paypal

[mustard72]

hi all, may have asked this a while ago, but I want to set up paypal so question. when I sign up to paypal and enter my debit card and bank account details, how does it work? I take it if buying it takes money off my card or account and pays, and if I am selling does the money go to a paypal account and then into my bank account, or straight into my bank account??? excuse me for sounding stupid!!!

 

[KevH]

When buying it takes from your Paypal account first, then your card (so if the cost is £60 and you have a balance of £20 in your Paypal account, it takes that and the balance of £40 from your card). This may be immediately or sometimes is delayed for 15 days on a 'buy now pay later' offer.

When selling the money goes in to the Paypal account, and you transfer it to your bank account via your Paypal account as and when. When selling you pay fees, and these are charged to your Paypal account. If the account is empty, it takes from your card.

If you transfer money as a gift, it is the same as selling, except there are no fees. Hence, often a seller will ask for Payp[al as a gift. But there is no protection in those cases, so be aware of the risks.

Hope this helps. If I have got anything wrong, somebody will say, I am sure.

Kev

 

[mustard72]

thanks kevh!!! not that great with computors!!! so its just a case of transferring funds into paypal to pay for things, or will take off my card and request from paypal account to bank account when selling. seems straight forward then!!! watch me mess it up!!! hopefully not!!! when its all set up I take you can buy andsell straight away, or do you have to wait??

 

[paul_q]

Not really needed if buying second hand parts but worth knowing

http://www.moneysavingexpert.com/credit-cards/PayPal-Section75" onclick="window.open(this.href);return false;