Paypal question

[Coytee]

Among some of my other skillsets where I qualify as being a dummy....paypal is yet another.

I've only done purchases through paypal so I've been able to figure that out. My question is, how does it work if sell something and receive the payment?

I've got my debit card and my credit card listed as accounts. Since I've been buying, I've used my debit as default and credit as my backup.

If someone sent ME a payment for a purchase, would it get directed to my default account or will it stay at paypal as "paypal dollars" (for lack of better word) and then, can I request a check be sent to me OR then credited to my debit card?

How do I get the cash from paypal, to my pocket? I don't want it to be credited to a credit card, then I've got issues with them on getting the cash. It's ok with me, if it goes to my debit card since that's my bank account.

Anyone care to educate a dummy?

[seti]

I usually use the send money option and have it go to my atm card.

[WS65711]

In my case, my paypal account is linked to my checking account and to a credit card. When I (rarely) sell something, the buyers payment goes to my paypal account (less paypal fee). Then I can log into my paypal account and initiate a transfer of funds from paypal to my checking account.

[Daddy Dee]

Yep. one thing I'd add about the tsfr of PayPal balance to my checking account, PayPal is as slow as Christmas. It takes three or four business days to accomplish this. They always get it done, but perhaps this is their strategy to milk more interest out of their deposits before banking rules time limit is up.

It's just a slight irritation. One would expect that they could use the modern world of electronic transfer to send my money as fast as they take it.

[garymd]

You are correct that it goes to your Paypal acct and sits there until you decide what to do with it. I use my checking acct and have a Credit Card as backup. Over the past 6 weeks, I've sold a bunch of stuff so I have a fairly hefty balance. I can either have it transferred into my checking acct or have them cut me a check. I've never had them send me a check before but it's one more option you have, particularly since you use a card instead of a bank acct. Maybe if you have it credited to your debit card it will go to your checking acct? That I'm not sure about.

[garymd]

Yep. one thing I'd add about the tsfr of PayPal balance to my checking account, PayPal is as slow as Christmas. It takes three or four business days to accomplish this. They always get it done, but perhaps this is their strategy to milk more interest out of their deposits before banking rules time limit is up.

It's just a slight irritation. One would expect that they could use the modern world of electronic transfer to send my money as fast as they take it.

You're absolutely correct Dee. They take your money fast as lightning but give it back slower than molassas to take full advantage of the float.

[Z4!]

FYI,

Everyone has explained the procedure to transfer funds from Paypal to your pocket; one thing you might want to take a look at...if you are not in a huge hurry for the cash, Paypal generally pays a higher interest rate on the money in your Paypal account than your bank will.

[Coytee]

Thanks for the replys.

My wife has a friend who's... well...shall we say, loaded. (she bought a diamond ring from my wife (at work) that cost $250,000. She bought it as a 'momento' of her mother)

I'm listing some fancy handbags on ebay for her. Heck...had I known this, I would have saved the Gucci bag for Fini and maybe the Prada bag for Old Buckster for when he gets better... (the Prada bag has matching sandals which would probably look killer on Rob!! although seeing his toenails, painted red, through the tips of the sandals would PROBABLY have been tooooooooooooooooo much information!! [:|])

Anyways... I've never sold anything with paypal as an option. My debit card is my checking account so I guess when this starts to add up, I'll move the money over & then give it to her.

[Fotog]

One item I have not seen mentioned is that the transfer of funds from paypal to your bank account could have some fees attached. I do not think that the check option (from paypal) has any fees attached.

[BEC]

Transfer of funds to your bank account is free. Usually takes 2 business days for mine.

Having Paypal send you a check costs you $1.50.

Taking the money out using a Paypal Debit card, gets you cash back in the form of a rebate. 1 percent if you start doing that now. 1.5 percent if you have been using the card since they first issued it.

Bob

[Blvdre]

I've transfered money from paypal to my savings account, and I'm not aware of any fees associated with that transaction.

One recommendation; open a separate bank account for receiving your paypal funds, and don't use your main checking account. A friend of mine had her bank account compromised via paypal. It happened quite a while ago (security has probably tightened), and she did recover her funds, but it was a bit of a scare for a while.

[klipsch4life]

You can withdraw $400.00 a day cash with your Paypal debit card from an ATM- actually only $390.00 a day, since there is usually a bank fee that is applied. It only takes me 2 business days to receive a transfer into my checking or money market account when I request a transfer. BTW, next month is my 10th year on Ebay-100% feedback on almost 900 transactions! Yea!

kg