How does PayPal work if I will only be withdrawing and receiving payments?

X16: How does PayPal work if I will only be withdrawing and receiving payments?
I don’t plan on buying using the account, and I don’t havea credit card. If I make an account, will PayPal only charge me 2.9% and $ 0.30 when I receive money, or will it withdraw that from my bank account even if I do not receive anything into the account?

Also, once I get money into it, how do I transfer PayPal money into my bank account?

Answers and Views:

Answer by Sweet Pea
Paypal will take the fees out of your transfer, not your bank account. If you sell something on Ebay that is worth $ 10, when the buyer pays you via paypal, you may actually only see $ 9.65 in your account instead of the ful 10. They take their fees off the top.
The have a business account that you earn money back as you use your card (debit) should you choose too. Its not much, but hey, not a bad deal.

Answer by photojunky9
PayPal will charge you 0.30 cents when you receive money not for an eBay item. It will deduct the 0.30 cents from the incoming payment. So if you get $ 1 transfered to you, you would end up with 0.70 cents, not $ 1.

When you transfer money into your bank account, its no-charge, and its simple under

-My Account –> Withdraw –> Transfer to bank account.

I hope this helps! 🙂

Answer by John L
If you have a premier or business account, the 2.9%+30 cents is the fee to receive a payment and is deducted from the amount received. If you don’t receive any payments, there’s no charges.

Moving money to or from a bank account is pretty simple. First, on the Paypal web site, you link your Paypal account to your bank account, by entering the bank’s transit number and your account number, both found on your checks. Then they make two tiny deposits to your account, like 12 cents and 37 cents. When you get your bank statement, or if your bank lets you, check it on line, you return to Paypal’s web site and enter the amount of the tiny deposits to prove that it’s your account. (They even let you keep the money.) Once you’ve done that, you can move money back and forth by going to Paypal’s web site and telling them how much to move, then a few days later it’s added to or deducted from your bank account.

I’ve had Paypal accounts for over 8 years and find it handy for selling the occasional eBay item.