Speed: One to three business days for funds to transfer from your PayPal balance to your bank account (or pay 1.5% for an instant transfer) dollars with a credit or debit card no fee for transfers from your bank account or PayPal balanceĭollar limit: Up to $60,000 per transfer (limits are sometimes lower for security reasons) no overall limit for users who have verified their identities But, she says, it’s worth asking the company to reverse the transfer if you’ve been scammed.įees: 2.9% plus 30 cents for transfers made in U.S. The app companies “take the position that you are not protected,” says Lauren Saunders, associate director of the National Consumer Law Center. Unfortunately, you may never get back money lost in such scams because you made the payment yourself. Or a crook may pose as someone you know and request funds from you. They’re an increasingly popular target for scammers who, for instance, trick users into sending money for goods or services that never materialize. Usually, transfers arrive quickly in the recipient’s app balance, though moving the funds from the app to a bank account fee-free may take a few days.īut peer-to-peer (or “P2P”) apps can also leave you more vulnerable to fraud. Instead, you share details such as a user name, an e-mail address or a phone number. You link your bank account, debit card or credit card to the app, so you don’t have to swap sensitive financial-account information with the other person in a transaction. PayPal, Venmo, Zelle, Cash App and others make it easy to send and receive money.
0 Comments
Leave a Reply. |