You can make easy money from the comfort of your home, either as a side hustle or a principal business, by using eBay. It is an online platform where you can buy and sell desired goods. But, for some people, how to get their money after the trade is their concern.
So, here is how to transfer eBay money to a bank account. eBay has an automatic transfer process, so you just need to link your bank account with your eBay account and set a payout schedule. Continue reading to learn more about eBay money transfer and the extra charges the transaction incurs.
Can Ebay Payout to a Bank Account?
eBay can payout to a bank account. When the platform was first created, sellers received money from buyers directly from their bank accounts. It means buyers had to go through the stress of going to the bank to transfer the purchase money to the seller’s account. Soon, Paypal and other online money platforms emerged to simplify the process.
But now, eBay has created an easy means where sellers can receive payments through the platform. Even if Paypal is a good option for receiving eBay money from customers, they can send you money directly to your eBay account, which is later transferred automatically to your bank account.
How to Transfer Ebay Money to a Bank Account?
As a seller on eBay, you may have a hard time figuring out how to transfer eBay money to a Bank account. Thankfully, there are a few unique steps to transfer eBay money to your Bank account.
Step 1: login to your eBay account
The first step to transferring money to your bank account as an eBay user is to log in to your account. To do that, open the app or website on your device, tap on the ‘Login’ tab and follow the instructions keenly to log in.
Step 2: Upgrade your eBay account
You do not need to uninstall and reinstall your eBay app to upgrade it. When you log into your account, eBay will send you a notification to upgrade your account. All you just have to do is to make the click on the ‘Upgrade’ tab and follow the instructions.
If the notification does not pop up on your screen, check the bottom of the page to find an ‘Upgrade’ tab, then click it. After you have done this, follow the instructions that will display on your screen.
Step 3: Verify your eBay account
EBay is a business platform for buying and selling. Anyone can have an eBay account, but as a seller on eBay, you need to verify yours. A verified eBay business account enables a smooth withdrawal of your sales to your Bank account.
When you want to make a withdrawal through the platform, the process might take longer. This is because they take all the time to verify the payment. But, if you have verified your account already, your payout goes more smoothly. Here are easy steps to verify your account.
Confirm your identity: To have a verified eBay business account, the platform has to confirm your identity as an individual seller. Also, they will need to confirm your business information if you already have a registered business.
If you are registering as an individual seller on eBay, you will provide your full name, date of birth, address, and Social Security Number (SSN). But as a registered business, you will provide individual identification information of beneficial owners, officers, account managers, and directors of your business.
Also, you will provide the legal name and ‘Doing Business As’ (DBA) name of the business if you have it. In addition, you will provide the Employer Identification Number (EIN), business address, and phone number.
Provide identification proof: The identity confirmation might not work suitably for you, or your submission might get declined without proof of identity. eBay will need you to upload a photo of a justifiable identification means. The platform will display a tab on your account and also mail you to remind you of the documents they need. They will also attach how to send them on the messages.
They will request a driver’s license, a valid ID card, and a passport. Ensure that the photos of this document you are to send are clear. If otherwise, your identity verification might get bounced. There is no particular image format they require. Your image can be in either JPG, PNG, PDF, or JPEG format. However, the file size must not be above 10MB.
Bank details verification: After a successful identity registration, you still cannot get a payout except to verify your bank details. It involves linking your Bank account to your eBay account. While on this, make sure that the name on your eBay account and Bank account you want to link match.
Your first and last name should correspond on your eBay and Bank account for a personal account. For a business account, the business name on your Bank account must be the same as your business name on eBay. Also, your bank account type must correspond with your eBay account type.
You need to provide your Bank account name, Bank name, account number, and routing number. Once they verify, you’re the information you have provided; they will mail to notify you.
If they can’t verify your information, try other Bank account verification methods like:
Logging into your bank: This method is one of the fastest. When you have successfully verified your account, go to the ‘Add a bank account option. Perhaps your Bank is on the list. Select your bank and log in with your banking details.
