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CC transfer via PayPal
WiseInvestor_2
Posts: 624 Forumite
in Credit cards
I'm sorry if this has been discussed before but I've searched for and read the PayPal threads and they get too confusing or go off track.
I need to receive £1000 from a relative. We're both in the UK (ie Sterling).
I don't know what CCs he has or what promotional periods are available.
Can I set up a free PayPal account and invoice him for the amount?
If he pays the invoice using his CC, can I withdraw the funds onto my DEBIT card?
What handling fees can we expect? Would it be cheaper to do a normal BT at whatever rate his CC issuer charges?
Many thanks.
I need to receive £1000 from a relative. We're both in the UK (ie Sterling).
I don't know what CCs he has or what promotional periods are available.
Can I set up a free PayPal account and invoice him for the amount?
If he pays the invoice using his CC, can I withdraw the funds onto my DEBIT card?
What handling fees can we expect? Would it be cheaper to do a normal BT at whatever rate his CC issuer charges?
Many thanks.
0
Comments
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Would the transfer to paypal be treated as a cash transaction? or retail?
Something to bear in mind - if it is a cash transaction, then your relative will be charged a large sum (up to 28.9% APR (with barclaycard)).
Have a read of the paypal info, it states it pretty clearly. I think for funds over a certain amount you can transfer it into your bank for free. (this was a while ago mind).
Dependant on the CC issuer would depend on the BT fee as well. Though this is normally charged at between 2 & 3 %, so for £1,000 you'd be looking at £20 / £30 handling fee.0 -
It would cost you about £34 to receive the £1000 into your paypal account. (3.4% +20p per trade)
The sender would incur no charges with "most" credit cards, as it sees them as purchases0 -
Thank you both. That pretty much matches what I'd extracted from the 2 dozen other PayPal threads!
So it'd cost ~£30 to use PayPal but I've no idea how his CC issuer would handle the transaction - cash or purchase.
It would appear paying a BT fee would be a cheaper option, but can he do this direct to my Debit Card?0 -
Again, depends which CC he has.
MBNA, for example, allow transfers to bank accounts. But the likes of Barclaycard / Halifax / Lloyds TSB / HSBC don't.0 -
Can't you just do a bank transfer? He would need your account number and sort code.
Does he have to use a credit card?I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments boards.
If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
A credit card is the only option, yes.0
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