[jmmtn4aj]

Here's the situation. A week ago I withdrew almost 400 dollars into a Singapore bank.. yet the bank balance is shown as 0, even though the withdrawing operation is shown as 'completed'. Is there still a waiting period after it's shown as completed? I sure hope I haven't transferred money into the wrong account

 

[KrooLism]

They say it can take up to 5 business days for the funds to be available.

DOn't forget, we has easter so a week ago today is only 4 business days. You may see your money tomorrow.

As to whether it went into the wrong account - check.

 

[rkivie2]

I recall there was indeed quite some waiting time between withdrawal and having the cash appear in your bank account although it has been a while since I last withdrew money from Paypal.

Is this your first withdrawal? I hope you had been careful with the bank details bcos the first time I tried to make a withdrawal, Paypal accepted my request, coverted the amount (about USD$1500) to SGD and attempted to deposit it into my UOB account. Unfortunately, there was some problem (I can't remember what now) and the transfer was rejected so Paypal coverted the money back into USD and put it back into my Paypal account.

In the end, I lost about SGD$150 in the USD to SGD to USD conversion.

 

[jmmtn4aj]

Quote:

Originally Posted by KrooLism /img/forum/go_quote.gif As to whether it went into the wrong account - check.

How?

Anyway I've read a few threads about withdrawing money on eBay and it seems that for a transfer to go through, the bank name has to be exactly right, and the name on your PayPal account has to match the name of the account you're withdrawing to exactly, so I guess I'm protected from miswithdrawal in this sense. As to whether I've put in the right bank details, yeah I'm OCD so I must've checked the account number at least 5 or 6 times

I think PayPal is going to notify me of a reversal in the withdrawal process as I entered the bank name wrongly (it's POSBank, but they merged with DBS a few years ago so the name you have to put in is DBS Bank, not POSB even though POSB is still around). Thankfully I converted the currency to SGD beforehand (starting a SGD balance), so I'll only lose money in fail withdrawal fees, and not currency conversion.

 

[KrooLism]

Quote:

Originally Posted by jmmtn4aj /img/forum/go_quote.gif How?

From the account details Paypal has on file.

RTFM!

 

[jjhatfield]

Are international paypal accounts verified in the same way that US accounts are? By which I mean when you first sign up, they deposit two tiny deposits in your account, then withdraw them, and you verify those numbers? If this is the case, you can be positive Paypal has your correct info.

The ACH process of transfering funds can be slow, but it is highly accurate. If for some reason all the account details don't match, your bank won't just dump the deposit in someone elses account, it will be returned to paypal. Float times on ACH transfers can vary greatly within the US, from two days to a week, depending on the policies of the institutions involved. I typically get my ACH deposits from Paypal within 3-4 business days.

Time could be longer when the money moves internationally. I wouldn't be upset just yet, but it might not be a bad idea to call Paypal and see if the CSR knows how long international ACH transfers usually take. Your bank will be able to tell you next to nothing about the ACH, since Paypal initiated the "push", they do all the work.

 

[ken36]

My understanding is the transfer takes place instantly. Paypal and the foreign bank make a ton of money, holding on to the funds a few extra day on each side of the transaction. You have to love it.

 

[Jaska]

No troubles at all with getting money from PayPal to my Finnish bank account. I just made my first withdrawal a few days ago and the money showed up in my bank account in very short order.

Your PayPal account will indicate that the transfer is "complete" as soon as you run the transfer, but this is no indication of whether or not your bank has the money yet. If the transfer fails, the first way to find out about this would be to check the status of your PayPal account to see if you've been charged a penalty for supplying the wrong account information. If that doesn't happen, it's up to your bank how long it takes to clear the whole transaction and make the funds available to you.

 

[Duggeh]

I've always been puzzled by it. Money from paypal to bank takes a week. But when you pay by paypal using your bank account, its all instantaneous.

Sounds like theres a load of hooey somewhere.

 

[jmmtn4aj]

Quote:

Originally Posted by KrooLism /img/forum/go_quote.gif From the account details Paypal has on file. RTFM!

