Paypal query please

[liegeprime]

Okay after so long of putting it off, Ive finally used my Paypal account. First time ever so Im quite squeamish about it. I always preffered direct debit but overseas paying is thru Paypal only which is such a bummer.
Ive paid for one ebay transaction last 18th of Sept. and when I checked up til now it still uncleared. NOw the questions:
1. How long does take for a transaction to be cleared ( Au$ to US$)
2. Are there extra charges by PAypal going to be put on top of what Im paying the seller?
3. Does it (Paypal) just automatically deduct the amount Im supposed to pay from the account Ive attached to my Paypal account ( the one they required to set up when setting up an account with em) or do I have to go to paypal and do the "send money" thing. Coz as per recent transaction in the records - it has payment to - name of payee - uncleared. Or do I just have to wait for it to clear ( refer to Question 1)

I used the paypal checkout system that Ebay has..... Im getting confused :confused::confused::confused: alittle help please

[Borgeman]

- no "fees" from your end - paypal just uses a lower exchange rate to incorporate money exchange fees

- dont always look at paypal to see if its cleared, check with your bank - either online or a mini statement - sometimes the money is removed from your account before it "clears" but it is definately out - see if you notice a $$$ discrepancy in your account similar to the amt you paid on paypal.

- it is deducted automatically once you pay through the checkout system


i just noticed the 18th was last thursday - just remember we went through the weekend, so both paypal and your bank will be behind on updating the status of something

George

[Pulse]

Yep, George is 100% right :)

When you've signed into your Paypal account & you're just about to give the authorisation to pay, you'll see the Foreign Dollar-Aussie Dollar exchange rate calculated & that's how much they'll deduct from your account in a few business days time.

It's easy as pie... :)

[liegeprime]

Thanks guys, so it'll take days ei? I was getting worried coz its my first time to use Paypal. And there isnt yet an amount deducted to my bank account ( i checked today) and its like 5 days already ( but then we have to omit the weekend:D). I just dont want the seller to think Im cheating him or sumthink. also just wanted to be sure I did the right thing and just go through the check out of ebay ( paypal payment) and did not need to do a "send money" thing in paypal separately or put an amount in my paypal account. So it automatically will withdraw from my bank account I just need to be patient... Im soo a noob in paypal. :o:o ... still dont find it comfortable using it. hmmmm prolly with practice...

[Saintly]

paypal would only charge fees if you are the seller

[JuzMel]

You seller would have gotten the money immediatly already though, so not to worry about cheating him. It's just how PayPal is, transactions deducted from your bank account take about 5-10 BUSINESS days. :)

Put it this way, PayPal sort of "pays" the seller for you first (immediatly actually) when you hit the PAY button on PayPal and then they deduct the money from your account later.

[Saintly]

You seller would have gotten the money immediatly already though, so not to worry about cheating him. It's just how PayPal is, transactions deducted from your bank account take about 5-10 BUSINESS days. :)

Put it this way, PayPal sort of "pays" the seller for you first (immediatly actually) when you hit the PAY button on PayPal and then they deduct the money from your account later.

paypal = short term money lender

[iceburn]

liege talked to me this morning...

the problem is that he's paid for the items but status of the paypal transaction is still "Unclaimed" hence it's the seller's problem of not accepting his payment; hence liege's reason for the bank has not deducted anything till today.

[Saintly]

ah... that's the seller's fault or lack of inactivity... i don't think it's anything to worry about... yet

[jaydisc]

- no "fees" from your end - paypal just uses a lower exchange rate to incorporate money exchange fees

Correct as in no fees. Incorrect in that Paypal incorporate a lower exchange rate. PayPal keeps as little as 2.4% + $0.30 of the transaction FROM the seller's cut. PayPal actually charges exorbitant exchange rates to make extra profit.


You seller would have gotten the money immediatly already though, so not to worry about cheating him. It's just how PayPal is, transactions deducted from your bank account take about 5-10 BUSINESS days. :)

Put it this way, PayPal sort of "pays" the seller for you first (immediatly actually) when you hit the PAY button on PayPal and then they deduct the money from your account later.

I'm fairly certain this is also incorrect. If you have a credit card attached to your account AS WELL as a bank account, only then will PayPal pay the seller instantly because they know they can always snatch from your credit card if your bank account doesn't come through.

Paying with a credit card is always instant though.

[gamblor916]

I'm fairly certain this is also incorrect. If you have a credit card attached to your account AS WELL as a bank account, only then will PayPal pay the seller instantly because they know they can always snatch from your credit card if your bank account doesn't come through.

That is true, a transaction where funds are drawn from a bank account is otherwise known as an echeque and may take days or even weeks to clear. This is why sellers dislike it and another way ebay is trying to steer people towards credit card funded paypal rather than bank direct deposit.
If the account is funded by a credit card then it is instant.

[Pulse]

Hey Liege, How did things go with this? Has it turned out ok? :)

[kup]

Money gets deducted off my credit card straight away with Paypal. Its instant.

It shouldn't be a hassle, Liege. If everything is right it should be as smooth as paying something through EFTPOS.

I pay 99% of all my international transactions through Paypal and as far as payment is concerned, I have never had a problem with them.

[jaydisc]

Possible PayPal transactions with their speed based on funding source:

1. PayPal Balance - Instant
2. Funded by a linked Credit Card - Instant
3. Funded by a linked Bank Account (from an account that also has a linked Credit Card) - Instant
4. Funded by a linked Bank Account (from an account with NO linked Credit Card) - 3/5/7 days.

[liegeprime]

Thanks for the reply guys, Its cleared status now. Now all I have to do is wait for the items to get shipped. Darn forgot to ask the seller to have it via registered :(:eek::eek:. Hopefully it doesnt get lost in transit, as my local post has been hiring sub deliverers with dodgy habits of NOT leaving card notices properly:mad::mad:. I should prolly practise using this Paypal a bit more often to get a better feel and hang of it. Cheers guys!:D

[Saintly]

perfect practise before making the super dooper whopping purchase :D