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elementary paypal question

rootlesscosmorootlesscosmo 12,848 Posts
edited September 2008 in Strut Central
I've never sold anything for which I received payment via PayPal. But I've sent money using Paypal hella times (mostly for Ebay purchases).b,121b,121I'm buying an item off craigslist. Dude wants $1000 for it. Provided that my PayPal account is linked to my bank account (which it is), if I send him $1000 via PayPal, he gets $1000, right? Meaning, there's no fee he /b1 has to pay on his end to collect the fee OR to transfer to his bank account if it's coming out of my bank account vs. off my credit card?b,121b,121 a href="https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-fees-outside" target="_blank"1The fee page/a1 says it's "Free" to "Receive payments funded by PayPal Balance, PayPal Instant Transfer or PayPal eCheck." If my account is linked to my bank account, that's a "PayPal Instant Transfer" i.e. no fee for him right?b,121b,121Thanks.

  Comments

  • HeddyHeddy 131 Posts
    That's right. There should be no fees charged to you for sending money and the recipient will receive the entire amount you sent. b,121I believe the fees kick in only when the recipient withdraws the funds, and that's only if he chooses a method where fees are associated. For instance, it's free to transfer the funds to your PayPal account, or bank account. But they will skim a little off the top if you request a check in the mail.b,121b,121So it leaves it totally in the hands of the recipient.b,121b,121b,121K?
  • The_Hook_UpThe_Hook_Up 8,182 Posts
    well, yes and no, he gets a notification that you sent him a $1000, but paypal keeps around 4%....he will net about $960 after paypal keeps their share.
  • hcrinkhcrink 8,729 Posts
    No, they will take their fee from him when you send the money. He won't get $1,000, he'll get it minus 4 percent of $1,000 or something like that.
  • rootlesscosmorootlesscosmo 12,848 Posts
    /font1
    Quote:/font1h,121b,121well, yes and no, he gets a notification that you sent him a $1000, but paypal keeps around 4%....he will net about $960 after paypal keeps their share. b,121b,121h,121
    font class="post"1b,121b,121okay this differs fundamentally from what Heddy has indicated here, i.e. that the 4.9% can be avoided completely if he tansfers the funds to his bank account and waits the 3-5 days for the transfer to happen.b,121b,121so the answer is he's gonna be charged the 4.9% regardless?
  • hcrinkhcrink 8,729 Posts
    /font1
    Quote:/font1h,121b,121so the answer is he's gonna be charged the 4.9% regardless? b,121b,121h,121
    font class="post"1b,121b,121Yes.
  • rootlesscosmorootlesscosmo 12,848 Posts
    Okay so here's one for the math geniuses. If the fee is 4.9% and I want him to net $ 1100 /b1 (note it's no longer $1K; we negotiated something else), what amount do I actually PayPal him on my end?
  • RerogRerog 569 Posts
    $1153.90
  • rootlesscosmorootlesscosmo 12,848 Posts
    /font1
    Quote:/font1h,121b,121$1153.90 b,121b,121h,121
    font class="post"1b,121b,121we have a winner! b,121b,121thanks dudes for indulging me in this most elementary inquiry.b,121b,121b/w b,121b,121FUSK PAYPAL!
  • The_Hook_UpThe_Hook_Up 8,182 Posts
    also, Fusk dudes who want you to paypal them extra to cover their fees...you would think that the fact he gets the money in milliseconds would outwiegh the fee. Eat it or wait on the money order. Greedy goons.
  • rootlesscosmorootlesscosmo 12,848 Posts
    /font1
    Quote:/font1h,121b,121also, Fusk dudes who want you to paypal them extra to cover their fees...you would think that the fact he gets the money in milliseconds would outwiegh the fee. Eat it or wait on the money order. Greedy goons. b,121b,121h,121
    font class="post"1b,121b,121in fairness to him, we negotiated $1100 cash for me to come pick up this item. but since I'm having a mover with a truck go get it (in Vallejo), my only reason for riding along with them was to pay him the cash. I figured I could avoid going with the movers if I just paypal'd him.b,121b,121so it's basically my paying him the 4.9% fee so that I can avoid driving roundtrip to Vallejo from SF this evening in rush hour traffic with two movers I don't even know.b,121b,121worth the $50?b,121b,121on second thought I could go to the bank now and get a money order, have the movers stop by my work and get the money order and they could give him the money order when they pick up the item?
  • RerogRerog 569 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121on second thought I could go to the bank now and get a money order, have the movers stop by my work and get the money order and they could give him the money order when they pick up the item? b,121b,121h,121
    font class="post"1b,121b,121That sounds like the way to go right there. Tip the movers $20 each for the extra effort, save $13.90, and not waste your night.
  • hcrinkhcrink 8,729 Posts
    You'd still have to pay the money order fee.
  • The_Hook_UpThe_Hook_Up 8,182 Posts
    /font1
    Quote:/font1h,121b,121You'd still have to pay the money order fee. b,121b,121h,121
    font class="post"1b,121b,121most banks have free money orders if you have an account with them.
  • rkwparkrkwpark 915 Posts
    /font1
    Quote:/font1h,121b,121b,121b,121FUSK PAYPAL! b,121b,121h,121
    font class="post"1b,121b,121indeed.b,121b,121is there any way to bypass the fees on paypal when used for non-ebay related transactions?
  • The_Hook_UpThe_Hook_Up 8,182 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121b,121FUSK PAYPAL! b,121b,121h,121
    font class="post"1b,121b,121indeed.b,121b,121is there any way to bypass the fees on paypal when used for non-ebay related transactions? b,121b,121h,121font class="post"1b,121b,121dont think so. I sell most of my more expensive records outside of ebay and still get stuck with the fee.
  • rootlesscosmorootlesscosmo 12,848 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121b,121FUSK PAYPAL! b,121b,121h,121
    font class="post"1b,121b,121indeed.b,121b,121is there any way to bypass the fees on paypal when used for non-ebay related transactions? b,121b,121h,121font class="post"1b,121b,121that's what I'm doing here, and apparently not.
  • hcrinkhcrink 8,729 Posts
    /font1
    Quote:/font1h,121b,121/font1Quote:/font1h,121b,121You'd still have to pay the money order fee. b,121b,121h,121
    font class="post"1b,121b,121most banks have free money orders if you have an account with them. b,121b,121h,121font class="post"1b,121b,121I don't think I've even been inside of my bank for 6 or 8 years.
  • HeddyHeddy 131 Posts
    You guys are completely right. Sorry for any confusion.
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