Do I need to cash the money from paypal to my bank or is it done automatically?
By VotreAmie
@VotreAmie (3028)
United States
May 9, 2007 3:52am CST
I got a paypal account few days ago and I now have some money there from selling stuff on ebay and some GPT programs. I am wondering if I have to make a request for the money to be deposited in my bank or it will be done automatically? I'm sure there are many of you who use paypal and you have more experience than me. I will appreciate Your answer. Thanks.
1 person likes this
3 responses
@kukkad (511)
• India
9 May 07
Hi VotreAmie,
Paypal will not transfer the funds directly to your Bank A/c. You will have to order for a check withdrawal. One good thing for you is........ you are in the US. As such, if you instruct Paypal to transfer the money into your A/c, they will do it free of any charge........And, I think people in the US do not have any limits on the minimum amount that they can withdraw.
So, cheers.
Now its upto you. You can either order a transfer into your Bank A/c directly......... or let it remain in your Paypal A/c and use the money on "Paypal Accepting Stores"..... online.
Cheers.......:)
@VotreAmie (3028)
• United States
9 May 07
I'm happy to know that there is no minimum amount to withdraw. I was wondering if there were fees if I ask them to transfer the money. Thanks kukkad!
1 person likes this
@kukkad (511)
• India
10 May 07
I am glad I could be of help to you. And, thanks for the best response too...... :)
No..... if you have a valid bank account within the US, Paypal will transfer the money directly over to your Bank A/c without any fees. Thats a special previlage Paypal gives to you guys........ :)
Tip :- Get your Paypal A/c verified. Un-verified A/c have some withdrawal limits. When you verify your paypal a/c...... you will have to enter your Credit Card no. into your Paypal profile...... they will charge some small amount on your Credit Card, I think its around $1.5 ( not sure, please check it out). But, do not worry about this charge. Paypal will refund this money by way of a Credit reflecting in your Credit Card statement when your Credit Card cycles the next month......... :)
Verified Paypal A/c's come with a lot of benefits...... the most important being...... your abaility to withdraw more money in a single month as compared to an un-verified Paypal A/c.
Take care...... :)
@kathy77 (7486)
• Australia
10 May 07
Hi, Yes you do have to make a request for payment from paypal, it will never be automatically put through to your bank accont, yes I have been using paypal for over 6 years now. So good luck but do not worry as they will definately put your money through for you.
@wachit14 (3595)
• United States
9 May 07
Money is never sent automatically without your authorization. When you want money to be sent to your bank acount, you have to authorize them to send the money to a specific bank account and you must provide them with that information by verifying your bank account. Once that is done, you hit the 'withdraw' icon and withdraw the amount you wish to transfer to your bank account. This is a free service to you so you don't have to worry about any fees being owed Paypal for this service.
1 person likes this
@VotreAmie (3028)
• United States
9 May 07
Thank you wachit14. It's good to know that there is no fees. I see that you are from the US. So there is no minimum amount to reach to avoid fees. Okay thanks!
1 person likes this
