Ins and Outs of Paypal

Slayer

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Feb 26, 2008
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I might get into a bit of selling and collecting money in my Paypal account.

Anyone got any good advice?

Even though my home country uses New Zealand dollars that doesn't mean I can't sell things in say American, Canadian or Euro dollars correct?

Do you have to add these currencies in your Paypal preferences?

Also, are you able to hold these currencies and if so how long?

And how exactly do you withdraw any money? (you can probably see
I haven't looked very hard at the Paypal site LOL)

I've only ever used Paypal to register software or donate

What are Paypal fees and how do you pass these on to the buyer?

And anything else I should know...

Thanks for any insight! :nod: (y)
 

arnljot

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You select a primary currency in your PayPal profile.

You can hold amounts in any number of currencies in your paypal account.

You can hold them for quite some time, I've held a small amount of SEK for more than a year now.

You withdraw money from paypal by filling out a form asking to do a bank transfer to your bank account. There is a fee, on such transactions. For me it's NOK 50. About £5.
 

r0jaws

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......Even though my home country uses New Zealand dollars that doesn't mean I can't sell things in say American, Canadian or Euro dollars correct?

Yes you can sell and ask for payment in whatever currency you prefer.

Do you have to add these currencies in your Paypal preferences?

I have never had to, they should automatically be available.

And how exactly do you withdraw any money? (you can probably see
I haven't looked very hard at the Paypal site LOL)

There is a tab in your account that walks you through the process of withdrawal. It can take upto 5 workings days to complete.

What are Paypal fees and how do you pass these on to the buyer?

Searching for "PayPal Fees" will produce THIS.
You can specify in your listings that a buyer should add the amount of the fees to their purchase if you wish.
Or you could ask them to pay by using the "Gift" option. However, that removes their payment protection, so I should be aware that many buyers maybe reluctant to do that.

And anything else I should know...

It's definitely worth your while having a read through the rules and regulations of PayPal, and getting a solid working knowledge of how it all works if you are considering using it to buy and sell regularly.

Thanks for any insight! :nod: (y)

You're Welcome. :)
 

davideo

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You withdraw money from paypal by filling out a form asking to do a bank transfer to your bank account. There is a fee, on such transactions. For me it's NOK 50. About £5.

I don't get charged any fees for topping up my paypal account or for transferring money into my bank account :)

Dave G :cool:
 

AndyLandy

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You withdraw money from paypal by filling out a form asking to do a bank transfer to your bank account. There is a fee, on such transactions. For me it's NOK 50. About £5.

I don't get charged any fees for topping up my paypal account or for transferring money into my bank account :)

Dave G :cool:

They're actually fairly good about that. Last I checked, there was a 25p surcharge if you withdrew less than £50 and no charge if it's more than that. If you put money in to your Paypal by debiting from your bank, they don't charge you either. If you use a card to do it, they charge you, but in fairness, the card company is charging them in the first place.
 
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