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Old 12th January 2006, 14:19   #1  |  Link
retroborg
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PAYPAL, Add a Bank Account...

Hello,
I have an ATM/Debit card (Not a credit card) which is connected directly to my checking type bank account. I successfully created a Paypal account and connected it to the debit card. I was also asked by paypal if I wanted to add a bank account. If I don't, how can I transfer money from my debit card to paypal and vice versa, assuming that the debit card already has some money? I don't quite understand how the money is transferred between the debit card & paypal and what are the banking transferring fees in each case?
I have not added my bank account to Paypal yet, as I was not sure of the risks/benefits of doing so. If I don’t and leave it as it is, will I be able to make withdrawals from PayPal to my bank account and vise versa (The debit card is connected directly to my account)
Will I have to pay higher bank transfer fees?

This is what is stated at Paypal:

Quote:
Withdraw PayPal Funds Directly to Your Greek Bank Account.
Add a Bank Account in Greece
________________________________________

Now you can withdraw funds from your PayPal balance to your Greek bank account. Enjoy access to your PayPal funds without incurring high international bank transfer fees.

Add your bank account
Simply add a Greek bank account to your PayPal account, and you can begin withdrawing your PayPal funds. Just make sure your bank account is denominated in Euro (EUR).

Avoid high bank transfer fees

Making withdrawals from your PayPal account is free for amounts above €100.00 EUR. For withdrawals under €100.00 EUR, you pay just €1.00 EUR.

Your PayPal funds will be converted to Euro before they are deposited to your bank account. The exchange rate for the transaction will be displayed prior to making your withdrawal.

With easier access to your funds, you can manage your business more efficiently than ever. Withdraw funds to your Greek bank account today!
I live in Greece E.U. and the local currency is Euro.

Please excuse my ignorance as I have never used Paypal / Ebay before, so any help will be highly appreciated.

Thanks in advance.

Last edited by retroborg; 12th January 2006 at 14:23.
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Old 12th January 2006, 14:36   #2  |  Link
Doom9
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whether or not the transfer costs something is up to your bank. There's an upper bound (like a 100 bucks or so), if you cross that, transfers are free of charge. And yes, you can move money from your paypal account to your bank account, and vice versa (never tried to fund my paypal account, I only drain it).

As far as risks go.. if they ever lock your paypal account, then all other info you have associated with it (credit cards, bank accounts) may not be useable if you ever open a new account.. but that's about it (and a risk not specific to using bank accounts). It is not possible to initiate a bank account -> paypal transfer from paypal.. you have to do that via your bank as usual, and you can be sure that they won't send your money anywhere unless you've authorized them to or they'd make themselves liable for lawsuits.
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Old 12th January 2006, 15:05   #3  |  Link
retroborg
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So if I don’t connect Paypal to my checking bank account and leave it as is (only connected to my debit card which in turn is connected directly to my checking bank account) will I be able to make withdrawals from PayPal to my bank account and vice versa?

For example, when I need money for my regular needs, I can easily withdraw/install money using the debit card from any automatic transfer money machine (ATM) that is supported by my bank. My account would then be updated spontaneously. So I don’t need to actually go to the bank with my account booklet to withdraw money.

So would I be able to transfer money from paypal to the debit card and vice versa & my bank account updated automatically? (Without having to connect the bank account to Paypal?)

Right now how would transfer money to paypal from my debit card if I wanted to buy something online?

Thanks in advance.
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Old 12th January 2006, 15:19   #4  |  Link
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well.. the main advantage of connecting a bank account is withdrawals. You cannot make a withdrawal out to a card, but you can to a bank account. When it comes to transfering funds to your paypal account, I guess it all comes down to how much you pay for each method.. but the card method is definitely more convenient. So unless you want to withdraw money from your paypal account, there's no need to connect the bank account.
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Old 12th January 2006, 18:05   #5  |  Link
retroborg
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My ATM/Debit card is a VISA Electron.
I also just noticed that my Status in Paypal is "Unverified (New)"

Well, my balance in my Paypal account is zero (0), so how am I supposed to transfer money from my debit card to my paypal account and actually buy something?

However, I did try Paypal's "send money" form as a test, but I got this:

Quote:
Before you may make this payment, you must enroll in PayPal's Expanded Use Program and enter your Expanded Use Number.

Enroll in PayPal's Expanded Use Program
--------------------------------------------------------------------------------
PayPal offers an Expanded Use option to help you get the most out of your PayPal account. Just complete our easy enrollment process to enjoy these Expanded Use benefits:

No Account Sending Limit - send unlimited funds from your PayPal account.
No Withdrawal Limit - withdraw unlimited funds from your PayPal account.

