Fees for using paypal?

[zoombini]

Hello, can someone help explain the fees for paypal to me?

I have just sold my modem on ebay, the buyer has sent me the money via paypal (my first to me) and I get a screen that says

Total Amount: £38.00 GBP
Estimated Fee: -£1.49 GBP
Net Amount: £36.51 GBP

Where has the -£1.49 GBP come from?

I can see that paypal fees for recieving money on personal accounts are:

Free for £50.00 GBP or more
£0.25 GBP for £49.99 GBP or less

Whats this for then?

I wont accept it until I know what its for & if I can avoid it.

[SMHarman]

What currency did the buyer send it in? Is the extra for ccy conversion costs?

[zoombini]

I doubt it, its from in the UK.

[Flubflow]

Originally Posted by zoombini

Hello, can someone help explain the fees for paypal to me?

I have just sold my modem on ebay, the buyer has sent me the money via paypal (my first to me) and I get a screen that says


Where has the -£1.49 GBP come from?

I can see that paypal fees for recieving money on personal accounts are:


Whats this for then?

I wont accept it until I know what its for & if I can avoid it.

Standard rates for receiving money....
http://www.paypal.com/uk/cgi-bin/web...e&countries=GB

£38.00 - 3.4% - £0.20p = £36.51

You are confusing it with the fee for withdrawing the money from your Paypal account to your bank account.

[Julian]

Hmmmmm according to the paypal site the fee is 3.4% + 20p flat rate = £1.49

See Here

<edit> d'oh beaten to it.

[zoombini]

OK thankyou, navigating around the paypal site to find this is not easy.


I guess that I'll accept that then (and lose more!).

[zoombini]

So once I accept it then, thats a done deal & I have the money?

Can I safely leave it there & then spend it on something else myself?

[Flubflow]

Some sellers used to pass on the paypal fees to the bidder but that is not a hip thing to do anymore and puts bidders off.
Others make up for it on low value items by overcharging on the postage & packing.

[Shaun]

I beleive Nochex don't charge you for recieving money, maybe worth investigating.

Personally I prefer to give my bank details to the buyer and get them to transfer the money direct. These companys have grown out of people irrational fears that somthing bad will happen if they give out their account number and sort code (it won't).

[SMHarman]

Originally Posted by zoombini

So once I accept it then, thats a done deal & I have the money?

Can I safely leave it there & then spend it on something else myself?

PayPal is now a UK registered financial institution.

http://www.fsa.gov.uk/register/servl...asic&sid=99095

As it has a deposit-taking permission it should be a member of The Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £2,000 of a depositor's total deposits with the bank and 90% of the next £33,000 , resulting in a maximum payment of £31,700 . Most depositors, including individuals and small firms, are covered.

But it isn't

Originally Posted by PayPal Website link follows

https://www.paypal.com/uk/cgi-bin/we...-ext&eloc=1127
PayPal members with a Personal account will be informed when their PayPal balance approaches £1,000. PayPal is required by law to inform members that the UK Financial Services Compensation Scheme does not apply to claims in respect of e-money issued by PayPal. Therefore, in the unlikely event that we become insolvent and the e-money balance in your account becomes unusable, you might lose your e-money. You would need to tick a box in a pop-up message to acknowledge that you understand this and are content for your balance at any time to exceed £1,000

However it is not likely to come to this as the FSA will be monitoring them to ensure that they remain solvent and do not upset the UK banking market.

[SMHarman]

Originally Posted by dellwear

I beleive Nochex don't charge you for recieving money, maybe worth investigating.

Personally I prefer to give my bank details to the buyer and get them to transfer the money direct. These companys have grown out of people irrational fears that somthing bad will happen if they give out their account number and sort code (it won't).

True, but giving out your credit card number (and in date, expiration date and CV2 number) is not such a hot idea.

[zoombini]

I have refused the deposit & asked him to send a cheque instead.

Much easier in my view.

Originally Posted by zoombini

I have refused the deposit & asked him to send a cheque instead.

Much easier in my view.

I won't deal with anyone using Paypal.I'd rather wait and pay by check or go without.

[DrAwesome]

Paying by either cheque or bank transfer once the cheque/money has gone from your account & the seller doesnt complete the transaction you have no way of claiming your money back as the bank will not intervien.

I see by the advert you are going to send the item by Royal Mail 2nd Class Recorded: £3.50 (Recorded items are covered for up to £28 compensation, in the unlikely event of loss or damage) so you will loose out by £4 (item sold at £32.00) it sounds silly but the post office when paying out compensation will always offer you much less than the £28 unless you are prepared to wait weeks for them to settle.

[zoombini]

I think that I'll do that, although when I come to sell the wifes new Pilates machine it will be quite a lot.




Can't you get the cog's to rotate on your avatar Incog?