How much is the service fee?
By ida123
@ida123 (6206)
Cagayan De Oro, Philippines
March 19, 2016 3:01am CST
We've just learned that their is a new payment system, from $10.00 down to $1.00 and this will give us new users a chance to a cash out because reaching $10.00 is not an easy task.
At the end of the month, we're able to reach $1.00 and we all know it will be transfer to our paypal account.
My question is, how much is the paypal service fee for $1.00? We all know that they charge certain amount for the service fee. For those members who already made a cash out, how much is the service fee from paypal?
Will you share your ideas about this query?
14 people like this
20 responses
just joking. Seriously I don't really know. I do know paypal will make money on every transaction. Very good question perhaps someone that knows more about paypal can answer that one.
@CaptAlbertWhisker (32760)
• Calgary, Alberta
19 Mar 16
That depends on country I believe, We have the option to hoard money though by removing our Paypal email on our profile. I plan to hoard my cash before the end of month when april comes.
2 people like this
@CaptAlbertWhisker (32760)
• Calgary, Alberta
19 Mar 16
@ida123 My plan is to hoard until 5 dollars.
1 person likes this
@ida123 (6206)
• Cagayan De Oro, Philippines
19 Mar 16
@CaptAlbertWhisker
I think, I can reach that but it took 2 months.
@youless (114117)
• Guangzhou, China
19 Mar 16
I don't really understand. But Mylot will not charge any service fee to send us money. In the past I received payments from Mylot many times and they wouldn't charge me extra fees. As to Paypal, if you have a personal account rather than a business one, you are not supposed to pay any extra money when you receive money.
1 person likes this
@youless (114117)
• Guangzhou, China
19 Mar 16
@ida123 Oh, I see. If I withdraw money from Paypal to my bank account in China, it will charge me $15 and it is quite expensive. But if my Paypal money is up to HKD1000, then it will be free of charge to withdraw it to my bank in Hong Kong. This is why I set up a bank account there. In fact you can see the withdraw charges information from Paypal. It has a list.
1 person likes this
@Macarrosel (7498)
• Philippines
19 Mar 16
owlwings already answers your question. Thanks @owlwings. It's really good to know that the minimum threshold has been lowered to $1.
2 people like this
@owlwings (43897)
• Cambridge, England
19 Mar 16
MyLot always pay exactly what is in your account on the last day of the month. There are no deductions. That is also what you receive into your PayPal (in US Dollars). PayPal will charge you for converting from US Dollars to your currency (by setting their own conversion rates) and they may also make a charge for withdrawing to your bank account. This charge is clearly set out on the PayPal website - just log into your PayPal account, look for Help and search for "PayPal Fees". The charges vary depending on your country.
1 person likes this
@owlwings (43897)
• Cambridge, England
19 Mar 16
@pandyaparil The procedure for Indians is different from other countries. Once you have the equivalent of approximately $10 in your PayPal account, it will be transferred automatically to your bank (I believe, without fees). PayPal had to come to an agreement with the RBI some time ago about this.
1 person likes this
@UmiNoor (4521)
• Malaysia
20 Mar 16
I just found out this morning about this very good news. It will encourage people to be more active because the minimum payment had been reduced. And as far as I know, there's no service fee charged for payment received from myLot. I think myLot absorbs the fee.
1 person likes this
@Tampa_girl7 (54715)
• United States
20 Mar 16
So far I haven't been charged any fees on my Mylot money that goes to PayPal.
1 person likes this
@ridingbet (66854)
• Philippines
28 Mar 16
I had my first payment last 11th of March and I noticed that I did not have to wait for many days; it was cash at once. No, it did not have service fee from PayPal also. I think Bubblews only made those service fees because MyLot has none
1 person likes this
@ridingbet (66854)
• Philippines
28 Mar 16
@ida123 yes, my dear, so when you get your payment on PayPal, you can transfer it at once in your debit card or your bank account.
@brokenbee (11937)
• Philippines
19 Mar 16
Hmmm I really don't know. I still haven't received any payments here because I am still below the minimum.
1 person likes this
@brokenbee (11937)
• Philippines
19 Mar 16
@ida123 Yes, I have registered just a few months ago and I am not that active because I am quite busy with my online job and household chores. Sometimes, I am already too tired to post and interact.
@karjatwala (1120)
• Pune, India
19 Mar 16
True, but I strongly feel, it will be better to let the earnings grow before one redeems it. Surely the Paypal service fees will be more for less and less for more.
1 person likes this
@ida123 (6206)
• Cagayan De Oro, Philippines
20 Mar 16
But $1 is alright, at least all of us here, old and new members will received our earnings and the new ones will be motivated more and know that Mylot will really pay us and strive harder to reach the minimum of $10 after next, next month.
