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Trasaction fee and time required for Paypal transactions |
Posted Date: 09 May 2012 Posted By:: Kranthi Kumar (K K)  Member Level: Gold Member Rank: 98 Points: 2
Responses:
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Hi All,
I found a thread on Paypal account and its popularity in the AskExperts section, From the comments added on that thread for at www.indiastudychannel.com/experts/ViewExpertQuestion.aspx?QuestionId=26870 on Paypal Vs Aletrpay,
- Two members Shashikanth Vydyula and Vilas confirmed that they are using the services of Paypal
- None of the members have experience with Alertpay
- Chirag Swadia added most important point, paypal account holders could not keep money for more than 7 days in account. But not sure how far it is correct.
- Sachin R. Kukale, Your second point is wrong, One need to associate their bank account to open paypal account successfully.
Scenario: Let's say, I got some $350 to receive from one of the online website for my contribution, For that I need to open a paypal account and to associate my bank account with it. Later I need to request for the transfer of money ($350) to my paypal account. What is the transaction fee for this first transaction. Now, assume in a couple of days, the transaction has completed successfully and I have $350 in my paypal account. I have no immediate requirement to do any purchases online at this point of time. So I like to withdraw the money to my associated bank account. How much time will it take on an average and the transaction fee for this
Yours,
K K
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Responses
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#318263 Author:  Ankit Sinha  Member Level: Diamond Member Rank: 136 Date: 21/May/2012 Rating:  Points: 4 |
1. The transaction fee is 4% (not entirely sure, you can check in their policies)
2. According to new RBI rules sometimes back, you can no longer make direct purchases from the money received in your PayPal. For that you need to connect your Credit Card and through a transaction with your credit card only you will be able to purchase using PayPal.
3. According to the same new RBI rules, you cannot keep the money in PayPal for more than 7 days and the amount is automatically transferred to your Bank account whether you like it or not.
4. Usually in 2-3 days the transaction is done.
Regards,
Ankit Sinha
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| #318349 Author: Kranthi Kumar (K K) Member Level: Gold Member Rank: 98 Date: 21/May/2012 Rating: Points: 1 |
Hi Ankit Sinha,
The transaction fee of 4% is irrespective of amount of money ? Can you please send me the link to read more about the policies.
Yours,
K K
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| #318386 Author: Ganesh Babu Member Level: Gold Member Rank: 409 Date: 21/May/2012 Rating: Points: 5 |
I like to give some additional information regarding this topic. As said by Mr. Ankit Sinha PayPal changed its policy last year according to RBI guidelines that one should not keep their balance more than 7 days.
Actual Fact
Even though the policy was implemented before a year, it was not practically implemented by PayPal. It means nothing has happened to the balance or it is automatically transferred to your account even after 7 days. (I personally checked with my balance and even wrote a blog article which got a very good response at that time). As a result I kept my balance in my account and transferred it according to my wish. In fact there was no official guidelines from PayPal about what will happen if money is not transferred.
Recently(From September 2011 onwards) Paypal updated its policy and restricted the number of day still lower.As of now all your balance will automatically withdrawn to your bank account on daily basis. It means you cannot keep your money for more than a day.
Transaction period: Usually electronics transfer to bank account will take 2 or three days. In case if you have added a new bank account (which is not verified previously or added additionally to an existing bank account) the first transaction to the new account could take more time (approximately 7 days, but not necessarily).
As of now transaction charges are waived and again as said by Mr.Ankit you have to pay conversion charges during acceptance of your money.
Personnel Suggestion
As of now there is no provision to keep your money for more than a day. But if you need to keep your money you can keep the money for up to 30 days without accepting it.For example let us assume that some one is sending you $5 today, 10 after two days and $15 after a week. If you like to withdraw all three at once, don't accept the payment till you receive all the payments. You are given 30 days to accept or refund the payment, if you are not accepting the payment within 30 days it will be automatically refunded. Only accepted money will be reflected. in your account balance.
With Best Regards,
Ganesh Babu.S
Too Busy? Don't waste time in reading about me
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| #318392 Author: Ganesh Babu Member Level: Gold Member Rank: 409 Date: 21/May/2012 Rating: Points: 4 |
Alert pay has officially changed its name to Payza.com and it will be called as Payza from now on wards.
Major drawback of AlertPay/Payza for Indian users
Electronics fund transfer to bank accounts is not available for Indian users in AlertPay/Payza unlike PayPal.
You have to pay currency conversion (2.5%) charge as well as withdrawal charge in Alertpay/Payza. Though it is mentioned Free for check mode, you have to pay transaction charges in your bank. Wire transfer is upto $15 for personal user.
So for Indian users and particularly or those who earn online PayPal is the better option than AlertPay/Payza.
With Best Regards,
Ganesh Babu.S
Too Busy? Don't waste time in reading about me
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| #318401 Author: Ankit Sinha Member Level: Diamond Member Rank: 136 Date: 21/May/2012 Rating: Points: 5 |
Ganesh,
Regarding your first point about non-implemtation of 7 day transfer period which is not reduced to 1 day, I too faced this.
I had a balance of <$10 in my account. I made this account before RBI guidelines. The balance was not transferred for 3-4 months. It was showing that a minimum balance of $10 is required to make the transfer. 2-3 months back I received $2 from someone and processed the payment. I left about $0.27 in my account. 1 day later I received the alert that automatic transfer has been activated for my balance.
This means that users who have made their account before RBI guidelines and have still not transferred any amount in their bank accounts from PayPal have a sort of bug due to which the automatic transfer is not active. But once they receive one payment from PayPal in their bank accounts, the bug is removed and after that they can keep no amount balance in their PayPal account.
The 30 day acceptance period is a way of keeping the balance but it is of no use as you can't spend the amount anywhere. For purchase through Paypal it is necessary to have Credit card associated with PayPal.
Regards,
Ankit Sinha
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| #318425 Author: Ganesh Babu Member Level: Gold Member Rank: 409 Date: 22/May/2012 Rating: Points: 2 |
@Mr.Ankit:You are absolutely right. Till September 2011, we need to have a minimum of $10 to transfer to our account. Once RBI decided that interest has to be calculated on daily basis (which is actually the RBI guidelines which we are talking about), Paypal modified its policy and removed the minimum threshold of $10 for withdrawal and activated automatic withdrawal for Indian users. But I am not aware about the bug which you mentioned, since I too created my account a few years back. Since I am making transactions every month through PayPal I was some what aware about this issue.
Coming to the 30 day acceptance period, you are right again. But the context in which I mentioned is quite different.People who wish to withdraw in lump sump instead of small amount can make use of it. That is why I gave the example in my previous thread.
With Best Regards,
Ganesh Babu.S
Too Busy? Don't waste time in reading about me
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