Paypal Question

[loophole]

okay i have only just recently got myself a paypal account. i have already transfered $100 into the account so now i have got a couple of things off of evilbay but it will work out to just over $100 and so if i go to pay for it will it take out that money first and then the rest out of my normal bank account which is linked to paypal???

[iceburn]

yeap...that should be correct

[blackie]

doesnt it take 4 days or something to get money from your bank account tho?

[k.wong23]

doesnt it take 4 days or something to get money from your bank account tho?

That's only if you don't have a credit card linked to your paypal account I think

[Golden Phoenix]

That's only if you don't have a credit card linked to your paypal account I think

No it usually takes a couple of days for me, unless that is the NAB being the slow dim-witted bank it usually is

[Pulse]

I have already transfered $100 into the account so now i have got a couple of things off of evilbay but it will work out to just over $100 and so if i go to pay for it will it take out that money first and then the rest out of my normal bank account which is linked to paypal???

Yep that's right. It takes the money out of your Paypal account first & then the remainder out of your Bank Account (Mine is verified so it takes the funds out of my Savings Account - So I need to make sure I've got enough in there).

[griffin]

There is an exception though - if you are buying something in a currency other than the currency in your paypal account, it *might* ignore your paypal balance and withdraw the entire amount directly from your linked account. This has happened to me a few times when I buy stuff from UK or HK (payment in Pounds) while there was a US$ balance in my account. So whenever I receive a payment from an ebay sale, I always convert it to US$ just in case a AU$ balance is ignored on my (majority of) US purchases.
But it will tell you before you complete your payment where it is taking the money from, so you can make sure it will clear (if you have more than one Credit Card linked to your paypal account).

[dirge]

I have a very old PayPal account, in $US, with only a Visa Card linked. I never actually put money into it, it just charges the Visa (which is actually a visa debit) when I make purchases. And they're almost always in $US.

[jaydisc]

Assuming that you have all three fund sources available (Balance, Bank Account, Credit Card)

1. PayPal first attempts to use any existing balance IN THE SAME CURRENCY as the transaction you are doing (tip of the hat to Griffin). If you have money in another currency, you can log in to PayPal and convert it to the intended currency first, and then it will be available for this transaction.

2. PayPal will then attempt to extract from your bank account (otherwise they lose 2% to Visa/MC). They will serve an extra page of reasons to try and convince you to NOT override this by choosing your credit card. I always recommend credit card so you get credit card protection, which ALWAYS TRUMPS PayPal protection.

Now, if you want to override this and use your credit card instead, it MUST be for the entire transaction amount (you can't use part-existing-balance and remainder credit card). Also, you then have a second choice to make and decide whether to let PayPal do the conversion or let your bank do it. In every case I've seen, letting your bank do the conversion is a MUCH better deal.

What K.Wong is CORRECTLY referring to, is that if you have a credit card attached to your PayPal account, EVEN IF YOU ARE NOT USING IT FOR A TRANSACTION, rather you choose a your Bank account as the funding source, the recipient will get the money INSTANTLY. If you don't have a credit card attached, it take 3-5 business days, or however long it take PayPal to get your money first.

I have a very old PayPal account, in $US, with only a Visa Card linked. I never actually put money into it, it just charges the Visa (which is actually a visa debit) when I make purchases. And they're almost always in $US.

I don't think the vintage of your account is too relevant. Any PayPal user can maintain balances in any and as many (or few) currencies as they want. I keep US and AU active on mine. If you only keep one currency active and receive a payment in another, it will try to convert it to one of your existing currencies, which might not be ideal.

[loophole]

thanks for the info guys! very helpful indeed