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> Link one bank account (not your primary) to PayPal to receive money, and transfer received money immediately. Costs 1.5%. Or wait a few days.[1] Plus a fee f
by Animats 1y ago
> Link one bank account (not your primary) to PayPal to receive money, and transfer received money immediately.
Costs 1.5%. Or wait a few days.[1] Plus a fee for receiving cryptocurrency.
There are additional fees for buying cryptocurrencies, other than PayPal's own.
And none of this is FDIC insured.
[1] https://www.paypal.com/us/legalhub/paypal/pp-balance-tnc?locale.x=en_US#long_form_disclosure https://www.paypal.com/us/legalhub/paypal/pp-balance-tnc?loc...
- margalabargala 1y agoI think they meant, initiate the transfer immediately. There's no need to pay for the "fast" transfer vs standard ACH.
- Animats 1y agoDoes PayPal support FedNow? Bank-to-bank transfers in under 10 seconds, for $0.045 each? Nah.
- Karrot_Kream 1y agoHow many banks do? Not just theoretically, but practically. Mine does supposedly but does not let me, the account holder, use FedNow. Instead I'm stuck using Zelle which I can hit the limits of just by paying a mortgage payment.
- masfuerte 1y agoWith PayPal in the UK you can do an instant transfer for free or pay extra for a two-day transfer. I don't know why the option is still there or why anyone would choose it.
- Karrot_Kream 1y agoTheir fees for cryptocurrency are small (between 1.5% - 2.5% depending on amounts, higher amounts have a lower fee), but they take it on both the buying and selling end. So if the amounts you're moving require a 1.8% fee, then for both buying and selling you end up with 3.6% in fees. Coinbase and most other CEXes charge this and they claim part of the fee is due to instability in the price, so this fee acts as a spread they can use to not lose money.