Paypal v Bank Transfer

[Alext333]

Hi All,

Just keen to know on a payment of under £1000 which would be better Paypal or bank transfer?

I have no idea of the fees for either of these, any ideas?

Thanks

 

[alwaysinamess]

Bank transfer is usually instant and free, If I was after the money it would be Bacs all day long, If I was sending money I would prefer paypal as there is some protection if you feel uneasy

 

[BusinessTeam]

Hi,

Bank transfer would usually be free so I would suggest this is far better.

Richard

 

[Talay]

Faster payment is instant.

 

[dx3webs]

yes, no competition really if you client is happy then bank to bank will always be quicker and cheaper.

 

[BobbyBoy]

Bank transfer is much safer for you too as customers can make a claim against Pay Pal and get a refund which they may not be due, leaving you out of pocket.

You can also request funds by email using Roman Cart, and take payment via credit/debit card.

Hope this helps

Bobby

 

[andygambles]

Receiving money - Bank Transfer
Sending Money - PayPal

 

[Latebloomer]

If you are going to send money for payment, paypal is better as you can make claims.

If you are going to receive any money, bank to bank is free and faster.

 

[profitmagnet]

Always try to collect your money via bank transfers. Also do not keep a lot of money in your paypal. Someday they might decide to put your account under review and hold those funds for 90 days or more.

 

[funkykitsch]

Hi All,

Just keen to know on a payment of under £1000 which would be better Paypal or bank transfer?

I have no idea of the fees for either of these, any ideas?

Thanks

not sure why everyone is saying bank transfer is free - it isn't if you are doing it from a country outside the uk - usually it will cost around £25 to do a wire transfer - it is of course free in this country if you do bacs.
Paypal fees vary depending on how much business you do with them in a month...


Purchase payments received (monthly)Fee per transaction£0.00 GBP - £1,500.00 GBP3.4% + £0.20 GBP£1,500.01 GBP - £6,000.00 GBP2.9% + £0.20 GBP£6,000.01 GBP - £15,000.00 GBP2.4% + £0.20 GBP£15,000.01 GBP - £55,000.00 GBP1.9% + £0.20 GBPabove £55,000.00 GBP* 1.4% + £0.20 GBP

The person who is paying the £1000 will still pay a £1000 - but the receiver will pay £34.20 costs...i think you might be able to send it as a gift but not sure if they get charged for the transaction then.

 

[CrLucch]

I believe there are expenses for both. It just depends on your requirements on speed and security.

 

[johnnysheffield]

Bank transfer all day long, there might be a standard fee depending on whom you bank with but nothing like the payment processing fee with PayPal, nearer £30 (at 2.9% plus the 20p). Plus it's where you want it instantly and charge backs just don't even come into the equation. Paypal is no pal of mine.

 

[ITsoldUK]

I believe there are expenses for both. It just depends on your requirements on speed and security.

BACs is free (most banks use Faster Payment now)

CHAPS is about £40

Paypal starts at 20p (ish) + 3.25% per transaction in...

so, to receive money = Bank (BACs)

to pay someone = Paypal

as already stated

 

[johntracks]

Receiving money - Bank Transfer
Sending Money - PayPal

The best equation !!!

Receiving money = Bank Transfer
Sending Money = Paypal

Fabulous !!!

 

[madameliberty]

Bank transfer should be cheaper and quicker!

 

[canvard]

well,, I want to open an account of paypal but sounds I couldnot.

 

[Brochan]

Paypal starts at 20p (ish) + 3.25% per transaction in...

Just for info, it's actually 3.4% .

 

[webgeek]

While it may be cheaper to receive BACS, there's a lot of companies who take in money via Paypal and would prefer to pay via Paypal whenever possible.

I've actually had one client recently where payment via Paypal was what tipped the scales in our favour.

For me, I'd rather eat 3% and make it easy for someone to buy than have 100% of nothing.

 

[Brochan]

For me, I'd rather eat 3% and make it easy for someone to buy than have 100% of nothing.

I totally agree with your logic and in many cases the PayPal charges or part of them can be added to the cost of the item.