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Old 11-23-2011, 09:25 AM
 
472 posts, read 769,191 times
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I am a paypal user and have a US credit card linked to my paypal account. I don't keep any money in my paypal account as such and pay using my linked CC only. Now a friend of my in India wants to buy something over the net and it won't accept any Indian credit cards so i am going to make the payment on his behalf. He suggested me that he will transfer the required amount of $$ to my paypal account.
Now i know that i can use that money for my future purchases but can i retrieve that money and transfer to my US bank account ?
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Old 11-23-2011, 11:27 AM
 
18,072 posts, read 5,924,065 times
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Quote:
Originally Posted by rak007 View Post
I am a paypal user and have a US credit card linked to my paypal account. I don't keep any money in my paypal account as such and pay using my linked CC only. Now a friend of my in India wants to buy something over the net and it won't accept any Indian credit cards so i am going to make the payment on his behalf. He suggested me that he will transfer the required amount of $$ to my paypal account.
Now i know that i can use that money for my future purchases but can i retrieve that money and transfer to my US bank account ?


Yes, you can transfer money (in either direction) between your paypal account and your linked CC or linked bank account.

The catch is that there is a waiting period (up to 3 business days I think) during which your funds are not available to you: they have been taken from your paypal account and are "pending" and not yet into your linked account.

I believe paypal does these transfers through ACH which is a batch process and not immediate. Usually I've had transfers complete on the second business day but they can be shorter or longer. So always do it early in the week.
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Old 11-23-2011, 12:20 PM
 
472 posts, read 769,191 times
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I am ok with the waiting. Also do they take any charges for the transfer or is it free ?
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Old 11-23-2011, 04:54 PM
 
Location: Barrio Logan/Shelltown
8,889 posts, read 12,671,944 times
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No, it's not free, there are charges. If you're receiving money from overseas, you might want to look up the charges before you agree to it. The fees in the US for receiving money are 2.9%, and I'm sure that overseas charges are much higher.
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Old 11-24-2011, 09:29 PM
 
18,072 posts, read 5,924,065 times
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Quote:
Originally Posted by rak007 View Post
I am ok with the waiting. Also do they take any charges for the transfer or is it free ?

It's free if you are moving money between your own accounts (e.g. from/to your paypal account to/from your linked CC or bank account).

Normal paypal fees apply if money is moving to or from another individual or business account.

So if I buy something for $100 on eBay and pay with paypal, the seller receives approx $97 after fees.
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