New PayPal transfer fee

[AGuinness]

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...

[silvor]

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.

[AGuinness]

Originally Posted by silvor

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.

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

[KMayUSA6060]

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.

[rdwyer]

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.

[Tripredacus]

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.

[pawpawdiv9]

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.

[Dewey]

Originally Posted by rdwyer

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.

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.

[NotVader]

Originally Posted by silvor

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.

SILVOR is correct

[rlorenz]

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