Transfer Money

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August 10th, 2019 at 10:49:49 AM permalink
AcesAndEights
Member since: Oct 24, 2012
Threads: 5
Posts: 286
Quote: Pacomartin
I make many PayPal transfers for $20. That is the minimum that can be withdrawn from a seven-eleven ATM.

The amount of the transfer is $20? Or the fee is $20?

I don't understand the point you are trying to make. Personal bank account transfers are free with PayPal. What is the context if your 7-Eleven comment? Who are you sending $20 to?
"You think I'm joking." -EvenBob
August 10th, 2019 at 8:22:27 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 934
Posts: 10989
Quote: AcesAndEights
The amount of the transfer is $20? Or the fee is $20?

I don't understand the point you are trying to make. Personal bank account transfers are free with PayPal. What is the context if your 7-Eleven comment? Who are you sending $20 to?

The amount I send is $20 to a friend who goes to the nearest 7-11 and withdraws $20 from an ATM. There are no fees involved. The process takes minutes.

I am saying that a bank account to bank account transfer in this amount would be impossible, both because of the time involved and the fees.

But in Sweden now virtually 2/3 of the people use an app that allows them to go bank account to bank account without a third party like PayPal. A sizeable percentage of the population has simply abandoned cash entirely.
August 12th, 2019 at 5:14:42 AM permalink
AcesAndEights
Member since: Oct 24, 2012
Threads: 5
Posts: 286
Quote: Pacomartin
The amount I send is $20 to a friend who goes to the nearest 7-11 and withdraws $20 from an ATM. There are no fees involved. The process takes minutes.

I am saying that a bank account to bank account transfer in this amount would be impossible, both because of the time involved and the fees.

But in Sweden now virtually 2/3 of the people use an app that allows them to go bank account to bank account without a third party like PayPal. A sizeable percentage of the population has simply abandoned cash entirely.

I'm with you on the time (a couple of days), but there are no fees if you send money from your bank account to a friend via PayPal and mark the transaction as personal. Then they have to withdraw that money into their bank account (or leave it in PayPal to pay someone else).

I'm curious now about these $20 transfers: what is the source of your funds (I'm guessing PayPal balance) and also what is the destination that allows your friend to use a 7-Eleven ATM to withdraw? Does PayPal have a partnership with 7-Eleven where you can use their ATMs to withdraw directly from your PayPal balance? I'm not aware of such a setup, but sounds cromulent to me.
"You think I'm joking." -EvenBob
August 12th, 2019 at 5:27:31 AM permalink
AcesAndEights
Member since: Oct 24, 2012
Threads: 5
Posts: 286
I see now PayPal has a debit card that you can use at MoneyPass, frequently located inside 7-Eleven locations. So I think I get the flow now.

I actually used MoneyPass ATMs to wire cash into my Bovada account back in the day.
"You think I'm joking." -EvenBob
August 12th, 2019 at 10:06:57 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 133
Posts: 18621
Quote: AcesAndEights
I see now PayPal has a debit card


I have a PP debit card to access
my PP balance. I also have a PP
credit card.
If you take a risk, you may lose. If you never take a risk, you will always lose.
August 12th, 2019 at 11:16:47 AM permalink
kenarman
Member since: Oct 24, 2012
Threads: 11
Posts: 1637
Quote: Evenbob
I have a PP debit card to access
my PP balance. I also have a PP
credit card.


I find it interesting that you trust PP more than you trust the banks since you have a PP debit card. That is 180 deg. from where I am at.
"but if you make yourselves sheep, the wolves will eat you." Benjamin Franklin
August 12th, 2019 at 11:19:35 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 133
Posts: 18621
Quote: kenarman
I find it interesting that you trust PP more than you trust the banks since you have a PP debit card.


Without a bank account it's the
only way to access the money
in the account. It's never there
for long, I always transfer it
immediately to a CC or pay
bills with it.
If you take a risk, you may lose. If you never take a risk, you will always lose.
August 12th, 2019 at 2:33:39 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 934
Posts: 10989
The Canada Deposit Insurance Corporation (CDIC) is a Canadian federal Crown Corporation created by Parliament in 1967.The original amount of insurance per eligible deposit account was $20,000. This was raised to $60,000 in 1983. As of 2005, CDIC covers $100,000 in eligible deposits per insured category at each CDIC member institution in the event of a failure.

The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category.

Quote: kenarman
I find it interesting that you trust PP more than you trust the banks since you have a PP debit card. That is 180 deg. from where I am at.


FDIC insurance does not protect you against the risk of PayPal's insolvency. Yes, PayPal works very much like a bank, but has not been classified by the FDIC as a bank.

You can link a bank account to your PayPal account so you don't have to keep very much in there.

For large sum of moneys some people just pay the fees and do bank wiretransfers.

Quote: AcesAndEights
I see now PayPal has a debit card that you can use at MoneyPass, frequently located inside 7-Eleven locations. So I think I get the flow now.

I actually used MoneyPass ATMs to wire cash into my Bovada account back in the day.


MoneyPass (33,000 locations) is the second-largest surcharge-free ATM networks nationwide (behind All Point Network). MoneyPass was owned by USBank but the 8,000 7-Eleven locations are often the most convenient. The company was just sold to Fiserv





https://www.fiserv.com/
August 13th, 2019 at 3:14:22 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 108
Posts: 2659
Quote: AcesAndEights
sounds cromulent to me.
yep I had to look that one up
The light at the end of the tunnel can be a freight train coming the other way!..Fleastiff
August 13th, 2019 at 1:07:14 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 934
Posts: 10989
Mr. Springfield, how can I hope to achieve such greatness?
A noble spirit "embiggens" the smallest man.
- Yea! - Springfield rules! Way to go, Springfield! "Embiggens"?
Hmm. I never heard that word before I moved to Springfield.
I don't know why. It's a perfectly "cromulent" word.
--------------------------------


In 2019 the budget of the Bureau of Engraving and Printing (BEP) is $1,115 million and the United States Mint is $2,438 million. Over a third of the banknotes printed by the BEP are $1 bills.

South Korea is basically saying instead of spending all that money on coins and small denomination banknotes, let's just spend it on the infrastructure to digitally handle small transfers of money.
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