cheapest way to buy via paypal?

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Forums › Finance and wealth management › cheapest way to buy via paypal?

richms

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#55321 29-Dec-2009 22:08

A loaded card is a ripoff because they add 3.5% currency conversion charges and charge you $1 each time you top it up. I cant get a real credit card at the moment due to no income they will count.

Is there any other ways to fund paypal directly? At the moment I am giving cash to my friend who sends me money from his business paypal since that is cheaper than withdrawing it to an account, but my spending exceeds the few people that use visa to pay the online store, so any other alternatve ways? Was hoping I could just set them up as a bill payment on my bank but they dont have one for paypal.

Richard rich.ms

nitrotech

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#285941 29-Dec-2009 22:20

Can you not get a visa debit card linked to your bank account? most banks now offer them - here is the kiwibank offering

http://www.kiwibank.co.nz/personal-banking/ways-to-bank/atm-and-eftpos/visa-debit-card.asp

You wouldn't need to verify any income as it's all simply linked to your debit account so if you don't have the money you can't use it.

You can't get away from international tranaction fees - they are a rip off no matter what the card

richms

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#285947 29-Dec-2009 22:29

Bank direct dont offer one and I am not keen to change bank at the moment particually to kiwibank.

Ideally I was hoping there was non creditcard way to do it since it seems stupid to be charging things like that back to a visa when there is no real reason for them to be involved.

Richard rich.ms

Kyanar

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#285950 29-Dec-2009 22:35

The only other way would be wire transfer, and that would be even worse than the Visa. Pretty much everyone charges 3.5% in currency conversion fees, and it's even more expensive to let PayPal charge you in NZ dollars (seriously, they use the most favourable rate to them that they can - sometimes they'll take 25 minutes to update for a new rate, and sometimes they'll take 3 weeks).

richms

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#285953 29-Dec-2009 22:39

loaded put the 3.5% ontop of the crap rate so it works out to be about 5% depending on things. when I have done the paypal doing the conversion they have been more reasonable.

For some reason with a loaded card I dont get the option of having paypal convert, yet with the friends visa from asb there was the option when buying.

Richard rich.ms

Kyanar

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#285956 29-Dec-2009 22:45

If you're set on BankDirect, you might find it a better deal to transfer to ASB Bank - it's the same company so you're essentially still with the same people, and they have a Visa Debit card too:

https://www.asb.co.nz/personal/credit-cards/visa-debit-card/visa-debit-card

casper021

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#285965 29-Dec-2009 23:29

there is a way to connect you bank account directly to paypal I know a few guys who done it, have a look in a paypal account setting there should be instructions on how to do it. In my case I have a credit card connected to paypal But iremember considering connecting a bank account at one stage. You may have to upgrade your paypal to business or premium account the upgrade is free

Kyanar

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#285970 30-Dec-2009 00:04

Aye Casper, but that's only for withdrawing money from PayPal, as NZ banks do not have any functionality except Direct Debit for drawing money from an account, whereas US banks allow ACH withdrawals without much more than the name and account number. You can't fund PayPal from a NZ bank account.

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richms

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#285972 30-Dec-2009 00:11

Yeah, I was hoping they had an account that you can put money into which would show on the paypal account as available funds. Seems they are ignoring NZ since we dont do too much thru ebay here thanks to trademe owning the local market and not many people going to ebay to buy things.

Richard rich.ms

Kyanar

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#285973 30-Dec-2009 00:19

Oh, it's not because of Trademe, it's because PayPal likes all funding methods to be ones they can charge at will - not ones that require permission. So they won't even consider supporting NZ direct debits (you can cancel? How quaint!) until we get something like US ACH where they can just go "$300 thanks. Reason? Why should we?" as they can here with credit cards.

You really don't want PayPal having direct access to your cash. There are so many horror stories about it.

richms

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#285980 30-Dec-2009 00:43

Well they are the best way to pay online, till they get some cheaper way to get money into it they are just not that viable IMO, they should be going for it so that they dont have to pay the merchant fees and can pocket the difference with what they give the sellers on there.

Richard rich.ms

Kyanar

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#286011 30-Dec-2009 09:32

A PayPal conversion on a bank supplied card is always less favourable than eating the 3.5% currency conversion fee. It's only on cards with extra fees where it becomes viable to let PayPal do it.

adw

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#286247 31-Dec-2009 11:01

Do you have to use PayPal for what you are doing - have you considered the NZ alternative of PayMex (www.paymex.co.nz)?

richms

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#286305 31-Dec-2009 19:26

ebay sellers are usually paypal only. so yeah, has to be paypal

Richard rich.ms