posted on March 27, 2001 10:52:58 AM new
As I understand it, Paypal users who live outwith the USA have to confirm their accounts with a credit card. But if they want to WITHDRAW fiunds from their account, they have to register a Bank account.
If you register a British Bank account and Paypal then attempts to deposit funds to that account, the funds will be in US dollars, right? So one of two things will happen. Either your Bank will charge you a huge fee for conversion, or they will refuse the credit and Paypal will charge you a $20 'bounce fee'.
Can a British Paypal user please explain how it is possible for someone outside the USA to use Paypal without it costing the absolute EARTH? At this rate I'd be better off using CCNOW and paying the 9% commission!!
PayPal charges a fee when currency is converted to or from U.S. dollars. This occurs when you send money from, or withdraw money to, an international credit or debit card. The current fee is 2.6% of the amount plus $0.30 per transaction. This fee covers accepting payments from cards outside the U.S., increased risk and resultant costs for international transactions, and increased customer service communication costs as well as any associated currency fees.
There shouldn't be a rejection of the deposits if the information matches (routing transit numbers, bank account numbers). Operations has also advised me that some UK banks are very particular about the name matching what is on the account routing transit number and bank account number.
For example, PayPal account is a Business Name, but the bank account is a personal name---these would want to match in many circumstances.
To prevent issues, I would recommend asking the bank for clarification on routing transit numbers and account numbers, as well as what would lead to a rejection.
posted on March 27, 2001 03:05:48 PM new
Paypaldamon,
Regarding your statement above:
If the credit to your Bank account is made in US Dollars, how come Paypal sent me an email stating that they would convert to the local currency??? (a statement which I have to say is not backed up by anything on the website). I remember this because they said the exchange rate would be 'very favourable'. Now you're saying the complete opposite thing, that the credit would be made in US dollars!! Now I'm more confused than ever!!
If, as you say, the transfers to UK Bank accounts are made in dollars, then I can't see any UK seller using Paypal because with the Bank charges levied by UK Banks to convert dollars to pounds (on top of the Paypal charges for the money 'exiting the US) it wouldn't be worth it unless you were a large scale 'power seller'. Small sellers like me would be better of using CCNOW and paying the 9% commission.
Looks like joining Paypal was one HUGE EXPENSIVE MISTAKE!!
posted on March 27, 2001 03:28:07 PM new
If a buyer in the UK wants to pay me for an item using Paypal, am I right in thinking that I will have to pay
2.6% to Paypal
0.30c fee to Paypal to convert £ into $
$8 fee to the bank to convert back into £
2 x exchange rate losses
Or do you charge another 2,6% + 0.30c and change it back again?
You may say that I shouldn't accept Paypal from a UK user but one of the main reasons is to allow me to accept Credit Cards.
