I have just completed a transaction involving German funds using the
PayPal.com service. I sold a book on eBay. My German buyer sent me funds
via PayPal, it arrived instantaneously in US dollars, and I deposited it
electronically into my bank account. The same thing could be done in
reverse.
If you are not familiar with PayPal, it is a service that allows anyone to
pay anyone. Both recipients must be signed up with a credit card. Signup
is free. Payment can be made (a) by credit card (b) direct withdrawal from
payer's bank accound (c) funds left on deposit with PayPal (which can draw
money market rates and are insured to $100,000).
Payee can elect to have PayPal mail a check, deposit directly to a bank
account, or leave on deposit with PayPal.
Charges to the payee for recieving credit card payments are 1.9% for credit
card payments over $100; no charge for payment from a bank account or from
funds on deposit with PayPal.
Charges for international payments (to the payer, not the payee) are 2.9%
plus $.30 for each transaction. PayPal takes care of exchange rates, etc.,
and charges. That means you can pay someone in Germany if they are PayPal
registered, or they can pay you. This is a very reasonable rate.
Now' here's my story:
A week ago I posted a message about an old book that I was selling on eBay.
I bought the book at a book fair for $2.00. It was published in
Philadelphia, 1896, and was a memoir of one of the '48ers, the
democracy-seeking Germans who came to the U.S. after the failed revolutions
of 1848. I just wanted to get it to someone who might use it, and maybe, if
I got lucky, makd a few dollars on it. I thought it wouldn't bring much.
There wouldn't be much American demand because the book was in German, and
not much German demand because it was an American book. I offered to sell
it internationally.
I was surprised and happy when the book went to $18.00 and stayed there for
a few days. I was ecstatic when it went to $48.00 and stuck there for
awhile. I nearly fell over when it finished at $102.50.
That was Sunday evening 9:00. Monday I was in contact with the buyer, a
professor at the University of Mainz who researched 19th century emigration
from that area. The memoir happened to be by a person from that precise
area.
He agreed to the PayPal transfer. Tuesday morning e-mail from PayPal said
"you have money." I downloaded it to my bank account. I mailed the book
that day. An international transaction and transfer of funds completed in a
day and a half.
The auction is over, but if you are curious to see the book, it is at:
http://cgi.ebay.com/aw-cgi/eBayISAPI.dll?ViewItem&item=1407367085
Roy Johnson
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