PayPal Payments

@mimico (3618)
Philippines
July 1, 2008 9:14am CST
Just a question about PayPal. I went through the site but didn't find any answers so I'm hoping that someone here on myLot would enlightne me. Anyway, I have some money in my PayPal (which I won through an online contest) account. How long can I keep it there before transferring it to my bank account? I live in the Philippines so transferring money from PayPal to my bank account isn't free and should be a one time deal for me. Thanks in advance!
2 people like this
12 responses
@wachit14 (3600)
• United States
1 Jul 08
You can keep money in your Paypal account as long as you want to without having to transfer it to your bank account. I was under the impression that Paypal's fee structure was universal. I can withdraw money from my Paypal account and transfer it to my bank account free of charge. I can also switch my paypal account to an interest bearing one so that while my money is in Paypal, it is actually earning interest. You can always contact Paypal and ask them about fees and interest rates.
• United States
2 Jul 08
how can you get interest on a paypal account? is there a special link or something you can go to?
@mimico (3618)
• Philippines
2 Jul 08
Thanks for this information, wachit. This has been one of the most informative discussions I've started so far. I didn't know about earning interest through PayPal. I'll shoot them an email right now! I wonder why they didn't include this information on their website. I'm sure it will benefit a lot of people.
@munhozmib (3850)
• Sao Paulo, Brazil
2 Jul 08
Hello, Mimico. I have been a PayPal user for a long time already, more than a year, and I have never seen my money decreasing because I didn't withdraw it. You can just leave it there for how long you want, just make sure you keep your account active by logging in often (not sure if they cancel your account for inactivity). Respectfully, Munhozmib.
@mimico (3618)
• Philippines
2 Jul 08
Hi there, thanks again for responding. :)
@deebomb (15319)
• United States
1 Jul 08
I don't think tat there is a time limit because you can earn interest on what you have in your account. You have to sign up for the interest but it is more that you can get in a regular bank. I have earned 8 cents for the month of May on about $35.00.
@mimico (3618)
• Philippines
2 Jul 08
Thanks. Someone else mentioned it in the comments above so I guess it must be true. I'll make sure to zip over to PayPal after responding to these great responses. 8 cents for $35 balance means that the interest rate is a little over 2% which is indeed better than the banks! This is awesome if it's true. Thanks again deebomb.
@djmarion (4901)
• Philippines
2 Jul 08
there's nothing to worry about the money in your paypal account, you can keep it there as long as you like and just transfered it to your bank account whenever you wish. they do not charge any fee in keeping your money so you can wait until you won another contest or until your money accumulate before you withdraw the money.
• India
2 Jul 08
Am not very sure about my answer though, I think u can have it in your Paypal account till your account is live or active... Will try getting some good know hows about it.. Regards, Dannie http://urcognizance.blogspot.com
@ayessa (1586)
• Philippines
2 Jul 08
Congrats for your winning! Anyway, You can keep the money at paypal as long as you don't withdraw it.
@kalav56 (11497)
• India
2 Jul 08
I have kept my money for about two to three months and after that I was able to withdraw it.I allowed it to accumulate and nothing happened.The first time I made some mistake in transferring and had to pay a reversal fee.Well, it was the price I paid for learning and ever after I have not had problems in directly transferring the money to my account. So, do not worry. This is my experience and I still have some small amount there to be transferred. I am just waiting for mylot.com payment to process it.
• India
2 Jul 08
When you got some Money in your Paypal account, the money stays in your Paypal account as long as your account is active. There will be no interest added to your Money unlike Bank's saving account. You cannot transfer your money into your Bank account but you can request for a check and deposit the money i your Bank account using your check.
@lingli_78 (12836)
• Australia
1 Jul 08
honestly, i never think about this before... i also let my money stay in paypal account as it is not free to tansfer the money to my bank account if the money is under $150... so i am waiting until it reached $150 and i'm going to transfer it into my bank account after that... i will be curious to see what other users have to say on this... take care and have a nice day...
@yparson (582)
• United States
1 Jul 08
I don't know the answer to that question, but have you apply for the paypal debit card if its available in the country? I just received my card and I can have the funds applied to the card to use right away. Best of luck to you.
@julyteen (13257)
• Davao, Philippines
1 Jul 08
i don't know if our funds on them will have an expiration like electronic load of our cellphone. i think but not sure as long as our account passed the necessary requirements there is no problem about it. if you link your credit or debit card to your paypal account it will continue active and won't be frozen. my account now is under limitation because i don't have card yet to link my paypal. the site ask me to submit documents and link card either debit or credit card. i am waiting my EON card now from Unionbank, the bank experience system upgrade so the issuance of the card were delayed. My account now is suitable for withdrawal to my bank account without charge, i hpe the limit will be lift if my EON card already link on it.
@edigital (2710)
• United States
1 Jul 08
You can keep your money saved as long as you desire. Until you delete account