--------------------------------------------------------------------------------
How to Enroll in the Expanded Use Program

You're just three steps away from the freedom of Expanded Use:

Step 1:
Authorize PayPal to charge a €1.50 EUR Expanded Use Fee to your card. (You will receive a €1.50 EUR bonus in your PayPal account after you complete enrollment.)

Step 2:
On your next credit card statement (monthly transaction history), find the 4-digit Expanded Use Number that will be printed in the item description section of the charge. It may take 3-4 business days for the number to appear on your statement.

Step 3:
Log in to your PayPal account, click the Complete Expanded Use Enrollment link on your Account Overview, and enter your Expanded Use Number.

When you enter your Expanded Use Number, your enrollment will be complete. You'll have access to unlimited sending and withdrawals, and you will become a Verified Member of PayPal!

Click Get Number to authorize PayPal to charge €1.50 EUR to your credit card ending in 7008.

Get Number, Cancel
What is this? :?: :!:
Is this because my Paypal Status is "Unverified (New)"
Will I get a verified status if I just add my Bank account to Paypal and actually skip this "enroll in PayPal's Expanded Use" thing.

Last edited by retroborg; 12th January 2006 at 18:23.
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Old 12th January 2006, 18:50   #6  |  Link
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There's a similar procedure for your bank account.. it's to prevent fraud. Most online retailers don't go to such length for verification, but considering that it's sorta like a bank account and they can't get you to come to their office to show your ID, I don't think it's too unreasonable. Anyway, they have a customer support department that now owes me a case of beers
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Old 12th January 2006, 19:12   #7  |  Link
retroborg
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Well, I will send you a barel full of beer my self, via Express Mail (Insured), if you help me through this and I start doing some much wanted shopping-therapy!

Well, how am I supposed to complete Step 2?
This a VISA Electron ATM/Debit card not a credit card!
So how do I verify?
If I just add my bank account in Paypal, will I get a verified status and overcome this "Enroll in PayPal's Expanded Use" thing. ?

Quote:
Step 2:
On your next credit card statement (monthly transaction history), find the 4-digit Expanded Use Number that will be printed in the item description section of the charge. It may take 3-4 business days for the number to appear on your statement
Thanks in advance.

Last edited by retroborg; 12th January 2006 at 19:15.
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Old 12th January 2006, 21:28   #8  |  Link
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Quote:
If I just add my bank account in Paypal, will I get a verified status and overcome this "Enroll in PayPal's Expanded Use" thing. ?
Didn't I already mention that there's something similar for the bank account as for the card? I think I did And I don't like repeating myself. I found the procedure very straightforward and self explanatory.. and I've done it years ago so I really don't recall the specifics. Just click and see what you get. There's such a thing as worrying too much...
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Old 13th January 2006, 00:20   #9  |  Link
retroborg
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Thanks for all the info.
I appreciate that!

By the way, I noticed that as long as Iím not verified, I canít send any more than 100 Euros (To buy stuff). The limit will be lifted only when I enter the 4-digit Paypal Expanded Use Number and become verified.

Is it the same case for all unverified Paypal users, or is this some new protection measure from Paypal?
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Old 13th January 2006, 02:32   #10  |  Link
spuddog
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It really all depends on whether you are willing to trust(?) online banking - account transfers. I have a bank account associated with my paypal. It enables me to tranfer fund back and forth, If my paypal account doesn't cover my purchase it automatically takes the rest from the designated account. Of course the laws governing liability vary from country to country. You should always keep a close eye on all on-line activity.

Scott
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Old 13th January 2006, 08:42   #11  |  Link
retroborg
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The thing is that my card is a VISA Electron ATM/Debit-card only, not a credit card. So it is limited by the exact amount I put in my account/debit card and only use it to get money from the ATMs, which is a good thing. But I don't get any monthly Credit Card statements since I’ve never used it for any credit card transactions. So where am I supposed to get this 4-digit Paypal Expanded Use Number that is supposed to appear in my next credit card statement (monthly transaction history) which I have never gotten until now.

This morning I checked the ATM's transaction history receipt and someone has begun the withdrawal of 1.5Euros + 1 Euro. (It is not complete yet and doesn't say if it is paypal and has no 4-digit number. Also I don't know what that extra 1euro is for?))
I asked the bank and they said that they don't give any monthly credit card statements for ATM/debit cards like mine, only for credit cards & it might appear in my card's transaction history-log when the transaction is complete.

That might take 4-10 days.

Personally if I knew that it would have been so complicated, I would not have bothered with Paypal.
If the worse comes to worse how do I delete/cancel my PAYPAL account and have all my info removed/deleted for paypal?
This is not a very good start.

Thanks in advance.
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