Paypal withdraw help!

[Winchester]

I am needing to get my money from my Paypal account. What is the best method? Do banks charge a "wire transfer" fee to send the money to your checking account? Any help would be appreciated.

 

[thawolfman]

No wire transfer fee for me.

It took about 3-4 days for the funds to be transferred, and no fees were incurred.

 

[UCDznutz]

i've always transferred funds from my paypal account to my bank account free of charge.

 

[Winchester]

I know Paypal doesnt charge a fee, im just wondering about my bank. $20 to wire money in. I just dont want that kind of charge for the small amount im putting in. I cant remember if I was charged a wire fee when I deposited money in my paypal account from my checking account. Are you saying that you didnt have a fee on either side?

 

[AnyMal]

Transfering from PP is not a "wire transfer".

 

[vegetation]

They use ACH to transfer to your bank. That is completely different from wire transfer.

 

[Scarpozzi]

Transfers don't count as wire transfers... I just transferred my balance over the other day and it worked great. LIke wolfy said....takes about 3-4 days.

 

[Winchester]

Thanks guys.

 

[hollowman]

what's ACH?

 

[AkumaX]

Originally posted by: hollowman
what's ACH?

something along the lines of "we have all your $$$ anyways, so let's just make it seem that you think you have $$$ in your paypal account"

 

[Hamburgerpimp]

Get the Paypal ATM Visa, it's instant.

 

[vegetation]

Originally posted by: hollowman
what's ACH?

Taken from the Federal Reserve:

The Automated Clearing House (ACH) payments system was designed to allow corporations and consumers to reduce or eliminate the use of paper checks to make routine payments. The ACH system can process large volumes of individual payments electronically, and it has become the largest payments system in the country; in 2000, it processed over 4.8 billion items with a total value of more than $12 trillion. To date, most of the payments transferred over the ACH have represented recurring credit payments intended for the accounts of the receivers. Typical payments are salaries, consumer and corporate bill payments, interest and dividends, and Social Security and other entitlement programs originated by the U.S. Treasury. However, because of the ACH's ability to process large volumes of payments efficiently and its ability to allow an originator to debit the banking account of the payer, it increasingly is used for other types of payments, such as insurance premiums, purchases of stock, and consolidation of corporate cash balances.

Now, contrast that with wire transfer where the banks need to do a lot of manual processing and you'll see why ACH is significantly cheaper to operate and ultimately passed down to the consumer as a free service.

 

[Sepen]

Originally posted by: Winchester
I am needing to get my money from my Paypal account. What is the best method? Do banks charge a "wire transfer" fee to send the money to your checking account? Any help would be appreciated.

I just transfer and it has been 2-3 days lately. No fees.