PayPal - Receiving payments for goods

[muchlovex]

I've just started selling items on Ebay for the very first time and am using Paypal as payment.

How do I receive funds in Paypal, does it just go in my Paypal account automatically?

How long does funds take to reach the account and do I need to transfer the money from Paypal to my bank account?

Any advice would be extremely appreciated.
TIA

[hc4361]

Payments will appear in your PayPal account almost instantly.

You can either leave the money there to pay for own purchases or transfer the money to you bank account - this is not automatic and you need to log in to PayPal and withdraw funds. There may be a charge, depending on how much you withdraw.

[MASS1961]

Paypal is connected to your bank account. When somebody pays you it is paid into your paypal account as it clears. You can then transfer into your bank account. Remember to leave some to pay your ebay fees

[factor-fiction]

Paypal don't now charge for making a standard withdrawal (around 3 days to reach your bank account) but there is a charge if you want a faster transfer (24 hours I think)

[sinderella]

my advice.
never presume it has been paid.
always sign in to paypal and check your account

never follow a link.ever ever ever! happy selling!

[percypineapple]

Paypal used to charge you to withdraw unless its over £50, i don't know if they still do. as someone mentioned, make sure you leave enough money to pay the e-bay fee at the end of the month. I got caught out, I had only a few quid in my pay pal account,so they tried to get payment from my registered bank account and couldn't,( not enough in there) so my bank charged me £30 for the privilage of refusing ebay/paypals request. paypal/ebay were not worried, they just sent an email telling me payment had not gone through, could i put some money into the account please. very civilised, unlike my bank.

[wildwood]

It seems that there must be different ways to operate a Paypal account. I never put money in the Paypal account. When I buy something and there is not enough funds it automatically deducts the amount from my Debit/Visa card. When I sell a larger item the funds stay in the Paypal account though (until I draw it out lol).

[boxtops]

PayPal still charge you to take out funds under £50, so I wait until I've sold items worth more than that before withdrawing it to my bank (unless of course I use it to buy more things myself!)

The money goes straight in (as long as the buyer has paid you by PayPal and not any other method, it gets there as soon as they pay).

You must leave enough money in there to pay your eBay fees (easily checked on your Account tab) and they will email you each month to tell you how much that month's eBay fees are - otherwise yes, they will take it out of your back-up bank account if there's not enough money in your PayPal account. You can always top it up direct from your bank, if that's the case.

[boxtops]

^ and normally wildwood, me too, I never put money in, I just operate my PayPal account from eBay sales - but you could put money in if you wanted to.

[starone]

If I have the option of paying for things by PayPal, I do. It is so easy - they take it from my Bank Account of course, but there is no charge. If you have sold something they make a charge, which I believe is about 40p but I am not sure of this. I have seen grumbles about the way they operate, but I think they are brilliant.

[boxtops]

Me too, starby - the charge varies, but it's a good way of paying, the person you are buying from never gets to know your bank account details.

[MASS1961]

I use paypal regularly, buying and selling through ebay. I have never been charged for withdrawing cash, above or below £50.

[EDDIE51]

Boxtops you are wrong , there is no charge to withdraw any cash as long as you use the standard method, this is in your bank on the 3rd working day after the withdrawal from paypal. Or you can pay £5 and have the cash in your account the next working day . There used to be a charge unless you with drew £50 or more but that has been scrapped for over a year now.

[boxtops]

I think you're right, MASS - I've just checked my account, they have changed the withdrawal page recently - it used to say "under £50, fee payable". Now it only mentions a fee of £5 if you want a quick clearance.

[boxtops]

Eddie thank you, posts crossed - I missed that then, when it happened. I'm glad to stand corrected, although I think I'll still work on the £50 limit - it's useful to keep an amount less than that in the account in case I want to buy something!

[EDDIE51]

They used to be a Paypal Top Up card , that was great you could transfer cash from paypal to your Top Up card at a few seconds before midnight and it was on the card lunch time the next day even Sundays and bank holidays.
The Top Up Card was a debit card and you could then spend on it or withdraw the cash from an ATM. They cancelled the Top Up Card at the same time as cancelling the fee for withdrawing under £50. The top up card cost £4,99 to get in the first place but then all transfers were free no matter how much or little.