paypal question

tkeaton

tkeaton

Master Velocipede Alchemist
Joined
Mar 20, 2005
Location
Chattanooga
yo, im selling an item and the buyer wants to use paypay. the sell price is $2200. i thought that paypal limits the amount you may withdrawl per month, depending on your status.

does anyone know of the details, fees, etc. that would relate to this. and if there is a monthly withdrawl limit, how do you go around that.

and yes, i have checked the paypal site, but have not found the answers im looking for....maybe they did away with the monthly limits?

thanks and happy easter eve
 
Pay pal is (or wasnt last time i checked) FDIC insured. They are NOT a real bank and therefor done have to follow any normal guidelines.

Postal money order still the safest way. Any problems = mail fraud..

The person probable wants to do PayPal so they can charge it to a CC... BTW: you'll likly have to pay %% if thats the case..

Good luck..
 
So, that withdrawal limit dosn't really apply to you in this situation, since you are receiving the money, not paying it. You should be clear there.
However, as mentioned keep in mind that they may wish to pay by credit card. If that's teh case, you have to get the upgraded account so you can receive the $$.
Warning about this - once you do it, no going back. All things you receive then will be charged 2.9%+$.30. I learned thsi the hard way. If you eBay a lot, it's probably worth it though.

On your deal, that can acount for ~$64 in fees...
 
It may apply to him, as it will take him 5 months to put all the money into his bank account, where he might need it.

Also, you are allowed to downgrade back to a free account, one time only. I also made this mistake, as the wording suggests it only charges fees on the credit card transactions, but in fact, it does on all transactions if you upgrade.

BTW, if your own your main account page, next to your paypal balance, there is a "view limits" link. It tells me I have a $500 receiving limit per month, a $500 withdrawal limit per month, and 5 credit card payments per month. It looks as if they just added this feature because it was not available before. It is at a much higher rate, but the bank account and paypal funded transactions are still free.

Looks like they added the receiving limit too, I do not remember that. From paypal: "You also cannot receive more than $500.00 USD worth of payments per month for Goods and eBay Items payment types."

The only other limit is a sending limit which is lifted once you verify your bank account.
 
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