Paypal Questions...
By LegalAlien
@LegalAlien (641)
Serbia
April 16, 2013 6:32pm CST
Hi everyone. I have some questions about paypal, im sure some of you can help me with them.
Ok so let's say we receive money in our paypal account, and now we need to activate the paypal account. Connect it to a bank account.
I already spoke to paypal support and i cannot connect paypal to my bank account directly because of the country i live in, but i can do it with a Card.
So i understand that i have to open a bank account, open a card with it, and connect the card to my paypal account. I understand the process and the steps i need to take.
The questions are about the fees, basically.
Does it matter which bank i use to open my accounts???
Does it matter what kind of a card i open (visa, master etc)???
Does it matter the amount i withraw???
I need to understand what plays a role in order to limit the fees i have to pay to paypal or to the bank in order to get the cash in my hand.?
I would have asked paypal directly but i feel as though its like asking the government about how to manage to get around the tax issue and pay as little as possible. You know.
Please answer only if you have valid information, so no guessing please.
And any other information you can provide about the issue i would be grateful.
Thank you...
1 person likes this
5 responses
@joizee (502)
• Philippines
17 Apr 13
Hi there! I've tried to read some forums to check the compatibility of banks to Paypal in your country. The banks that allow Paypal are Cypriot, Laiki and Bank of Cyprus. You must apply for a debit card instead of a credit card. Usually Visa Then to remove the money from card, you can try Payoneer. With the fees, according to Paypal.com.cy, a withdraw from your bank is charge you 2.00 EUR and the return fee is 11.25 EUR. You can also check the "Transaction Fees for Cross-Border Payments - Europe". I found it in the section of "Fees". Good luck, hope this helps. :)
@LegalAlien (641)
• Serbia
18 Apr 13
Thank you very much for taking the time to check it out and answering.
But im afraid i disagree with the information you have provided. From my understanding any bank will do, as long as they can issue you a Visa card, Master card, American Express, Solo or Maestro card.
The fees are 1.9% - 3.4% + 0.35cents(In Euro)
And the "return fee" do you mean chargeback fee? From what i read it is 7EUR and not 11.25.
I get conflicting information though, so if you could provide a link from where you got the info you provided me with please?
1 person likes this
@LegalAlien (641)
• Serbia
17 Apr 13
You can see in my profile.
I still need to research further about this paypal thing...
@vidhyaprakash_2 (7116)
• India
17 Apr 13
In which country you are living? You can contact paypal using their twitter account and easily solve all your doubts, contact them using @ askpaypal to solve all your doubts.
@LegalAlien (641)
• Serbia
17 Apr 13
I could contact them...
I'd rather stay under the radar. Not because i want to do something against the rules, but i want to pay as less fees as possible without breaking any rules.
Example, they charge you a conversion fee to convert dollars to euros. But maybe i can withraw dollars and make the switch locally and avoid those high paypal fees.
This is why i opened this thread, but i guess i will have to ask elsewhere and get a conversation going about this with people who know the in's and out's of this whole paypal mess...
Thanks for the response... :)
@ketanm (68)
• India
17 Apr 13
Since you are from cyprus there will be some fee charged by paypal for transferring money (outside US there are charges) Check out this link
https://www.paypal.com/webapps/mpp/paypal-fees
What you can do is to transfer a small amount of money say (5 US$) into your bank account and see for yourself how much everyone(paypal, bank etc) is charging you.
Hope this helps.
@LegalAlien (641)
• Serbia
17 Apr 13
Thanks man, it does help but it doesn't answer all of my questions.
I read on their site but they only tell you what you are charged, no tell about how to minimalize fees.
@alisalin201314 (113)
• China
17 Apr 13
i have same question about paypal in my country China too.Looking forward to answers from experts.
