Whether to Keep My Entire Online Earning On My Paypal Account Or Not

@ARIES1973 (9439)
Legaspi, Philippines
August 5, 2012 9:13pm CST
I would like to solicit the opinion of my friends here in myLot on a personal decision that I would like to make. I am earning a little from my online job and I am planning to keep the entire amount until such time that it reach the amount that I needed to buy the thing that I really wanted to have. I have my permanent job so whatever I earned online, I just want to keep it. Now, my dear myLot friends, is it safe if I just let my earnings stay with my Paypal account or I have to transfer it on my bank account? How do you manage you online earnings? Please share your strategy regarding this matter. Your inputs will be highly appreciated. Thank you.
1 person likes this
16 responses
@thanks1961 (7049)
• India
6 Aug 12
I am from India and as per the RIB (Reserve Bank of India), [the Suprem authority for financial control], has given the instructions that all the money which is accumulated to the paypal account needs to be transferred to our local bank accounts, which linked earlier. As long as paypal is just a mediator for transferring funds, they don't have the authority to hold or keep the money not morethan 7 days. We are given instructions to transfer the money to our account or it will get automatically transferred to our account. As per the govt., as paypal only deal with the transfer, they cannot hold the public's money for long and if they keep, they are liable to pay interst. If they are paying intest, the the type of business become like a bank or banking institution or similar to it and they have to comply with other rules and regulations. As this is just one reason, we cannot hold the money with paypal for long. I don't know about Phillipines, you may be able to hold the money with them. I think paypal used to pay noninal interest also to the public if they keep mony for a long period, but not now.
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
That is an additional knowledge for me thanks. I appreciate you for sharing this information with us. I was not informed by paypal about this so perhaps this is not applicable in our country. Well, anyway, it is really good to have a bank account intended for my online earning even though I know that it is a very small amount. I am saving this money to buy something. Please ask me what I want to buy. Nobody asked me.
• India
6 Aug 12
Hi, Even if you don't tell me, I know what are you going to buy with the small amount and if tell me, I will tell you whether it is the same what you thinking and I am also thinking about. I never spend my earnings and I am keeping it for a special purpose ever since I got earned from myLot and got only one site, that is myLot and no other online earning I got ever. But from myLot I am getting paid for the last 3 years and more. Also, if the paypal is not given any specific instructions, I think you can keep the money with paypal and they would pay some nominal interest also, if you keep the money for 45 days and above or 90 days and above. Please confirm. I hope you already linked the paypal with your local bank account, which is a mandatory procedure for you, I think. If you are not already linked it, please do it for your safety. Paypal team will guid or help you for doing the same. Regards
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
I am saving my online earnings because I want to buy a Car. I think I'm crazy and I don't know how long it will take me to earn enough amount so that I could be able to buy one. Thank you for the reminders. I will do it. It's good night in the Philippines!
@browneyed (2528)
• United Kingdom
6 Aug 12
Paypal is cool. I use it. I like it. However, I personally wouldn't leave money in there for a long stretch as I've heard of some people's accounts being hacked into (somehow).
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@Raine38 (8907)
• United States
6 Aug 12
I agree. Besides, if you will leave your money somewhere for more than a month, wouldn't it be better transfered to an interest-bearing bank account rather than hold it in paypal for a long time?
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
I think the 3 of you got a point. But I am so shy, my earnings a month is quite small, lol. But I got the idea. If ever I have say, $50, I will transfer it to my bank account. Thank you for giving me this very helpful idea.
@browneyed (2528)
• United Kingdom
8 Aug 12
You're welcome, Aries. And good luck with your earnings. I hope you get to the point where you'll be transferring $50 to your bank account everyday .
@asdomencil (4276)
• Philippines
6 Aug 12
Transferring in bank acount cost too much. My wife's cashout in mylot was tranferred using my BDO account and it costs about 300 pesos. There is and EON card from Unionbank that charges nothing. Once I reached my last cashout, we just bought some nappy for my son thru onine shopping. I think if you have a bank account that charges nothing when transferring account from paypal, better tranfer it in your bank. On the other hand, if it charges much, just let it stay there and use it to purchase at online shops.
