Paypal Fees

[liowkc]

Paypal is just like any bank, always gorging customers on the service fees to make money. And of course who can live without a bank account or paypal account nowadays?

[the_raven_group]

Well that is all very true! its really difficult if not impossible to get by in the real world without a bank account. 99.9 percent of companies pay directly into your bank account! Why should the ciber world be any different!

[zymon_king]

Paypal is not a professional banker. they are like a money exchangers, so their charges are reasonable for minimum amount, if you transfer you money from paypal to your account, it 'll get minimum 5 day's, in between these days they 'll get some interests. but in the minimum amount is not possible for interest amount...

[hwang]

Not only that, they give lousy exchange rates even though the market rate is much higher and they also charge transaction fees for credit card withdrawal. All in all, they earn from there.

[danielle101282]

Well i think of it like a business, they have to make their money too.

[life31]

Originally Posted by zymon_king

Paypal is not a professional banker. they are like a money exchangers, so their charges are reasonable for minimum amount, if you transfer you money from paypal to your account, it 'll get minimum 5 day's, in between these days they 'll get some interests. but in the minimum amount is not possible for interest amount...

I feel they are much more than only money exchangers. Its something like a virtual bank or we can say an online bank

BTW its not only for the 5 days the earn intrest on, its almost every day they earn intrest on your money in your account there.

Just think, as an individual you ill have atleast minimum around $50 to $100 there. So there are thousands of individuals like you having an account there so finally think how much intrest they would make out of your balance there.


And speaking about the rates and transaction charges, its obvious they would always like to make up their running cost and some profit of that difference. Even banks charge for transaction made through a different bank or a different banks ATM. Only thing is that they charge a bit higher. But then afterall its we who want or preffer using them for our convinience

[zymon_king]

They didn't get any interests from low amount. so they 'll charge some fees for transaction. I think they got some interests from some big amount, so that they take nearly 3 to 5 working days for transaction.........

[the_raven_group]

Yep paypals exchange rate is shockingly bad espeically pound against the dollar of visa versa. when it was two dollars to the pound paypla where only giving you $1.49. They also charge you to convert cash from dollars to pounds. which is not great if you trade with a lot of americans

[hwang]

Yeah, I think what life31 said is correct. If there are millions of individuals with at least $100 of money left inside, imagine how much of interest would they earn in just 1 single day.

[yazinator]

I would have double the amount in my account if it wernet for the fees. Since i receive alot of smaller payments they sometimes take over 50% on fees.

[life31]

Hey yazinator you seem to be using a business account at paypal. BTW if you only accept very small amounts in fees then why dont you use a personal account.

There are no or very less transaction fees for personal account.

[hwang]

Yeah, what life31 said is correct. It's very very costly when it come to accepting small payments because let's say you are receiving only $1 and paypal took away almost 50cents out of it, that leaves you only some left. Either way, you can also request paypal to downgrade your account back to personal.

[yazinator]

Originally Posted by life31

Hey yazinator you seem to be using a business account at paypal. BTW if you only accept very small amounts in fees then why dont you use a personal account.

There are no or very less transaction fees for personal account.

I am using personal, the thing is i receive several very small payments sometimes 0.50! and they take like 0.33 per transaction received. which is more then half.