Paypal query

martin

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I've just sold some stuff via paypal, and clicked that 'Add Bank' facility so I can (technically) draw the money straight from the bank. Was just wondering if anyone here knows, do any credits to your Paypal account automatically transfer into your bank account? Do you have to wait for a period before it goes through, and do you actually get details of Paypal transfers on your bank statements? Any info much appreciated/....
 

john eden

male pale and stale
When it's set up (which takes a while iirc) you get a "transfer funds" button.

I think they charge you for transfers less than £50.00.

If you do transfer money from paypal to your bank account it shows up on your statement as something logical.
 

crackerjack

Well-known member
You give them your bank details but you have withdraw to get money from Paypal to your bank. The process takes about 5 working days and is free, so long as the amount is over £50. Your bank statement will record Paypal in the credit column.
 

martin

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Thanks for that.

Hmm, charged for transactions under 50 quid? Annoying. I'm thinking of shoving a load of stuff on ebay, might just go for UK cheques as payment then, as otherwise that could be a fair bit of money down the drain on charges and commission alone.
 

crackerjack

Well-known member
Thanks for that.

Hmm, charged for transactions under 50 quid? Annoying. I'm thinking of shoving a load of stuff on ebay, might just go for UK cheques as payment then, as otherwise that could be a fair bit of money down the drain on charges and commission alone.

Sorry, I meant charged to withdraw your money from Paypal to your bank account if the amount is less than £50. Paypal do charge though - both a flat fee and a percentage. Think the former is about 20p and the latter 3%-ish. You should allow for about 15% of anything you sell on ebay disappearing in fees of some kind (but do like I do and make it back in 'shipping and handling' charges).
 

john eden

male pale and stale
"cheques only" on ebay is a really bad idea and cuts out international sales. I think it would put off most UK people as well.

There are two things you can do with paypal withdrawals:

a) Wait until you have fifty quid and then bung it in your bank
b) Use the money you have got from ebay to buy other things (from ebay or elsewhere).

It really depends on what you are selling and how much you expect it to go for. But it does mount up over time if you are having a clearout.

You can also look for stuff at the popsike.com site to see what things previously auctioned have sold for (if it's music).
 

john eden

male pale and stale
As crackerjack says they do cream off a small percentage of each ebay sale. But if what you have is rare you should still do better with paypal than without.
 

martin

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a) Wait until you have fifty quid and then bung it in your bank

(slaps own face) Yeah, that would be a smart move...;)

Thanks to both of you, as you probably know I'm scared shitless of technology so is good to get human opinions! Doubt anything'll go for huge amounts, save some old industrial / power electronics stuff.
 

john eden

male pale and stale
Setting it up is the most difficult part I think. They have made it all relatively idiot proof after that.
 

martin

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Setting it up is the most difficult part I think. They have made it all relatively idiot proof after that.

Well apparently they're going to make 'two small deposits' to my bank and if I ok them, they're fine to go. What a load of mercantile nonsense....
 

john eden

male pale and stale
In terms of putting things on ebay, don't reinvent the wheel - rip off other people's auctions. Drop me a PM if you want to know all my ebay secrets... :)
 

Chef Napalm

Lost in the Supermarket
Everyone does not read Dissensus. Although they should.

Don't be stingy now.
 
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