Paypal

Marc Montgomery · #1 15-09-11, 13:14

ROB--how so 1.50??? my so-called bank..the Caisse Pop and even the BMO charge a minimum of 25$ for an EMT..

I want to buy something for 300US and the Caisse wants 40$ for an EMT to his US account !!!!! and a query to BMO said over 30$ a postal money gram is only marginally less expensive.

The thing that gets me--although I havent tried it yet.. is that to put money into PP an EMT is required..and I get the impression that I'll get dinged a hefty charge for that from the bank..and then PP will add on its unfair conversion rate to US dollars ..

.so itll end up costing ..i guess..a lot more...and I wonder if this would be the case every time I add money to the account (?!)

Bob Carriere · #2 15-09-11, 13:41

.... have your money taken automatically from your chequing account.

It costs me 0.69 cents to send $138.00 Cdn to the East coast.

I know to be safe you need to create a separate account at the bank but it is worth it. When I receive payments I leave it in the PP account until I buy something.... they draw from that first then the bank account.

I hate the US money conversation rate when the Cdn $$ is worth more but as Harry Moon says ... it is so convenient for both seller and buyer that it is worth the fee.

Think of a few years ago when we use to pay 0,40 cents conversion on every dollars..... and Canadian sellers wanted paid in US money.....

Bob

rob love · #3 15-09-11, 15:34

Marc:
we are not talking about the same EMT. If you bank online and want to send money to anyone else in Canada who also banks on line, you can send an EMT. All I would need is your email address, and I log online to my bank, and send it. I then have to contact you and give you the password. You will get an email within minutes to possibly an hour, it will direct you to a link to collect your money, you log onto your online banking form there. You enter the password I gave you, and the money is in your account. Costs me $1.50 to send it, and you would pay nothing to receive it.

Those EMTs are not able to be sent to someone outside of the country. For that, I use paypal linked to my credit card. When I make a payment to someone out of country by paypal, they tack on their 4% exchange rate difference, then put the total charge to my credit card. As long as I pay it off by the end of the month, I pay no other charges or interest on the purchase. Another option would be Western Union I guess, but they also have some fees involved.

Alex Blair (RIP) · #4 15-09-11, 17:13

I do not like or trust PayPal and some of the electronic money transfers suck..pay big time..That is what I said originally when we were discussing sending payment in support of MLU>.
I don't know who is doing the accounting but assume Hanno and Sean..
Maybe Keith..the money is being sent somewhere but my self I send my contribution directly to Sean Winnington-ball.
He must have some expenses in regards to the care and maintenance of MLU..
I send cash by mail.and it costs me a stamp and an envelope..
I sent it to him last month and have not heard weather he got it or not..but assume he did.
Anyway that is how I pay my bills..cash..

rob love · #5 16-09-11, 03:20

Spoken like a true Luddite Alex. Now you had better head outside and draw a pail of water out of the well for your horse so you can head to work in the morning.

I must admit to being partial to cash for many purchases myself, and prefer it's use for local purchases. Certainly the government looks forward to the day it can replace it with an electronic form so proper taxes can be applied.

Marc Montgomery · #6 16-09-11, 13:25

Ralph and Rob...so if someone bills me... PP automatically withdraws the funds from my credit card if I have nothing in the PP account?

please excuse what may be dumb questions..

also what kind of fees does the other person have to pay to get the money?

(pp sure seems like a huge money maker..fees off the top..excess exchange rates..and fees at the other end. they get you coming and going and in the middle too wow..but really it seems we have extremely few options?)

Bob Carriere · #7 16-09-11, 15:20

They exist to make money from money,,,, it's called free enterprise.

when you buy ans send money the seller pay a fee..... unless you send it as a gift.

You will have to pay Cdn to US conversion fee.

You are better to create a separate small bank chequing account than use your credit card. You might want to consider using a Canadian US fund account to save some of the fees.

No matter what someone will have to pay them for the services they provide.

...and for amounts less than $25.... consider sending cash......I never lost any money yet.

Bob

rob love · #8 16-09-11, 15:32

I actually had to send some loot to someone else on this board in the US last night, so got to see what fees were involved. It was credit card based, on $350 US, so here are the fees I had to pay:

Paypal Exchange rate = 1 cdn $ = 0.987 US dollars (current BofC exchange rate is 1.0163)
Fees: $13.95 US.

Total cost to send $350 US ended up being $368.60 onto my MCard. Remember that the US peso is currently lower than the strong Cdn $ these days, so in reality it was around $20 in exchange and fees.

Now if I was purchasing off ebay, the seller would have been eating the $13.95 fee I believe, while I still would have been paying the 3% on the exchange rate.