Withdrawing from Paypal

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Forums › Finance and wealth management › Withdrawing from Paypal

petes117

371 posts

Ultimate Geek

#71758 16-Nov-2010 15:50

So I set up a Paypal account to receive payment for some contract work I've been doing for overseas clients. I linked up my bank account and credit card then was paid for my first weeks work. All good so far.

Then on the 4th of November I try to withdraw it to my bank account. As of today (16th) it has still not shown up in my bank account. Thats 9 working days.

I contacted my bank (ASB) and they said to contact Paypal.
So I emailed Paypal and they (to their credit) quickly responded with "We can trace the withdrawal after 14 business days from the day you initiated the transfer".
But thats pretty poor form for a company that has skimmed around $20USD off the top of my payment.

Now I've learned my lesson and will be getting my clients to send a cheque in the mail from now on, but what can I do about the first payment that has been lost in the internets' cloud?
Is there anything I can do but hope and pray it shows up somewhere? Anyone had any similarly bad experiences with Paypal?

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#405388 16-Nov-2010 16:04

I have never actually wanted the money out of my paypal account, I just spend it on ebay or deal extreme.

in saying that, friends have cashed out from paypal and it was relatively quick

Richard rich.ms

vinnieg

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#405390 16-Nov-2010 16:05

Paypal are scum, seriously, when all goes well it's fine, but when stuff hits the fan, they just try taking your money

Cheque in the mail will be the best way tbh, you won't get the exchange rate that paypal want you to get(usually the one which works against you)

I bought a Tablet PC, android, got it shipped, it was faulty, shipped it back, 2 months later the new one arrived. Completely broken. Lodged a paypal dispute, paypal immediately closed it saying "not purchased off ebay, not our problem"!

So I went to Mastercard and did a chargeback, all went well, money returned etc. Then 30 days later, Mastercard ring me up and say Paypal have lodged a chargeback against Mastercard which will be coming out of your account. After that I had to give even more hard evidence against the company and paypal. After which the matter was finally resolved in my favour.

Still a pain in the neck. Really wish there were better alternatives to buying overseas and transferring money, but there aren't :(

I have moved across the ditch. Now residing in Melbourne as a VOIP/Video Technical Trainer/Engineer.

toprob

126 posts

Master Geek

#405395 16-Nov-2010 16:12

Hmmm, I'm in the same position, a withdrawal on 3rd Nov, and still no sign. Maybe Paypal have a wee glitch?
This has happened twice before, over the last few years, both resolved, but it took a while.

I know that Paypal is a bit of a risk, but it does benefit my customers, so I'll continue to use it. Provided my money turns up, of course...

k14

629 posts

Ultimate Geek

#405396 16-Nov-2010 16:12

I wouldn't worry, I have withdrawn probably a couple of thousand from my account over the years and never had a problem. Had a few disputes that took longer than optimal to resolve but in the end they all worked out.

petes117

371 posts

Ultimate Geek

#405413 16-Nov-2010 16:37

Hmm all the mixed feedback is quite interesting... when it works its great and when it doesn't it sucks.

Still, first impressions count. This was my first attempt at using Paypal's services and from my perspective they've failed.

I might feel differently if this was a small glitch after years of quality service...

sleemanj

1490 posts

Uber Geek

#405444 16-Nov-2010 17:13

I have withdrawn many thousands of dollars from PayPal over the years. No problem. They do take a few days.

Are you certain you gave the correct account number?

Accepting overseas cheques is much slower and less safe than PayPal.

---
James Sleeman
I sell lots of stuff for electronic enthusiasts...

freitasm

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#405448 16-Nov-2010 17:17

I usually get the money into my BNZ account in two days... Never had a problem and I have a very old Paypal account.

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petes117

371 posts

Ultimate Geek

#405706 17-Nov-2010 09:12

Hmm well it finally showed up in my bank this morning after 10 working days.