Provide your bank statement: This is also another seamless method of linking your Bank account to eBay. Send a color photo of your recent bank statement for the account. eBay will mail you if they need extra information and how to upload it.
Micro-deposits: If you choose this method to verify your account, eBay will send two micro-deposits to the Bank account you linked. Your financial institution determines how fast the micro-deposits reach your account. As soon as you receive it, sign in to ‘Seller Hub’ or ‘My eBay’ and follow the instructions accurately to verify your account. However, eBay will withdraw the micro-deposits when the verification is complete.
Step 4: Choose your payout schedule
|Days eBay confirm orders||Days eBay start payout|
If you have already done this, then for you, it is to change your payout schedule. The payout to your Bank account through eBay is mostly not manual. So, this option lets you choose how eBay carries out your payment to your Bank account sequentially.
We advise you to choose a weekly payout schedule. It is because when you choose a longer payout schedule, the earnings you get before the payout date might get diverted to other use. Daily payout also works excellently. However, you can reschedule your payout to a more favorable one.
When you schedule a weekly payout, your payout days will fall on Tuesdays. If payout day falls on a bank holiday, it will work the next day. When you schedule your payout to be daily, payout day will be 2 days after eBay has confirmed your buyer’s payment. If the payout day falls on a bank holiday, it will work the day after.
Step 5: Change or connect your payout bank account
This is the last step on how to transfer eBay money to a Bank account. If you didn’t complete your verification by linking your bank account to your eBay account, this is where you do it. If you did, but you want to change it or add another, there is room for that.
It is important to know that you cannot transfer eBay money to your bank account without linking it. Also, eBay’s system automatically sends the money to your bank account after you have scheduled a payout.
What to do if payout fails
The payout has different stages on eBay, and it shows as the payout status. Each status has a different meaning. For example, when it shows ‘Created,’ your ID creation for payout is complete, and the payout process has started. ‘In progress’ means eBay has started the payout and is sending it to your bank.
‘Funds sent’ means the payout is complete. It will take 1 to 3 business days for your bank to move the money into your account. ‘Returned’ means eBay has started your payout, but your bank or eBay has an issue. ‘Blocked’ means eBay has either blocked your payment method or the method is not valid.
Then, ‘Canceled’ means you had an unsuccessful payout. Here, the fund returns to your eBay balance. So, if your payout fails, your bank information is not correct, or you haven’t completed your verification.
How Much Will Ebay Charge for Direct Payments to My Bank?
eBay does not charge for direct payment to your account. However, they charge insertion fees and final value fees. So, you can make as many payouts as you want for free.
Insertion fees: Many casual sellers get a free listing of their products on eBay. However, you cannot list over 250 items in one month. You will pay a $0.35 insertion fee for every item listed above 250. This fee does not neglect the item categories.
Final value fees: EBay takes a fee for every item you sell. For some item categories, the final value fee is 12.55% or less of the item on sale price. Also, a $0.30 fee for each order.
|Item category||Final value fee|
|Most item categories with exceptions||· eBay gets 12.55% on a total amount of up to $7,500 sale they calculate per item.
· They get 2.35% on a sale of over $7,500
· $0.30 per order
|Guitars and Basses||· eBay gets 5.85% on a total amount of $7,500 sale they calculate per item
· They get 2.35% on the portion of an over $7,500 sale
· $0.30 per order
|Sneakers worth over $100||· eBay does not have any final fees for sneakers sales of over $100|
|Trading cards||· 12.35% on a total amount of up to $7.500 sale they calculate per item
· 2.35% on the portion of an over $7.500 sale
· $0.30 for every order
|Women’s bags||· They charge 15% if the total sale is $2,000 or less for each item
· 9% if the total sale is $2,000 or more for each item
· $0.30 for every order
Since the inception of eBay, Paypal and other online financial apps have been used to cash out from eBay. However, eBay creators created a means of directly sending money to your bank account from the platform. It is effective even without Paypal and other apps. Thankfully, the steps to transfer eBay money to a bank account are easy too. The process is less complicated and tasking.