*Ostroff, Fair and Company>>>Personal Finance

Paypal... help?

I am very new to Paypal. I just opened an account with them and confirmed my bank data as being an account holder. So now my account is active and confirmed.

Now ive got 2 questions:
- When i buy something through ebay.co.uk when i fill out the 'Send Money' form,should i select Pound as currency ?

- When i sell something on eBay and i let the buyer to pay with Paypal. I know i would receive an eMail when he filled out the ' Send Money' form. So where is the actuall money then? I mean, how do i get the actual money on my bank account when i receieve that email ?

Thanks for being specific
:)

when you receive a payment from someone, you will get the email, when you log into paypal, you will see the money there and you need to transfer it to your bank account (you can wait and transfer a larger amount after a few transactions, it may cost you to transfer it, so better to wait till there is a decent amount). when you are paying for something, it should already have the currency (in your invoice) so you shouldn't need to select it. once you start using it you will see how easy it is (and addictive!!!)

1.) You can send whatever currency you want to, it will still come out of your bank account in pounds. As for recieving the money there are a few ways, but the free one is to have it transferred into your bank account. It will take a couple days. But...its free. To do that, when you are logged in to paypal go to the recieve money tab and it will guide you step by step on getting it.
You should make your payment in whatever monetary units the seller wants. If you're buying items from sellers in the UK then yes use pounds but if you're buying from an American seller you should pay in US dollars. You actually won't need to fill out the send money form. You can just use the Pay Now button on the ebay item and it will take you to a Paypal page with all the information already filled out (including which currency to use).

As for where your money is, if you log into your Paypal account you will be able to see it. Then you can choose withdraw and you should be able to transfer the money to your bank account. It takes 3 or 4 days (at least in US) but it definitely the simplest way to move your money to your bank.

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