I have heard many things about paypal so I am adding a bank account to take out my money.

It said to me:

"Remember, British bank accounts must be denominated in Sterling Pounds. If your British bank account is denominated in U.S. dollars, when you attempt to make a withdrawal from your PayPal account it will be returned and you will be charged a $20.00 USD fee."


What exactly does this mean? Does it mean I will get charged $20 is my bank account doesnt accept the money?? (My bank is in UK and deals in £ as far as I know... my paypal account has $ on it that I'm going to try and withdraw...


Any help please??

Don't worry. This only concerns people who have UK bank accounts which are denominated in USD; usually these accounts are actually based in the channel islands.

Basically, Paypal converts the $ into £ and tries to send it to your account, if your bank refuses it for any reason (including "this account isn't in £") then the money is returned minus the fee. It all comes down to the mechanics of how interbank funds transfers are handled.

Personally, I think Paypal should add a comment after the quoted comment saying something like "if you don't know what we're talking about, your account is denominated in Sterling".

Thanks a lot!! :)

I was worried that they would charge me money and stop the transfer or something, heh.