@Jasmin Cottontail, Yes I think in the long run it would be better and more economical to switch to G-Cash so that we can get our money intact. I just computed how much I "donated" to BDO everytime I make a withdrawal, and it already amounted to P5,250 since 2013. It really does add up to a substantial amount over time. I think we need a BPI or RCBC bank account to be able to withdraw our money in G-Cash, which I don't have yet.
I usually do not withdraw my money in PayPal, but use the money to buy things online, since there aren't much money there. I used to transfer money from PayPal to my local bank account, if I am not mistaken, for amount above USD$100, I don't need to pay any fees.
Very carefully is the short answer for me. No matter how convenient things get and how common they are, I still have issues with not having the money in my hand. I am getting better though.
Well i usually withdraw when i don't feel or need to buy anything online with available balance. I have a credit card that is linked to my account which i use to withdraw.
I withdraw the paypal funds to my banks. Paypal may apply for the bank status in my country. And this means soon we'll be able to get some interest from paypal. But it'd be not worth using paypal with that balance. I think saving into the bank is lot better than spending the paypal balance. I think if paypal reduces the funds currency conversion then that can be good in many ways. I guess we have to check how that goes.
My bank never charges me for withdrawing from Paypal. How is it their business where I am withdrawing money from to pay it into my account with them? I don't think that is morally correct. If I have understood you correctly. If dollars go into my account, then when I withdraw it in pounds sterling, I get the exchange according to the current rate. I transfer the funds into my bank account directly and the bank has never charged me to pay in. Not from Paypal or anywhere. I am allowed to pay in for free. If the bank wanted to charge me to pay in my own money to their bank, I would go to another bank! I do pay a service charge though, and there would be another charge from the bank if I were to go overdrawn.
@larryl332 That response is quite cryptic. You mean the money gets lost when you withdraw in Paypal? How is that possible?
I guess in the end you just have to pick one mode of payment and stick with it. There will always be charges so it's best to pick the one that is the most convenient for you and where you live. For me that's Paypal because it's super easy to get the money into my bank account.
I think that the better option would be buying something online. I've never use the money on my Paypal account, I'm saving all I got there for something great and big like a computer. Anyways, here in my country there are no ways to transfer your money from Paypal to any bank account, so we have to do the same, pay an amount to exchange the money, which is a real shame because you lose so much.
Here in India we can't keep our money more than 24 hours, they got withdraw automatically within 24 hours or sometimes bit more. About fees for receiving money it depend on site. For some site fees got deducted upon receiving and some time no fees at all. About withdrawing money, may be paypal give less conversation rate than normal for local currency here. No extra fees.
@Anklebiter, Which country are you from? I have read several posts in other forums about people in Nigeria if I remember correctly that can't withdraw their Paypal funds. They just exchange their Paypal funds to other online payment processors, like Alertpay or SolidTrustPay by using an online exchanger so that they can withdraw it to their bank account.
I always make sure I have an extra dollar on my PayPal Balance. I do that because I want the amount of money stay intact after the deduction caused by the fee. I also withdraw directly to bank because it saves me money as there is less fee. Withdrawing to Visa card charges too much cash.
I've been using Unionbank Eon card for the last three years to withdraw my Paypal balance. The bank only charges 2 cents for ATM withdrawal and an annual fee of $7. Eon card is a Visa card and if you use it to shop, you won't incur charges. I've always preferred to withdraw my Paypal money once a month to pay for the DSL, electricity, and water bill. It only takes about 2 days to receive the payment once I make the withdrawal. Getting an Eon card is easy, too. Just drop by a Unionbank branch with facilities for ATM printing and you can get the card in less than an hour. Besides the initial fee of $7, you'll have to deposit an amount that Paypal will deduct to confirm your account. The amount is supposed to be refundable though.
I withdraw using my bank account which is linked to my PayPal. But there's one thing I hate about withdrawing it. Every time I withdraw, there is this 4$ fee and it's very painfuuuul. x.x
I am based in South Africa and recently started using Paypal. I don't think Paypal in my country charges you that much to withdraw your money into your bank. But I will have to check again. I have used my account a couple of times and I got more or less the amount according to the prevailing exchange rate for that day.
I have my Paypal account for several years already. My main use is for the depository of my online earnings. As required in the the creation of the Paypal account, I have to connect it to my credit card. And for the withdrawal, I have to connect it to my bank account. Okay, well and good. However, there is a minimum for free withdrawal otherwise there is a service charge. The minimum amount for free withdrawal is 7k pesos, that’s about $150. That means my withdrawal would depend on that required balance which I normally reach every 2 months. I haven’t tried withdrawing a lesser amount so I don’t know how much is the service charge.
I just transfer my earnings from whatever I make online and it clears in a a day or two-so I am not charged a fee or anything. Sometimes some online payments if the threshold is not enough-the company that pays your earnings sometimes charges a fee. Also I think the PayPal debit card can be used right away(when you get paid)instead of waiting a day or two before the money clears as well.
I have the PayPal Debit Mastercard so the funds are immediately available. That is one of the great things about using that card. I think it is so awesome to be able to utilize it to make sure that you have the funds you need available to you at any time, instantly.
