TOPIC: No More Friends & Family?

I saw this notice on Paypal - no more free Friends & Family transfers?

Instant Transfer pricing update
On Nov. 7, Instant Transfers will cost 1% of the amount you transfer, with a maximum fee of $10.00. Use your eligible debit card for Instant Transfers. Transfer times vary by bank and may take up to 30 minutes.

Well that's kind of crappy of them.

Surprised that it took them this long. Suspect too many businesses/small web folks like us doing too many 'free' transactions. I'm not happy but really can't say i'm surprised. 1% doesn't seem terrible and long as the system works as reliable as it has been then it's cost of doing business/trade and i'll stick with it.

Any issues switching to venmo?

Wade Schwendemann wrote: Any issues switching to venmo?

From the Venmo email I received this morning:

Second, we're adjusting the fee we charge for Instant Transfers.* Effective on or after November 6, 2018, each Instant Transfer will cost 1% of the transfer amount (minimum fee $0.25). We continue to offer our standard bank transfer option free of charge. You can find out more information on this fee change and our other fees on our fees page.

So not sure if that is the same as the PayPal fee but they are apparently also updating their rates.

could this be the instant transfer fee to your debit card?
i think that is what I get out of it

Yes. Paypal balance transfers to other paypal accounts (F&F) are still free.
Balance transfers to your attached checking account are also still free (taking your money)
They are charging the 1% for CC 'instant money' transfers : probably to float the 1%-2% fee that Visa/MC charges them.

Do a early Christmas sale.
Free random Rare, or something else.
All orders $100+
Ends Nov 7th.

Just a note - Venmo is PayPal.

Steve wrote: Yes. Paypal balance transfers to other paypal accounts (F&F) are still free.
Balance transfers to your attached checking account are also still free (taking your money)
They are charging the 1% for CC 'instant money' transfers : probably to float the 1%-2% fee that Visa/MC charges them.

Just to be completely clear, going forward, all money you pay out via your PayPal balance or feom.your checking account has no fees?

Lodestone (KH) wrote: Just a note - Venmo is PayPal.

Wow, I had no idea.

Wade Schwendemann wrote:

Steve wrote: Yes. Paypal balance transfers to other paypal accounts (F&F) are still free.
Balance transfers to your attached checking account are also still free (taking your money)
They are charging the 1% for CC 'instant money' transfers : probably to float the 1%-2% fee that Visa/MC charges them.

Just to be completely clear, going forward, all money you pay out via your PayPal balance or feom.your checking account has no fees?

Lodestone (KH) wrote: Just a note - Venmo is PayPal.

Wow, I had no idea.

Even if Friends & Family still has no fees, I'm pretty sure purchases from your balance or bank account would still have the same fees it has now.