That must have been some glitch, but I still think I'll ditch Paypal and go back to ye old fashioned cheque-banking.

toprob

126 posts

Master Geek

#405801 17-Nov-2010 10:56

Mine turned up as well this morning (BNZ) after 2 weeks, so it does look like there might have been a glitch with some local transfers?

Normally they are very good -- they advertise a 5 to 7 day wait, but it almost never takes longer than 3 working days.

From a merchant's point of view, it is a nice cheap easy system. It is the only way I can offer instant downloads of my products, without paying a gateway a big cut on top of my normal cc fees.

cyberhub

224 posts

Master Geek

#405807 17-Nov-2010 11:03

I looked into payment gateways about a month ago, seriously everyone wants to take a cut. The bank for the credit card transaction and the payment gateway. My own Bank ASB that I have been with forever told me that they wanted a $11,000 deposit so I could accept credit card transactions.

I actually thought the guy was joking - turns out that he was not.

It seems that they were deliberately trying to make it hard for me to accept credit cards, however I setup my PayPal account in about 10 minutes and was able to accept transactions.

I know they make it so hard because of credit card fraud but seriously can't they see I have had a bank account with them for 15 years and cut me some slack.

I am going to be using Paypal till I get a decent monthly transaction rate and then go back to the banks and see if they will come to the party then.

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marpada

474 posts

Ultimate Geek

#405917 17-Nov-2010 14:44

My withdrawals using an ASB account usually take 3-4 days. Previously I lived in a country where you cannot associate the Paypal account to a bank account so it was a real pain, so when I got my first withdrawal here I was immensely happy.

Many of the Paypal policies are abusive or inefficient. Unfortunately it's still the best way to send/receive money overseas, they know it and get advantage of it.

richms

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#405927 17-Nov-2010 15:03

They have a lot of people taking the piss with them which doesnt help, Their CS isnt really set up for people to prove that they are genuine which sucks.

Richard rich.ms

nzbase

21 posts

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#406248 18-Nov-2010 12:59

I've never had any issues withdrawing from Paypal.

Have had an account with them from the early days and while my personal (or work) accounts aren't used heavily they're handy to have for international payments.

Would still consider Paypal a much better option than cheque when many banks are now charging higher fees for depositing in a currency other than NZD.

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petes117

371 posts

Ultimate Geek

#412785 4-Dec-2010 12:19

Just to follow up on my experiences with Paypal, my latest payment was transferred to my bank account in less than two days! (Withdrew it Thursday morning, received in bank account sometime Friday evening)

This leads me to one (or all) of three conclusions:
a) The first withdrawal from a new Paypal account requires a few extra days to clear
and
b) There was indeed a bad glitch during the time of my first withdrawal
or
c) Complaining gets results

Either way I'm quite happy now, though Paypal could have warned me about the first two surely?

Kyanar

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#412826 4-Dec-2010 16:24

cyberhub: I looked into payment gateways about a month ago, seriously everyone wants to take a cut. The bank for the credit card transaction and the payment gateway. My own Bank ASB that I have been with forever told me that they wanted a $11,000 deposit so I could accept credit card transactions.

I actually thought the guy was joking - turns out that he was not.

It seems that they were deliberately trying to make it hard for me to accept credit cards, however I setup my PayPal account in about 10 minutes and was able to accept transactions.

I know they make it so hard because of credit card fraud but seriously can't they see I have had a bank account with them for 15 years and cut me some slack.

I am going to be using Paypal till I get a decent monthly transaction rate and then go back to the banks and see if they will come to the party then.

Intriguing that ASB wanted to make it so difficult for you. My own bank (Westpac) nearly bent over backwards to get me set up with merchant processing and gateways (for bonus points, they have a relationship with DPS to get you going with PaymentExpress with favourable-ish rates, and they won't let small businesses use self-hosted card detail collecting). Took less than two weeks, and with less than 15 years history. No deposit at all - just a few hundred setup fee (most of which was actually for the gateway setup, I suspect).

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