When I first opened a paypal account I thought this was too good to be true. All I kept reading was ‘no fees’ for this and ‘no fees’ for that.
Anyway lo and behold last night I received a SMS saying that “you have received £** from such a person. So firstly to ‘accept’ this payment I had to activate the ‘SMS alert’ part of my account. When I did this the transaction showed up on my balance. But to my horror approx. 5% had been taken out. On closer inspection on the T’s & C’s it did say that you’d be charged a small fee for receiving cash. IMHO 5% aint a small fee. And also to verify my account, I had to go through the procedure of telling paypal a couple of questions to make sure it was my bank account, blah blah blah.
If anybody else uses ‘paypal’ can you please post on this thread of any other ‘stealth fees’, so as to be on my guard in the future. Maybe the good old fashioned ‘your check is in the post’ way of doing business is still the more favourable one:wink:
