Thread: Withdrawing from Paypal - When will I get my money?

I've just started using paypal for the first time. I've received a payment and set up my bank account. Yesterday I withdrew the money to my account and it said it could take between 2 and 3 days for the withdrawal to complete.
However just now I logged into paypal and it says that the withdrawal is complete. I was very happy and logged straight into my bank but unfortunately the money isn't there yet. So where is my money as paypal says it's completed?
Should I be worried? Or is it ok? I just don't want my money to go missing

Launa

Hello Launa and welcome to Merchant account talk,

I wouldn't be overly concerned at this point. When paypal says that it's completed it just means that they have sent it to your bank, not that it has gone into your account just yet. A little annoying and confusing really. According to the paypal site it can take up to 4 days for it to appear. However I noticed it entering my account in 1-2 days most of the time. I think it also depends on who you bank with.

If the money doesn't turn up in the next couple of days then you can give them a call and find out exactly what's going on. But for the time being I would leave it and see

Thanks

Andrew

hi andrew

Thanks for the help. Does it make any difference that my bank acc is showing up as unconfirmed? What does this mean and how can I confirm it?

Launa

Yep, like Andrew says, a couple of days. I just moved some money on Monday, got into my bank on Wednesday.

Gordon

I don't think unconfirmed is anything to worry about. It just means that you haven't yet jumped through one of paypals hoops. They verify accounts by depositing (i think... although could be crediting!) two small amounts of money to your account. You then need to confirm these details with paypal to confirm that the account is yours.

This won't affect withdrawals though. I think it's just some sellers won't accept payments from unconfirmed bank accounts.

Oh and by the way the 1-2 days were working days. Gotta love the 5 day week! plus nothing ever seems to happen on a friday, so it's really a 4 day week! Banks, can't live with them... can't live without them! As it's now saturday this won't count as one of the days, you'll have to wait until monday! Hopefully you will receive your money early next week. It would be great if you could let us know!

Thanks

Andrew

I got my money thank you, it came into my account yesterday afternoon. Thanks for all your help

Oh, one more thing... do you know what the limits are for paypal withdrawals? I seem to remember seeing somewhere about limits on unverified accounts but I can't seem to find it anywhere now. Just don't want to get my account limited

How easy is it to verify my account and what are the advantages? is there any quicker way to get money from paypal?

Has anyone else noticed that the exchange rates on PayPal are different to the rates on other sites? I found it very difficult to work out how much i would get paid because of this. Is there any way to find out what PayPals rates are?

Launa

Launa,

The limits are 500 per month unless you verify your account. Very restricting indeed..

As for the rates, they are in their website, but vary from country to country as do most Merchant account.

I have simply stopped using them altogether.

Gordon

Hi Launa,

There's a PayPal currency converter available here: [URL="https://www.paypal.com/au/cgi-bin/webscr?cmd=_convert-currency-generic"]https://www.paypal.com/au/cgi-bin/webscr?cmd=_convert-currency-generic[/URL] however you will need to log in first in order to use it. Try logging in and then clicking on the link.

The rates aren't fair compared to xe.com but then no bank will give you the real exchange rates. Paypals cut does seem a bit on the large side though. This is treated like a hidden fee and they do not mention it anywhere on the website. I'm in the UK and often get paid in dollars into paypal. I can't seem to find a way to withdraw the money to my bank account in dollars so I must first convert it where I lose money. It's a real pain. I would love to set up a US bank account to avoid this problem, I also believe that Bank of America accounts can be used for free withdrawals at Barclays cashpoints... trouble is I can't justify the flight over there to set it up!!

As for quicker ways to get money from paypal... well you'll be lucky. I'd investigate using the PayPal top up card (UK) or PayPal Debit card (US). The Paypal debit card sounds like a brilliant little card because the money is available instantly. In other words it treats your paypal account like a bank account and debits straight from it. The UK varient on the other hand is useless, you must load the card with your paypal balance and then wait 24 hours for it to be loaded. They also charge £2 per withdrawal I believe.

I would love to stop using paypal but unfortunately I cannot dictate what people can pay me with. I just don't bother converting money with xe.com anymore because it's depressing working out how much paypal are really making from me!

Hope that helped a little

Andrew

Exactly right Andrew,

But, PayPal has built such a loyal following and such a massive base of users, it's difficult to get people away from it.

However, I still use them to pay my affiliates and I am slowly trying to convert them over to AlertPay. AlertPay is a fast growing alternative to PayPal and used widely throughout Europe. They are Canadian based and quite good actually!

Check out AlertPay...they are a good alternative to PayPal, but as you know Andrew, I am a big fan of Google Checkout.

Originally Posted by envnet

I would love to stop using paypal but unfortunately I cannot dictate what people can pay me with. I just don't bother converting money with xe.com anymore because it's depressing working out how much paypal are really making from me!

Hi Gordon,

Yeah I find it very hard to get paid through any other method other than PayPal. I simply don't have the clout by myself to ask for anything different. I really can't stand the echeques that some people send on paypal, they seem worse than a normal cheque. They are fairly cheap to receive but take time to clear. Then when you factor in the exchange rates that they are giving you they're actually costing a small fortune.

I will have a look into alertpay although I doubt anyone will pay me directly with that! Maybe one day, who knows!

What are the exchange rate fees like with alertpay? I see they accept 21 currencies.

Thanks for the tip

Andrew