How do I Get Paid From eBay to my Bank Account?

For a number of years now, PayPal has been closely associated with eBay. While it’s a great service, you might not want the hassle of signing up for an account just to sell off your unwanted items, or just want the money you earn to be deposited into a bank account. yours instead of PayPal.

Yes, there is good news. You can now get paid directly to your bank account without PayPal. We show you how to set up what ebay calls ‘managed payments’.

How much will EBay charge for direct payments to my bank?

Until recently, when you sold an item on eBay, you faced many fees (in addition to those for placing the listing in the first place). This is usually 10% of the final sale price (including postage) made by eBay, plus 2.9% when using PayPal and a 30p processing fee per order.

With the new system, using eBay Managed Payments, you’ll have a Final Value Fee deducted before you’re paid, with the remainder deposited directly into your bank account instead of PayPal. The transition from PayPal to bank payments does not refer to this change, or at least not in any obvious way.

We couldn’t find the exact amount the fees would charge on the eBay site, but Moneysavingexpert reports it would be 12.8% plus 30p per order. Obviously, there are no additional costs for PayPal.

As you can probably gather, there’s not much of a difference overall in how much you actually get. The older total fee is 12.9% + 30p per order, while the new version is 12.8% + 30p per order.

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One downside is that you may have to wait longer before receiving your money, with eBay saying it will take a few days for the money to be transferred, rather than PayPal’s instantaneous nature.

One thing to keep in mind is that even if your buyer pays cash on collection, which used to be a way to avoid PayPal fees, you’ll still be charged the same as if you posted it, albeit a little less. because there’s no cut in the amount of postage (just stop there to stop people from selling items for 1p and charging hundreds of postage costs).

If you are wondering now if there is any reason to switch to direct payments, one of the main advantages is that people can now pay with more methods, including Apple Pay, Google Pay, PayPal, PayPal Credit, plus the usual methods. credit and debit cards.

How to switch from PayPal to bank transfer on eBay?

At the time of writing, eBay has begun rolling out the new system in the US, Germany, and UK. You cannot start the process manually. Instead, you’ll need to watch out for a message when using the eBay app (or website) telling you that you need to update your account details to use the new system. The company states that ‘Most eBay sellers will have the new eBay payment experience in 2021’.

In our case, we opened the eBay app on our phone and there was a full-page message telling us that eBay is simplifying how to receive payments on the service. At the bottom of the screen there is an Update your details button. So, if you see this message, just tap that button and follow the instructions to add your bank account to the payment method.

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How to set up managed payments on eBay: Update your account

Of course, be wary of any incoming email asking you to click a button and log into your bank account. If you see one, ignore it and go to your browser. Log into your eBay account there and if the email is real you will be prompted to update your account, otherwise it’s likely a phishing email trying to steal your details .

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