savings account) to effect the transfers. It's what I did, and while it was a faff to set up, it's fast, cheap and easy to use now it's running.

That should be alright, it's my bank account with the same name as my Paypal account. The confirmation works on me confirming the 2 small deposits Paypal will put into my account.

[rhys]

I wouldn't trust PayPal. It acts like a bank but seems to avoid most banking legislation. If something goes wrong then you're up that well-known creek without a paddle!