Do you pay any fees if you live outside the US? I do, and I pay $5 to $6 depending on the exchange rate each withdrawal, which adds up over time and is an obvious disadvantage. How about you? Does your bank charge you any fees for withdrawing your Paypal balance or you get the whole amount? I also lose money with Paypal's exchange rate when I withdraw, but a company's gotta do what it takes to make money, right? I know US folks don't get any deductions, but how about international users?
I have been using PayPal for almost six years. And I have found it excellent as far as paying my online purchases or withdrawing it through my bank debit card. My local bank doesn't charge me anything when I am withdrawing my money coming from my money processor, the PayPal. The only charge I may have had is coming from my payment received from the job I do in online writing site.
To be honest I don't know, yet. I recently made my paypal account and haven't withdrawn anything yet. But I will let you know as soon as I withdraw, and I believe that I am going to be charged something for sure since where I live nothing goes uncharged online...
I don't withdraw it at all, mainly because of the fees and the fact that it is sometimes just way more convenient to have a different method of payment for online purchases. Paypal just makes it so much easier to pay for things online, especially on eBay if you already have a balance on your account. Most sites nowadays accept PayPal as well so that's great. It's just not worth the fees to withdraw from PayPal
@Nakitakona, Which bank are you using? Is it Unionbank? I read they only charge you P350 per year and there are no charges when you withdraw.
Apart from withdrawing to bank account there are several other ways I use my paypal fund. One of such ways and which is common to many of us is using my paypal money to buy items directly from sites where paypal is an option of payment. I had wanted to pay for a flight one time using my paypal fund but the airline wasn't having provision for that from my location.
Indians cannot keep their money with PayPal. The moment money gets credited to our account, PayPal themselves will automatically withdraw and send it to our bank here or we have to do it within 7 days. \ That is a rule implemented by the Reserve Bank of India. I would have liked it to be there but we have no choice.
Usually (almost always to be honest ), I transfer my entire balance to my bank account (which is linked to Paypal). It's a simple, easy and extremely safe process. I can't think of a more satisfactory way to do that.
I don't withdraw my earnings instead I always buy online with it as I don't earn too much anyway. I wished that could transfer it to an account but it can take months before I receive it in the bank. I don't get any deductions unless the online jobs charge a payent fee.
Just like Nakitakona, I have a debit mastercard I applied for which was free and it works great. No fees, no problems just needs funds, lol! I got a payoneer too and a debit mastercard too with them. Payoneer charges me .90 for auto payment to my account-a one time charge when I receive my payments to my debit mastercard. Paypal doesn't charge me anything at all. I love it for it's so fast and most pay via paypal. I use my paypal account at ebay to pay for purchases too like others have mentioned.
I pay the fee for both incoming and outgoing money from paypal. I live outside US and I also have to pay the charges for the currency conversion from USD. So overall there are transaction charges, bank transfer charges and also the currency conversion charges. So it all adds up in different ways. You can say that total funds get dried if the amount sent is very low. So I am guessing that withdrawing the fees from other payment processor may turn out to be cheap.
I pay only 50 cent as procession charges to PayPal every time a payment is sent in my Australian PayPal account but when I get any amount in my Indian PayPal account I pay almost 5% to PayPal and conversion charges. The total goes up to 8-9% besides we have no alternative but to auto withdraw to our bank accounts within a day.
I very rarely withdraw my entire savings from paypal to my bank account. I prefer to buy things online with the money. The only time I did was when I had a large amount in there and then I withdrew three quarters of the money to my bank account. There was a charge but I can't remember it being particularly hefty, not enough to concern me anyway as some charges are expected.
I know that the charges can add up but I think it's better to focus on the fact that Paypal is actually a convenient and easy to use system to get paid and if it wasn't for that, then people who work online like us would have a hard time getting paid. I think the money that they deduct is a small price to pay in return for the service.
Who says US users don't pay fees? I'm in the US, and I do. Some transactions aren't paid for by the vendor, so it depends on which sites are paying you. In fact, on one site, I might just change to gift cards to avoid fees, since they just went up. Some fees are less if you wait until you have a certain amount to cash out or sometimes the fee is removed if you wait. I also have to pay a fee to convert £ to US dollars, before I can transfer the money to my bank. Sometimes, I just use my Paypal money to pay for stuff online instead of sending it over to my bank account. It's like having a bit more protection for your purchases.
I am in the US and have to pay an ATM fee if I withdrawal money from my PayPal debit card. To avoid the fee, I pay bills and expenses with the card, or do cash back at the grocery store. You can lose a lot of money over time if you pull cash out through the ATM. I found that in can send the money to my regular bank account and do not have to pay a fee. I normally get the money the next day if I do the withdrawal transaction early in the day.
I've been using PayPal for almost a year now and I use it mostly for work and online shopping. Whenever I withdraw my funds from PayPal to bank, I get charge depending on the amount of withdrawal. I think PayPal is cutting a certain percentage depending on the amount that you wish to withdraw or transfer to your bank account. In my case, whenever I withdraw $100, PayPal charges me for $5-$6.
@thisnthat, I'm actually aware of the fees that ALL users pay when it comes to selling on Ebay or being paid by doing a job online, what I'm referring to is the fee that Paypal charges you when you WITHDRAW to your bank account or debit card. @Jasmin Cottontail, I guess we are using the same bank then, it's BDO right? I heard that G-Cash charges no fees, it's a relatively new addition in Paypal's recognized banks, but I have yet to follow through with the process of having an ATM that can withdraw it.
@moneymania I think the process is more or less same everywhere. If you check the PayPal FAQ you will see that they have categorized countries in different groups and have clearly mentioned what they charge from users from that particular of countries. Besides charging their fee the conversion charges are separate but since there is not many ways to transfer funds internationally we have to adjust with that.
Yes. I'm using BDO for PayPal and the fees are totally high that's why I'm looking for an alternative where I can withdraw my PayPal funds. I heard the same thing about G-Cash and I'm considering it as one of my alternatives. I also tried PayMaya but there are a lot of complaints about their services and missing funds so I just simply forget about it.
