Word to the wise.....recommend avoiding using the PayPal debit card for cash withdrawls at ATMs unless it's an emergency.... at minimum do some research to find less expensive options.
Am a new user of Paypal Service and using the recently received PayPal Debit Card at a local ATM..... KINDA EXPENSIVE!
Received $500 deposit/transfer to our account via a Paypal money request we sent. Transfer was smooth and quick 🙂
Paypal's fee was about $15 for the transfer which was immediately deducted from balance. Not sure what going rates are for that $$ amount elsewhere.... I know that merchants/businesses are normally charged 2-3% fees by the card processing companies when customers pay using credit/debit cards..... so 3% of $500 we received is $15.
Next went to withdraw $100 from a local ATM at a Chase Bank using the PayPal Debit card. Got hit with $4.50 total in fees for the ATM withdrawl of $100. Chase charged $3 .... PAyPal $1.50 ..... Almost a 5% cost .....
Remember, PayPal charged me a fee to get the money into the account approx 3% .... then we got charged $1.50 by Paypal + $3.00 by Bank to get some money out ... almost 5%...
Thats almost 10% cost in total fees...... direct loss of money......goodness. 🙂
Any info on more cost effective ideas greatly apreciated!
Oh well 🙂 Mind your dollars and cents carefully and wisely!
