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Does Your Bank Charge You When You Withdraw Money From Paypal Into Your Bank Account?
#1
I recently registered at PayPal, because I was about to receive money and the transaction could only happen via PayPal. Anyways, I linked my bank account to my PayPal account. I received the money, it was a small amount and I decided to withdraw it into my bank account. To my big surprise, my bank had charged me a transaction fee worth $5!! This fee was half as much as the amount I'd received. I basically lost 50% of the money in bank fees. My bank's name is Allianz, it's part of the Allianz Insurance Group, which is one of the biggest automobile insurance companies in the world.


The fee I paid was fixed and the only thing I can think of is to wait until I have more money in PayPal and withdraw a bigger amount, so that next time I pay this fee only once. 

I would like to ask you, guys, is this normal? Does your bank charge you when you withdraw money from PayPal or when you get money into your account from somewhere else? If so, what is the charge? And does anybody know a way for these fees to be avoided?
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#2
I think it's normal and really depends on your banks guidelines when it comes to withdrawing money like that. Most banks don't charge these huge fees but some actually do. You should really talk to a banker from your bank to get more clear information on how to avoid this if even possible. Or of course consider opening another account with a different bank.
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#3
(01-16-2018, 01:03 AM)Jasmine13996 Wrote: I think it's normal and really depends on your banks guidelines when it comes to withdrawing money like that. Most banks don't charge these huge fees but some actually do. You should really talk to a banker from your bank to get more clear information on how to avoid this if even possible. Or of course consider opening another account with a different bank.

Yes, I've already done research and have found a bank which charges 1% of the amount deposited in the account. This is a really good deal, if you withdraw smaller amounts. 1% of $10 would be equal to 10 cents, which is way better than a $5 fee. I will be switching banks really soon.

------------------------

It was unveiled to me in another forum that PayPal now offers PayPal debit cards to some of their customers. I personally haven't been offered one. Maybe it depends on what country you're from...?!?! 

Does anybody know anything about PayPal debit cards?
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#4
(01-16-2018, 01:13 AM)chikatilo Wrote: Does anybody know anything about PayPal debit cards?
Last I checked they were only available to people in the USA, and you had to apply for it and be approved. There are a lot of Twitch streamers who use them to access their donations etc. 
As for the fees, Paypal charges a fee to withdraw, and your bank will often put something on top of that. Changing banks might help if you can find one that doesn't charge. Make sure you research what the fees are going to be, because some will charge a flat rate and others will charge a percentage. Work out which is going to be better for you Smile
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#5
When I linked my bank to my paypal account. The paypal get $5 to my bank balance and after 2-4 days the paypal returned it. It seems the money was the verification of the linked bank. So I think your verification and bank withdrawal interest are both deducted to your credits. Try to wait for 2-4 days also. I not sure if that scenario is what happen to you.
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#6
It happened to me as well, but it happened on the virtual card that I'm using, the Paymaya. It actually charge me a $5 a transactions as well, I think it's the way that PayPal would get paid using their website or application. But there's another way which you can solve this $5 every transaction thing, like you can actually use the Gcash card, which is probably the best thing or best alternatives of Paymaya or any other virtual debit card you can have. Like I've seen a video that PayPal wouldn't charge you anything from $1-$5 every transaction, like it goes straight to your Gcash account and probably withdraw them. Search for PayPal to Gcash account for a more secured and less paying for every transactions.
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#7
Yes, it's pretty normal that if you're gonna withdraw from atm you're gonna charge back but it depends on what card you're holding. If you don't want to have charge fees make a research that offers low transaction fees in different banks. Here in the Philippines, we can use a virtual debit card like Paymaya and G-cash. I'm using G-cash and when someone transfers amount of money in my Paypal account it has no transaction fees but if I'm gonna withdraw it from ATM it will have a charge fee and it wouldn't cost me that much I think it's lower than $1. Search for a virtual debit card if it's available to your country.
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#8
The thing with most of the banks we have around is that the charges they place on certain transactions vary from one bank to another. The bank that my pal linked his PayPal charges always 5% on every payment from PayPal to the bank account and I know that this charge is not the same with all banks. So, making research to know the best in your country is important so that it can help you in taking some decisions at the end of the day.
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#9
I have the PayPal debit card. I would never go back to using a bank account to transfer the money I have earned. For one thing it takes longer to get your money when you transfer to a bank account and you could always risk a problem happening or interest being charged. I will take my money now please! A PP debit card allows you to get funds right away.
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#10
Yes, charge has applied for such withdrawal transactions. I think its normal because we are using their services for our convenient. The charge is not to much, just a very little percentage. There is nothing wrong with the charge since I'm using their services and platform and for them to keep the system works progressively and do for some upgrades and innovations.
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