New PayPal transfer fee
 

Anyone else notice this from PayPal: "On Nov. 7, Instant Transfers will cost 1% of the amount you transfer, with a maximum fee of $10.00. Use your eligible debit card for Instant Transfers. Transfer times vary by bank and may take up to 30 minutes."

Not a really huge deal, but just another fee to deal with. I wonder if eBay's new payment thing will feature this or not...

How I'm reading this is for debit/credit cards to your paypal account only.

I think paypal to paypal (friends and family) and paypal to your bank (the three day deal) is not affected.

I think. :confused:

I was reading it as transfers from PayPal to a bank account, but I could be wrong...

If it's PayPal to Bank, I'd probably quit using PayPal altogether. I hate fees - hate them. There are few I will accept, and charging me to transfer to my bank is not one of them.

All of this is done electronically. They shouldn't get squat to do this. But they're greedy and will steal anything they can. Screw you PayPal.

EDIT EDIT

This is only for business accounts. It is on this page:
https://www.paypal.com/us/webapps/mpp/merchant-fees

I can find nothing about this relating to the typical "Instant Transfer" relating to other types of accounts or payments. Paypal uses the term "Instant Transfer" to mean paying with Paypal using a linked bank account with backup funding source.

Arn't you going little overboard this is only from paypal to your bank...and only if you use your debit card which would be you have access to the money in your bank account within minutes of the transfer.

Vs. doing it the old fashion way which takes 24 hours to hit your account...which would not get a fee at all.

they are only charging for instant transfers not the old fashion way.

Ryan

You guys must be talking about the Instant Tranfer to a Debit card fee.
If your transferring to a linked bank account...its FREE.

The only difference is the Instant transfer is quick and within minutes, as opposed
to the bank account that could takes a few days.

Yes...what the above poster said. Instant transfer is currently only .25 cents. Now that is going up. If you want the old fashioned transfer (which is roughly one business day), that should be free.

Well that's better than what I thought. Sorry about the confusion!

As you see the separation between Paypal and ebay become complete expect to see more fees to make up for lost income/revenue when they were technically one company.. same thing happened years ago in payment processing world and they are in it now as standalone units... people will bark but few will quit...

Paypal is a business. They make money by charging fees. They don't sell widgets. If you find the fees unacceptable then use a different service.

'...we are changing the fee charged for our faster withdrawal option to an eligible debit card linked to your PayPal account to 1% of the transferred amount, with a maximum fee of $10.00.'


Instead of paying a quarter and getting your money to your account within a few minutes, you can just opt for transferring directly to your bank, which can take a few days.

Big woop! I can wait.

Paypal develops the systems, maintains those systems, tries to secure those systems, so that people who use them benefit from their speed and ease. For this, "They shouldn't get squat"? I disagree. We can disagree about how much they should receive for this service (and maintenance), but services have cost and Paypal is not a charity. I don't understand the outrage and the desire for Paypal to work for the public for free.

It's all done electronic. Not one person is involved. What should that be worth?

A lot of stuff is done that way now.
Shoot, robots built my car for the most part, yet I still was charged for it.


Or is it communist day?

How can I help you understand? The best I can come up with is to ask you to re-read the first sentence in my prior post.

Do you refuse to pay the electric company because electricity is "done electronic" and not one person is involved? Or do you recognize that the system and its maintenance have cost and the ease of receiving electricity is worth the cost and time over the alternatives of washing your clothes by hand, making candles, walking to the tundra to drag down some ice?

and you think all of that happens magically?

I'm just saying 25 cents was a more reasonable price. Anything more is just a ripoff. BTW, they have tens of thousands if not more transactions a week. That adds up. Can you imagine how much 1% would be?

For some time now, old-fashion transfers from PayPal to my bank account have taken only one business day.

It's just for the faster transfer option? Phew.

Some of you almost overreacted! :o

almost? :) and they have a quick transfer fee (.25). But how many need this money this minute vs the next day?

+100

Silvor
 

SILVOR is correct

Just more panic misinformation on the boards