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
Oh no, asdomencil! I am saving my online earning to buy the thing that I really wanted. I don't care how long it would take to reach the amount. I am determine to buy that thing with my online earning. Perhaps I will try to open a Union EON card if it would be of help. Thank you for sharing your opinion.
• Philippines
7 Aug 12
Yes, EON card is the best way to withdraw your account in paypal. I havent openned an account there as of this moment. hehehe
@allen0187 (24381)
• Philippines
6 Aug 12
hi aries1973. how are you? hope you are doing fine. here's my take about online earnings. what i do is i keep my online earnings in my paypal account until the end of the year. if the amount i have is enough to make a withdrawal from my paypal account to my bank account without being charged by a fee from my bank and paypal, then i go ahead and make the transfer. otherwise, i let my funds stay put in paypal as i do not really see any reason to move the funds from paypal to my own bank account and get charged by a transfer fee. hope this helps. cheers and happy mylotting!!!
@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
Hi allen. Yes I am always doing fine. So you withdraw the amount if it reach Php 7,000 ($175.00) or higher. That is also a great idea! It means also that you are really earning that much online. Wow! Thank you for sharing your opinion. For how long will I earn that amount? He he he. Hopefully, soon. Have nice day!
@allen0187 (24381)
• Philippines
7 Aug 12
hi aries1973. that is an option that i rarely do but yes, when my funds reach that much, i do withdraw the money. normally, what i do is i wait until the end of the year before i withdraw my online earnings from my paypal account. whatever amount i have, i use as i see fit. sometimes it goes directly to my savings other times it serves as an additional bankroll for my online gambling. other times, it finances a side project of mine. anyway, continued success on your online endeavors aries1973. cheers and happy mylotting!!!
@Suggar (3612)
• Bulgaria
6 Aug 12
Hello Aries, I don't like saving money in my Paypal account, because I had problems with them in the past. They held one small amount I made because of unexplained to me reasons and they didn't want to give it back for a while. They also started investigating my account for unusual activity, which was very strange to me. I also have another reason to not keep any money there and it is that if I do so, when I decide to withdraw the money from my Paypal account I will have to wait 5 days til the money reach my bank account.
@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
Thank you Suggar for the information. As of now this is the only account I have online where I could received my payments from my online job.
@Suggar (3612)
• Bulgaria
6 Aug 12
Probably it would be the best idea for me to collect savings in Paypal, because very often, when I have money in my cards I feel like spending them, it is a large tease for me. Just after this problem with them, I read so many stories about people who had their money stopped and their accounts being investigated (because when they start investigating your account, they actually freeze it) that I try to avoid using them really much.
@champoy186 (1638)
• Philippines
8 Aug 12
I like paypal. It is one of the best e-wallet. I was once in your situation. I decided to invest it in other sites. I want to make my money grow. Just be cautious on what site you want to invest your money.
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@ARIES1973 (9439)
• Legaspi, Philippines
23 Oct 12
Hi champoy! It's good to know that many of us doesn't encounter any problem with paypal so far. It is a good indication that this site is a good place to keep our hard earned money. Thank you for sharing!
@jaiho2009 (39079)
• Philippines
6 Aug 12
I have my paypal account for more than 4 years and never been encountered any problem. I keep my earnings there lying for many months- yes, 3-4 months because I want to earn/save bigger amount to buy things from my online earnings.
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@ARIES1973 (9439)
• Legaspi, Philippines
8 Aug 12
That is also my goal jaiho. Thank you for the response.
@eagletrek2 (4841)
• Kingston, New York
6 Aug 12
Hi does your bank pay any intrested? my checking account does not so far I have no problems with pay pal this what i do since im on line every day i check all my account are with money to see if anything wrong i never had a problem with pay pal Im starting to trust pay better then the banks with all the fees bank are chargeing now Im glad I got away from those banks just keep a eye on your money .
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@ARIES1973 (9439)
• Legaspi, Philippines
8 Aug 12
Hi eagletrek! I haven't done any bank transfer so far. Besides I am also new in this online job.
