PayPal Funds Transfer Rort

[dazzledayz]

I notice that PayPal is now offering a "speedy" funds transfer at a meer 1% of the total amount.

Has anyone established wether or not this has lengthened the standard (no-fee) transfer time for established sellers?

I've just put a transfer through this morning and it would usually be in my account after 6pm tonight.

If it isn't there I'll be not a little bit miffed.

So far I've played ball with PayPal and always left my eBay invoice balance riding on their books so they can earn a bit of short term money market profit for their trouble.

That will come to a screeching halt if they now want to charge me a tax to access my own funds.

I'll be leaving a $0 daily balance for PayPal to play with; I'm pretty sure they would have been earning much better than that under the old system.

For goodness sake, I know the global economy is in a bit of a rut but are greedy little grabs like this the way out?

[curraone]

I think this might be a misconception on our part

When I went to transfer money yesterday - at first I was alarmed by the first option which said they would charge for the transfer and then I saw it was to my credit card on file -

if I clicked down to my normal account number, there was no charge

And I did the transfer yesterday and the money is in my account today.

[love_of_cars]

Same thing happened to me last week!  I went to do a transfer and all this new stuff came up about charging a fee, and I was shocked, then I found the old free option.

The funds normally turn up later in the day or the next day (maybe they use the same bank as me!), so there's no need for me to use the express function.  Maybe they will start to force in a delay on purpose in the future to try and make some money from this.  If so, I'll just plan ahead a bit more with when I withdraw my funds.

[lyndal1838]

With transfers from paypal the time taken for it to reach your account has nothing to do with paypal and everything to do with your bank.

Once you hit the button the transfer has been initiated and paypal has nothing more to do with it....the payment has been put into the Australian Banking system.

The reason for a fee to transfer the money to your credit card is because paypal has to initiate that payment....itis not automatic when you hit the button.

[brerrabbit585]

Nothing has changed if you do your transfers the normal way. There's a thread about this in the powersellers forum and someone got their money in the same time as usual. They told us about this a while ago but I still get my money a few hours later if I do the transfer early in the day.

[dazzledayz]

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@brerrabbit585 wrote:
Nothing has changed if you do your transfers the normal way. There's a thread about this in the powersellers forum and someone got their money in the same time as usual. They told us about this a while ago but I still get my money a few hours later if I do the transfer early in the day.

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Me too. The transfer I put through this morning has turned up as per usual just after 6pm.

It will bear watching though, I can't really see a reason for offering quicky transfers unless you need the cash instantly.

Maybe that's what this is all about?

[*tippy*toes*]

Maybe it's for the new sellers who are subjected to the funds hold, where they cry that they need the money to post the item, because they are so broke they can't post without getting the money instantly. Having the funds held for 21 days means their kids will starve because they have to spend $9 posting a parcel.

[eol-products]

I find this feature could be handy late afternoon friday if i need funds and know that it is too late for it to clear by saturday and using the normal transfer will not get it to tuesday. 

[south.coffee]

For the very first time our Friday 3pm transfer did not turn up in our bank account Saturday morning, which has been the norm. So the new fee might become EXPRESS POST and the previous method STANDARD POST which takes 2-6 days. Smells like a new $$$$$$$ grab !

[eol-products]

I used to be able to download before 4.30pm for next day then a few months back went to 2 days then back to roughly 2pm for next day. One account I can stretch to 2.30ish but I think it is the banks and don't forget they use the overnight money market.