Paypal

rob love · #1 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 · #2 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 · #3 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 · #4 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.

Ralph Volkert · #5 16-09-11, 16:27

Hi Marc

I NEVER put money into the Paypal acount. Those funds can be frozen or accessed by PayPal at their discretion, in the event of a problem. Just like if you have a problem with your regular bank. If your bank thinks they have been ripped off they can go in and withdraw or freeze your account. At least with your regular bank you can go in and talk with someone. Paypal not so much.

The reason Paypal offers an account service because some people are leary of using a bank account on line. But if just for Paypal no problem.

I attached a private bank account to Paypal. This is for security purposes. If there is insufficient funds in that acount Paypal will withdraw the funds from your credit card.

I have never had a problem with Paypal and I use it a lot. It is a lot cheaper now that most of my transactions are done through the bank. With your credit card EVERYONE gets to charge fees.

You can send money to anyone registered with paypal they just give you their Paypal email adress.

Ralph Volkert · #6 16-09-11, 16:37

Alex...about sending cash through the mail...technically it is not allowed by Canada post. If they detect the cash they will open your mail take the funds and sell you a money order for whatever is left after the cost is detected from the monies found and send that onward. you will of course be short now. Or if there is not enough money Canada Post will return to sender.

Granted it doesnt happen a lot but it does happen.

Try explaining to your nephew why you sent him a Birthday card with a money order for $1.19!

rob love · #7 16-09-11, 17:01

There are postal employees who make a habit of detecting cash in the mail and forwarding nothing.

sth65pac · #8 16-09-11, 23:00

Only one thing to say: Make sure you have a LONG password. So it cant be stolen.

I had someone try to transfer money from my account. PP investigated & refunded me the money. It was a stressful period though. (Lucky I had a spare $700)
I notified my bank that day so they said it was noted.

I believe my password was hacked. It was 15 keystrokes/letters numbers etc. Significantly more now.
Since then, no issues.