I thought the whole point of using XXXX to blank out the bank account and credit card numbers was so that someone using your account wouldn't be able to get the details

If not, why blank out with xxxx? o.O

Quote:

Originally Posted by jjhatfield /img/forum/go_quote.gif Are international paypal accounts verified in the same way that US accounts are? By which I mean when you first sign up, they deposit two tiny deposits in your account, then withdraw them, and you verify those numbers? If this is the case, you can be positive Paypal has your correct info.

I think verification for me was done by credit card

Even now I haven't checked that month's bill to get the verification number. No reason too.

Quote:

The ACH process of transfering funds can be slow, but it is highly accurate. If for some reason all the account details don't match, your bank won't just dump the deposit in someone elses account, it will be returned to paypal. Float times on ACH transfers can vary greatly within the US, from two days to a week, depending on the policies of the institutions involved. I typically get my ACH deposits from Paypal within 3-4 business days.

Ay, I mentioned that in the previous post, but I feel safer that you've confirmed it

One question though, how do they get the account holder's (bank account, not paypal) name just by wiring money into the account?

Quote:

Originally Posted by Jaska /img/forum/go_quote.gif Your PayPal account will indicate that the transfer is "complete" as soon as you run the transfer, but this is no indication of whether or not your bank has the money yet. If the transfer fails, the first way to find out about this would be to check the status of your PayPal account to see if you've been charged a penalty for supplying the wrong account information. If that doesn't happen, it's up to your bank how long it takes to clear the whole transaction and make the funds available to you.

I think my balance in PayPal is zero, and the credit card link to it was recently cancelled o.O Can the PayPal balance go negative? Won't they just subtract the reversal charges from the funds you were trying to wire in the first place?

Anyway, I think the status of the withdrawal was 'pending' for several days. When it switched to 'completed' I assumed it meant there was already money sitting in my account. Now I'll just wait a few days before I get a failed withdrawal notice due to wrong bank name supplied

 

[jjhatfield]

Quote:

Originally Posted by jmmtn4aj /img/forum/go_quote.gif Ay, I mentioned that in the previous post, but I feel safer that you've confirmed it One question though, how do they get the account holder's (bank account, not paypal) name just by wiring money into the account?

I think they just use the name information you provided them (paypal) as your bank account information. If paypal knows me as John Johnson, I don't think my bank would reject any ACH if my account was John C Johnson Jr, so long as the numbers match up.

To Duggeh:

Wires are very fast (same day), ACH transfers are not. Its a different process, I'm not sure exactly how it works. Paypal transfers money instantly because they assume you have the cash in your checking account. They have no way of truly checking this. If if you don't have sufficient funds in your DDA, they also know that it is standard bank policy to pay almost all ACH debits that come through an account, because banks make tons of money on insufficient funds and overdraft fees, so it is too the bank's benefit to do so.

If for some reason the bank rejected the ACH pull, for reasons which can include but not be limited to the account being far overdrawn, a freeze being on the account, the account having been closed, or the account owner claiming fraudulent activity on the account and the ACH debit being returned, I am fairly sure Paypal would just overdraw the account of the sender and begin standard collection/recovery procedures.

 

[Hirsch]

Quote:

Originally Posted by jjhatfield /img/forum/go_quote.gif Wires are very fast (same day), ACH transfers are not. Its a different process, I'm not sure exactly how it works. Paypal transfers money instantly because they assume you have the cash in your checking account. They have no way of truly checking this. If if you don't have sufficient funds in your DDA, they also know that it is standard bank policy to pay almost all ACH debits that come through an account, because banks make tons of money on insufficient funds and overdraft fees, so it is too the bank's benefit to do so.

Paypal assumes very little. If you don't have a valid credit card backing up your bank account, you won't get an instant transfer. They'll do it via e-check, and will take a few days to make sure the funds clear. If your bank doesn't cover the transaction, they want a credit card to bill the transaction to. No credit card, no quick movement of money (unless the money is already in your Paypal account).

Someone who bought from me ran into this issue when the credit card associated with his Paypal account expired. His payment would have been held up for several days. At his request, I refunded the original transaction (effectively canceling it, since no money had actually moved yet), and he updated his credit card info and paid again. The second transaction was instantaneous.