Paypal $500 Withdraw

[Joe2012]

ok so I notice di got $500 withdraw limit. I do have afew questions.

1: When I transfer the money to my bank account, Do I have to pay the money back?..if so how, like in interest?..and if so what is the % of that?

2: What can this money be used for?

I'm alittle confused bout this. Any help would be nice thanks.

[Joe2012]

anyone?

[PayPal_Lilly]

Welcome Joe2012,

Your withdrawal limit is the amount of funds you can withdrawal from your PayPal account.  So let's say you receive $600.00 in payments into your account.  If your limit is $500.00, you would only be able to withdraw that amount, until the limit resets (the limit resets on the anniversary of your account monthly). 

You can choose to completely lift the limit by completing 2 of these 3 steps:

• Confirm a Bank Account
• Link and confirm your debit or credit card
• Confirm Social Security Number (An EIN cannot be entered in lieu of a social security number.)

Hope this helps!

Lilly

[Joe2012]

Thanks Lilly

Even if i don't have $500 to with draw, and my limit is $500, can I still withdraw the money or do I need that $500 in my paypal account? Also would I have to pay it back?.

[PayPal_Lilly]

You would need to have the funds in your PayPal account from a purchase, or if someone sent you money.  It's different from having a line of credit. 

This is just the amount of funds you can withdraw out of your PayPal account.  If you are mainly using your account for sending money, or making purchases, you won't need to worry about it 🙂

Lilly

[boris73]

I just lifted my withdrawal limit, but dont know what the new limit is. Does anyone know? Thank you

[Cr8tonboy]

If your withdrawal limit has been lifted then that means you don't have one anymore.  You can withdrawal as much of your PayPal balance as you wish. 🙂

[messengerofligh]

I am trying to lift my limit by verifying my social security number and Paypal can not verify the number.  I do not have a credit card or debit card.  What are my options?

[Shereew]

How do you get your withdrawal limit lifted to work?  Everytime I try I can only take $400 out at an ATM which is very frustrating when I have a couple thousand in there and need my money right away. I also spend about $5000 a month on the card and am qualified for the next two nears. I have no restrictions on anything. I'm linked to my bank account, I also have five credit cards listed and don't know how to link them as back up. It tells me I have to use the PayPal Mastercard. If these are lifted why does my Mastercard say $400 ATM withdrawal and $3000 a day spending limit. That's not lifted? PayPal Mastercard Business Card Summary.

Thanks,

Sheree

Sending

Your limit has been lifted.

Completed

Withdrawal

Your limit has been lifted.

Completed

[PayPal_Andy]

Shereew-  Ah...what you're referring to is a little different than the other posters, but I'll be happy to address your concerns.  They are talking about our monthly limit on withdrawing to a bank.  Until you lift your withdrawal limit, you'd be limited to $500 a month.  After it's lifted, you can withdraw far more, but again to your bank. 

In your case, with a debit card, you have that pesky $400 daily limit.  This is because all debit cards have a daily limit.  Even one's not linked to PayPal; I think my bank issued debit card daily limit is $400 as well.  And unfortunately, there's no override on the daily or monthly limits with PayPal.

But, if you want to look at it from a different viewpoint, $400 a day x 30 days, you could actually withdraw $12,000 a month, which isn't too shabby and certainly beats $500 a month. 🙂

Andy