Paypal for knife sales - need help please

spyken

spyken

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Hi all,
I need some help - I would like to sell/trade knives/gadgets over the forums/other forums and I would really like to use paypal to receive funds. The reason is that US money orders are difficult to cash here in Singapore, where I am. Bank transfers attract a ridiculous amount of commission and time. So, I'm left with paypal to receive funds for knives which I intend to sell.

Can someone tell me how to go about this? I have a paypal account. How do I activate it/convert it/register it to get funds? Where will the funds be paid to? Do I need to inform my local bank to ask if they will act as paying bank/collecting bank? Or is it the credit card company? Will I get cash or will I only get a credit?

Help me and please explain to me like I'm a 12 year old. Sorry I'm not fully aware of this internet thingy. I know how to pay by paypal but not how to receive funds.

Thanks,
spyken
 
In general, the buyer simply uses your email address (you can register 5 or 6 with Paypal) and sends you the money from his Paypal account.

When you registered with Paypal you gave them a bank account number. As soon as the transaction is completed (that is, you receive funds from your buyer) you can then transfer the money to your bank account. In the U.S.A Paypal says 3-4 days. In reality it's usually 2-3 days, at least in my personal experience. Paypal charges nothing for this service, and neither does my bank. Since you're in Singapore it might be a good idea to check with your bank. Paypal will send you a check for a small fee. Again, you should check with your bank concerning fees for cashing it.

In the U.S. you can click on "Help" at the top right hand corner of the Paypal account. Then click "Contact Us" that page contains this number: Call us toll-free at: 1-888-221-1161

I have found them to be efficient and helpful, but I don't know if you will have a toll free number from your location.

Hope that helps.
 
To get the 5$ credit I think you have to deposit 200 bucks in your account. But you can witdhdraw it at no cost.

Use caution as to what country you access from. I checked my paypal accounts from Oman and had them frozen for several months while I did everything short of sending in DNA samples to prove it was really me.

You really should be getting 25 cents from me. That will be a good test of whether or not you are ready and what steps you have left to do.

You can always test if you are ready to make payments by sending me 50$.

As to getting the money, when you have cash in your paypal account you can withdraw it at no cost by having them send a check to your bank. It usually takes about 3 days in the States.
 
Originally posted by fracmeister

As to getting the money, when you have cash in your paypal account you can withdraw it at no cost by having them send a check to your bank. It usually takes about 3 days in the States.
Click to expand...

I don't think this is quite correct. Paypal will send *you* a check which takes a week or two and involves a small fee ($1.50). If you withdraw to your bank account it is an electronic transfer. If you apply for and receive a Paypal Debit card, you can also withdraw money from ATMs.
 
Paypal has a good on line instruction on how to use it. If I figured it out, anyone can!!
 
Originally posted by ichor
I don't think this is quite correct. Paypal will send *you* a check which takes a week or two and involves a small fee ($1.50). If you withdraw to your bank account it is an electronic transfer. If you apply for and receive a Paypal Debit card, you can also withdraw money from ATMs.
Click to expand...
That is right of course. There is no charge for the electronic transfer to the bank though. That is what I always do.
 
Originally posted by fracmeister
That is right of course. There is no charge for the electronic transfer to the bank though. That is what I always do.
Click to expand...

Just a question: Your bank does not charge you for incoming transfers? My US based bank charges 11.00 USD for every wire transfer :(.

David
 
I can understand charging to send a wire for money but to receive one? You need to change banks. Mine doesn't charge for either. But I don't think it is exactly a wire transfer unless that is what ACH is. Maybe somebody on the banking side can enlighten us.
 
I believe an ACH deposit and a Wire transfer are two differnt things and I personally have never experienced a bank that charges for ACH transactions.

Personally I use there debit card to spend my PayPal balance as you get 1.5% instant cash back on all of your charges. It can add up and make up for those 3% fees they charge for receiving cash.

The ATM feature is handy and they charge you $1 for ATM transactions. Go to a credit union ATM to avoid any other ATM fees.
 
Originally posted by TheBadGuy
I believe an ACH deposit and a Wire transfer are two differnt things and I personally have never experienced a bank that charges for ACH transactions....
Click to expand...

I believe you are absolutely correct. ACH is the format used by credit card companies to tranfer money from their holding account to your business bank account.

Our company uses as ACH account to transfer paychecks via direct deposit. In fact, most ACH transfers save money for the transferor and you can often realize real cash money back for using the ACH transfer system.
 
Thank you guys for the clarification.... Now only if I had US based address to open an account...

David
 
saw your 25 cents in my a/c - spoke to my bank about how I could link my a/c to paypal and they didn't have a clue about it!!! I really need help, esp from any knifeknuts in Singapore...
 
Originally posted by spyken
saw your 25 cents in my a/c - spoke to my bank about how I could link my a/c to paypal and they didn't have a clue about it!!! I really need help, esp from any knifeknuts in Singapore...
Click to expand...

Spyken,

I'm getting confused about your problem. You apparently have a Paypal account as you have received a 25 cent payment from fracmeister, correct?

You have a bank account on file with Paypal, correct? This account information should contain, bank name account number and routing number. All you have to do is click on "Withdraw", at the top of the page, and indicate which (if you have more than one) bank account you would like the money sent to. Your bank doesn't have to know diddly squat about Paypal except whether they will accept standard banking and credit card industry electronic transfers, and if so, whether they charge a fee (and they shouldn't). So......I may be a little slow, but what is the difficultly?
 
Right. Don;t bother your bank. But before you withdraw you have to have first registered your bank account with paypal. I am not sure you have done this. In the process of doing it they proceed to deposit a couple of random bits of change (for example $0.08 and $0.14) into your bank account and you have to tell them how much it was. That way they verify that at least you have some access to the account.

After that, just go to paypal and click on withdraw money.
 
spyken,

English is not my mother tongue. so try to be patient. in my situation, i got "personal account" throug credit card and all charges occurred will be via credit card issuing bank. in this case, for withdraw money

1. you cannot get "cash" out from your PayPal account directly
2. you get to have a U S Banks account(checking or savings), the funds can be transferred to under your instruction

after log-in PayPal, choose My account - withdraw, you can find all the details there.

good luck :D
 
Hope I am not hijacking this thread, but it looks like the PayPal mavens are here so maybe you can clarify something.

The situation is:

1) I have a credit-card based PayPal account, so I cannot receive payments from credit-card based PayPal accounts but I can receive them from account-based or account-linked PayPal accounts, right?

2) Assuming #1 is correct (I have received payments to my PayPal account a couple of times from what were described to me as being account-based Paypal accounts), and assuming someone wants to PayPal me money but he only has a credit-card based account, could he PayPal the money to someone with an account-based account, who could then PayPal it to me? Would someome be out 3% (or more) somewhere along the line (I am guessing the original recipient with the account-based account)?

Thanks, guys. If the mods want to move this, I understand.
 
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