Paypal question

[Goldfinger]

I have never used paypal before and i was wondering if my account is unverified where does the money i receive electronically go?

note: i am getting my account verified through my bank as we speak.

[Goldfinger]

another question does my account have to be verified to receive money?

[chrispadfield]

if you are not verified i think it just sits in the account. And yes i am pretty sure you can take money out of your account when not verified just not pay any in.

[Goldfinger]

so you cant send the money to your bank account?

[Sinecure]

If you are an international user, you must enter your CC in order to receive/send any money. If you live in the states you dont have to

[Goldfinger]

yeah i entered my debit card info in.. So if i request money from someone it'll go directly into my bank account right? or do i have to verify my bank account first to deposit money?

(sorry im new to paypal wanna make sure of things before i do this transaction)

[eva2000]

Originally posted by Goldfinger
so you cant send the money to your bank account? not until it's verified... also if the policy hasn't changed if the funds are left unclaimed in your paypal account for more than 30 days they are returned to the sender i believe or has that changed now ?

[Goldfinger]

dang =\ i asked them to verify my account. So i guess ill talk to my bank account in a couple days to get the amounts that paypal deposited :).

Its weird though that you can withdrawl money from the account if it isnt verified but you have to be verified to deposit the money? shouldnt it be the other way around? lol. I dunno i wouldnt care is someone deposited money into my account. But i would care if someone withdrew. *shrugs*

[paypaldamon]

Payments go to the PayPal account. Users can then:

a) send it to another party
b) withdraw to a bank account
c) withdraw via check (US only)

B and C require the user confirming information, as well as requesting the withdrawal from the site (all customer transactions are user-driven).

The verification process generally takes a few days to hit your bank account.

[Goldfinger]

ok so i was going to ask.. so i cant transfer funds from my paypal account to my bank account? Cause i want the cash i have in my paypal account =\. Im verified and everything by the way.

[tubedogg]

Actually, you can. :) You can also use it shop online using their Virtual Debit Card. :) I got paid from Jelsoft via Paypal and I've been using that.

When you login go to the Withdrawl tab and you will see your options - the one to put money in your bank account is an Electronic Funds Transfer (or something like that).

[Goldfinger]

woo it worked :D thanks Kevin.

[eva2000]

Originally posted by tubedogg
Actually, you can. :) You can also use it shop online using their Virtual Debit Card. :) I got paid from Jelsoft via Paypal and I've been using that.

When you login go to the Withdrawl tab and you will see your options - the one to put money in your bank account is an Electronic Funds Transfer (or something like that). why not just wire transfer and save the paypal fees ?????

[tubedogg]

Wire transfer fee (not sure how much) plus I'd lose a lot more in the conversion from GBP to US$. With PayPal I only lose something like 2.1%.

[tubedogg]

Originally posted by Goldfinger
woo it worked :D thanks Kevin. np :)

[eva2000]

Originally posted by tubedogg
Wire transfer fee (not sure how much) plus I'd lose a lot more in the conversion from GBP to US$. With PayPal I only lose something like 2.1%. oh really how did youwork that out.. conversion from GBP to US$ difference between paypal and wire transfer ?

[tubedogg]

I didn't. :o But i'm pretty sure it would be more than 2%.

[chrispadfield]

there shouldn't be any cost in a wire transfer above the fixed fee to do the transfer is there?

[vocogood]

lol

[tubedogg]

Originally posted by chrispadfield
there shouldn't be any cost in a wire transfer above the fixed fee to do the transfer is there? I don't know...if it is going from e.g. James' bank account in GBP to my bank account in US$ it is going to have to be converted at some point, and I assume I'll get shafted on that.

[c-prompt]

Yeah a few clients wired me payment and it cost them from 40 dollars (us dollars) up to 50. And then my bank sucks so much they charged me 10 for an incoming wire. lol

With paypal I only lose a very small amount. And I lose it upon receiving the money. Not when withdrawing it.

I love paypal.

[c-prompt]

Originally posted by tubedogg
I don't know...if it is going from e.g. James' bank account in GBP to my bank account in US$ it is going to have to be converted at some point, and I assume I'll get shafted on that.

Ive never had that problem. Ive been wired money from Scottland and the netherlands to here in the US and it was always as it should be. For instance, the guy from scottland was a 200 dollar job and he wired 140 pounds. When it hit my account it was 200 US. Just as it was supposed to be.

[chrispadfield]

when i specified to wire x $ to someone in the states, the exchange rate that was used was the one the bank always uses for credit card changes etc so the real one. Of course i had to pay some fee for the wire (which is based on a % of the amount)