Author Topic: Paypal woes (Read 6018 times)

fintastique · « **on:** June 19, 2006, 02:57 »

Finally I have earned enough cash for payouts from DT StockXpert and FT.

So I requested payment on friday and received the payments over the weekend.

I noticed FT have a much more favourable exchange rate than paypal 1.77 cf 1.89 US dollar to sterling.

then I tried to transfer the money - houston we have a problem.

I have two paypal accounts one a premier account for accepting credit card payments when I occassionally sell something on eBay (and have deductions)

and a personal account for micro stock payments so paypal wouldn't take their 20p + 2% nibble.

Of course now when I try to transfer the funds to my bank account I find out that a bank account can only be linked to one paypal account for security reasons.

If I transfer the funds to my premier paypal account will those greedy ****ers take another bite? Obviously I can use this money for buying things online but i was rather hoping to use it to buy food and pay some of my rent.

I think i will be setting up a Moneybookers account at least Alamy are based in the UK and they will send me a cheque in hard currency.

leaf · « **Reply #1 on:** June 19, 2006, 03:10 »

yep if you transfer the $$ to your paypal account then they will take the $$.

I have my money in a bank where it takes 2 seconds online to create a new bank account, do you have something like that in GB? I ended up creating a new bank account so that I could have one attached to each paypal account. Or perhaps if you have a personal and a chequing account, use one for each type of paypal acct.

fintastique · « **Reply #2 on:** June 19, 2006, 03:49 »

I see it is a common problem.

I e-mailed PayPal to see their comments

looks another important addition to my microstock guide

Opening another bank account is an option will have a look online, there is so much bank fraud about I am sure it takes a bit longer than 2 seconds to set up.

I am considering removing my bank account details from the premier account as a temporary measure as I get no credit card payments these days.

jlye · « **Reply #3 on:** June 19, 2006, 04:38 »

thats what i did. I removed my bank account from teh premier paypal account
and tag it to the personal account instead.

So now all withdrawal are through my paypal personal account.

You really do not need a bank account tag to the premier account since even if payment comes to your premier account, you can just transfer them to your personal account which will be free.

Hope this helps

Quote from: fintastique on June 19, 2006, 03:49

I see it is a common problem.

I e-mailed PayPal to see their comments

looks another important addition to my microstock guide

Opening another bank account is an option will have a look online, there is so much bank fraud about I am sure it takes a bit longer than 2 seconds to set up.

I am considering removing my bank account details from the premier account as a temporary measure as I get no credit card payments these days.

leaf · « **Reply #4 on:** June 19, 2006, 04:53 »

Quote from: fintastique on June 19, 2006, 03:49

I see it is a common problem.

I e-mailed PayPal to see their comments

looks another important addition to my microstock guide

Opening another bank account is an option will have a look online, there is so much bank fraud about I am sure it takes a bit longer than 2 seconds to set up.

I am considering removing my bank account details from the premier account as a temporary measure as I get no credit card payments these days.

it did actually take only 2 seconds (or well 2 minutes i suppose to be exact). With online banking (where I allready had an account). I just clicked 'add account', selected the type, selected what i wanted to 'call it' and presto there it was. I got an extra bank account # which i sent to paypal to have with my personal account.

fintastique · « **Reply #5 on:** June 19, 2006, 05:00 »

jlye,

Thanks managed to log into the premier account and removed bank details and added them to personal account

One question do you transfer funds from premier to personal to get the cash?

If so do you just get the initial deductions when the funds are received at your premier account and no further deductions for the second transfer?

thanks again

Certainly easier than setting up an online bank account from stratch, my current account is a ye olde one so I was looking at the UK online banks who wanted to know what I was earning which is not much at the present time.

leaf · « **Reply #6 on:** June 19, 2006, 05:03 »

that is correct

if you transfer money to a personal account no fee will be charged (I have done this numerous times) Some personal account however only allow $500 worth each month of transactions. I have 2 different personal accounts (one for norway and one for canada) and it seems like the one for canada has that $500 limit but the one for norway does not. I am not sure why though ?? :S

fintastique · « **Reply #7 on:** June 19, 2006, 05:07 »

Good to hear just in case I receive a credit card sale

The UK limits are £500 a month or £1,500 a year for a Paypal personnal account

Does anyone know the limits for Moneybookers? Those lucky Americans who can get paid by cheque.

This should be my 100 post so I a full member - yeah!

jlye · « **Reply #8 on:** June 19, 2006, 18:30 »

I believe the 500 a month is due to the fact that the account has yet to be verified. Once you add a credit card to it, the limit will be gone.

photovan · « **Reply #9 on:** June 20, 2006, 00:40 »

Setting up bank accounts in some countries is a lot harder than it is in the US. Some require weird things like reference letters. I think US banks require money, an address, and a tax id.

Striker77s · « **Reply #10 on:** June 20, 2006, 08:06 »

Setting up a bank account is very easy the US. All it requires is around $20 for a first deposit and an ID card. They usually give out a bunch of free stuff when you sign up. I had no idea it was more difficult in other places since banks are dying to take your money. I once had a friend from New Zealand and when he found out banks in the US have drive up service he was completely shocked. He couldn't believe that a bank would be run like a McDonalds and called us lazy.

Which we probably are.

Mark

madelaide · « **Reply #11 on:** June 20, 2006, 17:47 »

It's not a problem to open a bank account here in Brazil. Receiving funds from abroad is another story. As far as I know, it would require a huge bureaucracy and a lot of taxes. I know a person who receives cheques and cash them at exchange bureaus also losing a good part of it. Therefore I've opted for Paypal - I can use that for buying books and stuff, still useful. If one day I start to make a lot of money, then I'll see what I can do.

Regards,
Adelaide