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[Alexandoy]

Have you tried withdrawing money from Paypal in excess of your balance? Earlier this year, I made that mistake. Maybe I was sleepy that my withdrawn amount exceeded my balance by 3,000 pesos which is about $60. When I was asked for the confirmation, I did not notice the mention of my credit card. What happened was that I got the money from my credit card and my Paypal balance was untouched.

 

[Decentlady]

Ohh. This sounds terrible. Sorry about that. I have never really withdrawn cash from PayPal as it gets automatically transferred to my bank account shortly after it lands in Paypal.

Now that you've mentioned it, I am sure those who do such transactions will be very vigilant.

 

[explorer]

It's obvious that if you link your credit/debit card with PayPal it will take money from your card if the amount in PayPal account is not sufficient to complete the deal. But taking money from credit card attracts very high rate of interest so it is not wise to do so.

However, in our country we are not allowed to withdraw money through PayPal and whatever is left in PayPal will be transferred to respective bank account within 24 hours. We can't even use the PayPal fund to do online shopping so we need to link our credit/debit card for online shopping.

 

[Ash]

Yeah they do tell you that if you do not have enough in your PayPal balance then the rest will be taken out from any linked bank accounts or credit cards. I think they do confirm the amount that will be taken out of your credit card in the confirmation screen as well. You just got to be careful and not sleepy next time

 

[DR KOKIL AGARWAL]

Ohh this sounds real bad. But don't you have automatic transfer of paypal money in your linked bank account. Here in India the money gets automatically transferred to the bank account with 4-5 working days.

 

[tpicks]

That's correct @DR KOKIL AGARWAL automatic transfer from PayPal to the linked bank account would have helped to put this kind of mistake in check. I do not like manual transfer I prefer a direct push of the money on paypal to the bank or card as the case may be.

 

[pwarbi]

Luckily I have never had that issue and I use Paypal quite a lot. As others have said though, if you do have other accounts linked to your Paypal account then they will have the authority to use those as well. A bit like if you try to pay for an item with your Paypal account and you don't have enough in there, it will use the amount you DO have and take the rest from your bank account or credit card, whichever you have linked on there as a primary card.

As the OP found it, that also works the other way and it will use funds on other accounts to make sure that you can withdraw an amount that you want, often using the linked accounts rather than the actual Paypal balance and many people have fallen foul of that I would have thought. It does teach us to be more careful in future though!

 

[Po1son]

Ohh. This sounds terrible. Sorry about that. I have never really withdrawn cash from PayPal as it gets automatically transferred to my bank account shortly after it lands in Paypal.

Now that you've mentioned it, I am sure those who do such transactions will be very vigilant.

I cannot transfer my PayPal balance to any bank account. This service is unfortunately not available in my country. I once tried to transfer money on my credit card and I had to pay a fee of 5 dollars. Now I am either going to wait till I get a big amount and then transfer the money else I will keep it on my Paypal account and use it for any online purchase. For the time being I am just saving it up.

 

[tiada]

We can transfer our balance to linked local bank account , with no charge if exceed abt USD 100. I think I better not to link my credit card to Paypal account as I scared the mentioned case will happen to me who is always sleepy...

 

[joegirl]

Ouch! Sorry about that. For me, I always wait till I have quite a substantial mount in my Paypal before transferring to my bank account which is linked to my Paypal.

 

[overcast]

I try not to use the paypal for anything online. Because I have card. And keeping things in the balance of paypal does not earn me any interest. So I think it's better not to use the balance even if you get chance. Paypal is not worth it these days. As they are going to be pretty bad lately for the freelancers and small business. Hopefully we can get something like paypal that has micro charges for transactions.

 

[tiada]

We can transfer our balance to linked local bank account , with no charge if exceed abt USD 100. I think I better not to link my credit card to Paypal account as I scared the mentioned case will happen to me who is always sleepy...

I try not to use the paypal for anything online. Because I have card. And keeping things in the balance of paypal does not earn me any interest. So I think it's better not to use the balance even if you get chance. Paypal is not worth it these days. As they are going to be pretty bad lately for the freelancers and small business. Hopefully we can get something like paypal that has micro charges for transactions.

Yes, it is true! I hope Paypal will reduce it's charge when facing more competition from other online paying sites like Payoneer,and the virtual currencies such as Bitcoin.

 

[overcast]

I think the 100 USD limit is not specific to India I am guessing. We are not allowed to keep balance in the paypal. And you can see that is what stops me from llinking the card or the debit or bank to it. I have found out that I don't have to take paypal account for paying to any online company. I can do that with a card. So i just that it's not much of hassle paying directly instead of letting paypal have the money.

 

[tiada]

I have merely USD300 in my bank, I think it's time to do something as there is no interest for saving the fund with Paypal.

 

[overcast]

I have merely USD300 in my bank, I think it's time to do something as there is no interest for saving the fund with Paypal.

Yes it has high transaction rate. Low conversion rate and no interest paid in the account. So that tells you there is not much gain from the paypal balance. For me If I withdraw 5$ from BMF I get 4.40$. So the transaction rate for me and US based user is also different. That's one more reason I try to avoid cashout under 5$. I guess I have to push this time with 6$ payout instead.

 

[stiffany162]

I never experienced it. I think this is one of disadvantages on linking credit cards. Im using debit card with no balance in it so no worries about it.

 

[Lovely]

Sorry about that,a lot of people complain this in our chat room,if one linked his card with payment and one mistakenly withdraw what is more than what one has in his or her the money would be taken from the credit card instead, so one has to be very careful with PayPal. I say it all the PayPal is the most sensitive payment processor online.

 

[tiada]

Yes it has high transaction rate. Low conversion rate and no interest paid in the account. So that tells you there is not much gain from the paypal balance. For me If I withdraw 5$ from BMF I get 4.40$. So the transaction rate for me and US based user is also different. That's one more reason I try to avoid cashout under 5$. I guess I have to push this time with 6$ payout instead.

You have 17,000 BMF points or 17$ with you this time, well done!
Paypal is really big till can't avoid not to use it's service, what to do? :)
BTW, can we try to transfer our money in Skrill to Paypal?

 

[Medowriter]

This is a lesson for us that are yet make such mistakes, thanks for sharing this with us here @OP.

 

[kformaran]

You could link your bank account to paypal, but if you don't have bank account, since im guessing you're from PH. Use G-cash and verified your account. Just go to Globe Store and make sure you have Valid Id at least two.