I recently withdrew my funds on Paypal to my bank account. Aside from the 1 USD charge of Paypal, my bank also took 5 USD. It made me sad because 5 USD is not a small amount. Has anyone experienced this with their bank as well?
I haven't experienced such a high charge. I used to withdraw my paypal funds all the time but I was never charged anything significant, it was more like $1-$2 per withdraw. I think it depends on the amount that you withdraw? I mean, I understand why they take some money out because they do need to get funds on their own in order to keep the site flowing, but like you said, that was not a small amount.
Hm. I've been using paypal for years with no fees associated with getting my money out. It is strange you say "withdraw" as I tend to call it a "bank transfer" (which is how it is labeled on my PayPal account). Whenever I transfer funds to my bank account, I get the entire amount, no fees taken out. The only time PayPal drafts a fee is when you are collecting money from someone or paying someone and you do not do it as a "friends and family" payment. I am also in the US. I bank with USAA. Not sure why you are having fees drafted, but you should definitely look into it.
Interesting, I do not understand why they would charge you 5€ for such a service. My local bank has the usual 1€ of PayPal, but I think that they have some sort of a contract with PayPal. You see, the usual bank-side price for PayPal withdrawals is 2€ (1€ for PayPal, 1 for the bank), however there is a special contract available that you can sign with the bank, which gives you nearly free withdrawals (Nothing for the bank, still have to pay .50€ for PayPal). Signing the contract is 10€. Pretty good.
I like clairebeautiful have never experience anything of the sort. I have had my Paypal account for about 5 years and usually transfer the funds to my bank account with no fees whatsoever. That sounds weird, so if I were you, I'd check with the bank. My bank account is UK based. I wonder if they apply different TOCs to different countries?
I've not experienced the bank taking that kind of cut either. That's ridiculous! I don't get charged for withdrawing from PayPal on either side, though. I only get charged by PayPal when I'm purchasing or selling items.
I guess it sucks to own a bank account in my country! I had a previous account in a different bank, and they charged a slightly higher fee than the one I have now. Now, I don't really feel sad about relocating to another country if it means saving a bit from ridiculous transfer fees imposed by local banks here.
It has to be your bank, hon! PayPal doesn't have fees that I know of at least and have been them for years. Yes there are fees when I get money sent to me from a sale, but I can transfer money to and from my bank with no other fees associated.
It sounds like that $5 is more of an issue with your bank. Or rather, I've never had that experience with my bank. It's probably worth speaking to them to find out what the charge represents and whether it's commonplace with Paypal. It could reflect a specific type of transaction.
I have never had my bank charge me for a Paypal transaction. If I were you, I would call the bank for an explanation. They may have a work around or a suggestion at going about it differently to avoid the charge next time.
I agree with other posters regarding follow up with your new bank, especially if this is the first occurrence and transferring funds from another country. I hope I'm right in assuming you are not in the U.S.
It must depend upon what sort of Paypal account you have, and how much money is actually going through your Paypal?? Is it some sort of tax fee? I don't earn a great amount online, but I have to say that I have never ever been charged for transferring my money from my Paypal account to my bank account. As far as I am concerned, that is only for business Paypal accounts? I could be wrong though.
You are from the Philippines, right? I get charged the same as you, are you using BDO? I know Unionbank EON only charges P350 per year, but there's no near Unionbank where I live so I'm just putting up with the fees of BDO.
If it costs you about $6 to transfer funds from Paypal to your bank account then I'd suggest that you get yourself a Payoneer prepaid debit card. You get a virtual U.S bank account number. That means you won't have to pay any fees for transferring money to your Payoneer account. If you are interested you can visit their site for more info: Log In
I have also experienced the same thing. It was my first time to withdraw money from my Paypal account to my bank account, and after 3 weeks, the transaction failed and they charged me around $6 for it. That is why I am now transferring my Paypal funds through a Paypal Encashment Services here in our country. I just need to wait less than 24 hours before I get my money.
Which site is that and how much do they charge you? Maybe the transaction failed because your card wasn't activated yet? I remember having trouble verifying my Paypal account even when it does have money in it. I had to call the hotline twice for them to double check my account, and after that I was now able to verify it.
I've never experienced a problem like that with Paypal! I used to transfer to my bank or requests checks years ago and it was always a small fee of less than a dollar or so. Now I use a Paypal Debit Mastercard and actually get money BACK when I use it to purchase. I never use my checking account anymore for that reason because I basically use Paypal as my bank LOL. If you are able, the paypal mastercard might be a good way to avoid those fees of transfer you are incurring.
PayPal said that the reason the transaction failed is due to technical problems. I really didn't understand, so I just never tried transferring my money again to my bank account for fear of being charged again. Anyway, I am referring to a local Cash Advance Services here in my country, only available in the Philippines. They would charge me based on how much money I am going to withdraw from Paypal. So far, I am not having issues with them so I guess I am going to stick to them.
That technical error is what I got too, that yellow box? That's why I called Smart Money twice, because the 1st call wasn't able to help me at all. but the 2nd call resolved it. I'm also from the Philippines too, so kindly post the link. If they charge lower than P250 per withdraw then I will switch to their services.