• Philippines
6 Aug 12
I do that. I am still in accumulation mode with my unverified Paypal account. I have set a target amount for me before I apply for an EON card and pull out my earnings in there. The disadvantage is that the earnings in Paypal does not earn any interest at all. But still, locking it up in Paypal is safe.
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@ARIES1973 (9439)
• Legaspi, Philippines
8 Aug 12
Thanks for the response Agent Gulaman. I have my a verified paypal since I started out with my online adventure. I use smart money to get it verified. But then, I have known that I can not transfer the amount from paypal to smart money. Well, anyway, I just have to open another bank account for that purpose.
@insulin (2483)
• Philippines
6 Aug 12
I do trust Paypal however I don't keep my money on it even on the bank.When I withdraw in my local bank account.I immediately get it and keep it in my hands.
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
You must have a lot of cash on hand insulin. When I have free time, I would like to have a one on one interview with you. So that you could teach me how to earn more online. Don't worry, you still have a lot of time to prepare. I still have to spend a month and a half on this place and I still need to pass another examination after the training. Please be ready!
@judelen (429)
• Philippines
6 Aug 12
Hello! For me i will not stay long my earned money via online in my paypal account since paypay is only in the internet. Whatever happened in the website our money will never realize. I don't say that paypal is not good, they are good only thing is that is in the internet and we don't even know there office. So better to withdraw you money and transferred it to your bank account.
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
Thank you judelen. You have a point there. Thank you for the comment.
@roberten (3134)
• United States
6 Aug 12
ARIES1973, I have most of my online earnings into my Paypal account where I leave it until I make a purchase. My funds have been secure; I have not had any problem with Paypal in all the years I've had an account. I do think that you should follow your own heart when you are dealing with your money; I have had a good experience, that doesn't mean that everyone else has too. If you have reservations, you may want to link your Paypal to a bank account set up specifically for your online earnings. Whenever you like, you can transfer money from Paypal into your bank account.
1 person likes this
@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
Thanks for the information roberten! I am glad that almost everybody had a good experience with paypal. I will take every suggestion into consideration. Maybe I just really have to open another account intended for my online earnings. I would like to save the money for something I really want. And when I buy that thing that I really wanted, I can say that I am really successful on this field. My friends will have no doubt anymore if that happened.
@Mashnn (4503)
6 Aug 12
Paypal is one of the safest online processor. I would not be so much worried about the safety of my money. I have money in my Paypal and I do not plan to transfer it to my bank account. I just leave it there so that I can use it when I want to buy something online.
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
Thank you Mashnn for sharing your opinion about this topic. I don't know much the transactions online and I am glad that my friends here are willing to give suggestions. Your comments would help me decide. Thank you friend!
@morgandrake (2144)
• United States
6 Aug 12
I transfer my earnings out of paypal every month or two. The reason that I allow it to sit there for awhile is because I recieve several small payments a month from various sources. It is more of a convenience for me to pull the money out once a month than it is to do a transfer every time I recieve a payment from a vendor or client. I have never had any problems with paypal, but I have heard horror stories.
1 person likes this
@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
This can be a good option. Perhaps you are already earning that much. Thank you for sharing your opinion morgan! Have a nice day!
@MandaLee (3700)
• United States
6 Aug 12
Hi, I keep all of my earnings in my Paypal account. I only withdraw the money when I need it. This is the best way for me to save more money.
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@ARIES1973 (9439)
• Legaspi, Philippines
6 Aug 12
@ MandaLee. Thank you for sharing your opinion regarding this matter. I will try my best to save my online earnings.
@lampar (7597)
• United States
6 Aug 12
I think it is quite safe to have your money in Paypal, but just don't keep too much of it inside, one will never know how long will Paypal continue to operate online, it can be a month from now, or ten years from now before it disappear from online business. So far, history of Paypal is quite consistent, and it is indeed a trusted online payment processor for many online businesses, keeping certain amount of your fund inside Paypal may help you a bit and make your life easier if you decide to buy something from online stores later. It is only my two cents for your reading pleasure, you don't have to agree with me at all if you don't like what i say here.
• Philippines
7 Aug 12
You made me worry! Anyway, I will be reaching my target within this year so I will have to move out my Paypal money to my local bank account. Yeah, you have a point, so I am already planning the move.