PayPal

[B+.]

It may seem obvious (and looking back on it, it probably is) but PayPal takes longer to make a payment if they don't already have the funds.
This is against normal banking practice though when you are supposed to get "same day value" for cash equivalent transactions.

I have just used PayPal to pay for some queens coming from The Netherlands. When I did this last year, the transaction occurred immediately using my credit balance. Everyone was happy. This time, they quoted a completion date of 24th!
So, Paypal takes the money from my current account today and doesn't pay it for a week! Thanks for nothing PayPal. I won't be doing that again!

 

[Stiffy]

It may seem obvious (and looking back on it, it probably is) but PayPal takes longer to make a payment if they don't already have the funds.
This is against normal banking practice though when you are supposed to get "same day value" for cash equivalent transactions.

I have just used PayPal to pay for some queens coming from The Netherlands. When I did this last year, the transaction occurred immediately using my credit balance. Everyone was happy. This time, they quoted a completion date of 24th!
So, Paypal takes the money from my current account today and doesn't pay it for a week! Thanks for nothing PayPal. I won't be doing that again!

I had the same problem earlier this month when ordering some breeder queens (not cheap). I thought at first it was the breeder not sending but turns out it was Paypal holding onto my money. I will transfer direct to their bank account next time.
S

 

[B+.]

I had the same problem earlier this month when ordering some breeder queens (not cheap). I thought at first it was the breeder not sending but turns out it was Paypal holding onto my money. I will transfer direct to their bank account next time.
S

The banks charge for this so I prefer using PayPal whenever possible.
If I'd known they would have my money for a week, I'd have transferred the funds from my bank to PayPal (which is instantaneous), then pay it to the breeder in The Netherlands (which was instantaneous last year). This is what I'm not happy about. They didn't make it clear that they would hold onto my money for a week simply because the funds were coming from my bank account rather than a credit PayPal balance.
I have 6 island mated queens (Vlieland) being posted today so I'd wanted to pay the breeder straight away.

 

[Beefriendly]

Register with Transferwise, very reliable, very small fee charged and next day it's in their account. Been using them for euro and dollar transfers for several years now.
My bank quotes me £35 fee for any size or amount for a euro transaction....they are taking the Michael.

 

[B+.]

Register with Transferwise, very reliable, very small fee charged and next day it's in their account. Been using them for euro and dollar transfers for several years now.
My bank quotes me £35 fee for any size or amount for a euro transaction....they are taking the Michael.

PayPal is free when you send it to a friend/family. I've been using it for quite a while and usually been happy with it. It was just this one thing that got under my skin. It would have been so easily avoided to if they'd made the implications clearer

 

[Beefriendly]

PayPal is free when you send it to a friend/family.

How much do Paypal charge when you are buying things like queens etc from a business?

 

[B+.]

How much do Paypal charge when you are buying things like queens etc from a business?

I'm not 100% sure. I think it's 4%.
However, this payment is for another breeder in the group so I sent it as paying a friend which costs nothing.

 

[Beefriendly]

Tut Tut,,,,,

 

[Hivemaker.]

How much do Paypal charge when you are buying things like queens etc from a business?

Nothing, it is the business that receives the money from you that gets charged.

 

[Beefriendly]

I see. Bit like selling on fleabay where you give a percentage of items selling price to both e-bay and another percentage for the PayPal transaction.
So B+ declaring it was for friend or family meant the receiver had no fee to pay?

 

[B+.]

So B+ declaring it was for friend or family meant the receiver had no fee to pay?

Look at it this way: if the bill for the queens is X, my cost is X+4%....so, ultimately it saved me money.

I've had queens from this breeder before, we talk back and forward by email all the time. I think I was justified in sending it as "friend".

 

[Bakerbee]

Quite right you were. Just how much interest do you think paypal earns on "holding" peoples monies during transactions worldwide? Everything is instantaneous in payment and withdrawals to our meagre bank accounts but they other way? Huh.

 

[B+.]

Quite right you were. Just how much interest do you think paypal earns on "holding" peoples monies during transactions worldwide? Everything is instantaneous in payment and withdrawals to our meagre bank accounts but they other way? Huh.

They're all at it.
I worked for BNP back in the 80's. Cheques cleared in 3 days then and there was talk of cutting that down. How long does it take today?

 

[oliver90owner]

Anyone thought that it might be the bank holding back from transferring your account money to paypal? Banking is all the same - they want to make as much as they can from your funds. I don’t expect paypal are any worse than the high street banks.

One question might be whether paypal is paid in millions of tiny increments or whether there is a settlement transfer of funds at set periods - and the bigger users get priority over smaller account holders?

I often use paypal for epay purchases. Many items arrive in the following two days, so is there some differences in account settlement times, dependent on country or receiving account?

Remember, your current acount is earning 0.1% interset or less. The banking system earns about 40 times that, if they can lend your money to someone else. Not paying you that 0.1% interest for a few days may be small, but it all adds to their profits.

I leave as little as I can in my current account. It might just as well be cash stashed under the mattress for all the good it does for the account holder. There are better places to use spare cash.

Another point is this reported trend towards all-plastic payments and the hope that cash payments will be a thing of the past. The banks get a transaction fee for every purchase made. Good for them, ennit!

Little wonder the banking system is encouraging more and more plastic transactions. More funds for them and more likely the card holders will be in debt to them!

 

[enrico]

I get PayPal to take my money from my credit card which I paynim full every month and get cashback on! I am making a profit, not a big one but a satisfying one!

 

[B+.]

I get PayPal to take my money from my credit card which I paynim full every month and get cashback on! I am making a profit, not a big one but a satisfying one!

Don't you pay 1.5% extra for taking cash from a CREDIT card?

 

[enrico]

Not talking cash, just buying things in general, I appreciate that was not the question but just sticking my pennies worth in!!!!
E

 

[Swarm]

I've always found paypal convenient and trouble free.

 

[B+.]

Not talking cash, just buying things in general, I appreciate that was not the question but just sticking my pennies worth in!!!!
E

I was confused by what you said. I would have thought that transferring funds from a credit card to Paypal was the same as taking a "cash advance" (i.e. loan) for which the credit card company would charge a fee.
That's why I couldn't see how you managed to make a profit from it.

 

[B+.]

I've always found paypal convenient and trouble free.

Generally, yes. I would agree. I use it a lot myself. It's just this one thing