Linden fees

[Sven Rolls]

I recently have had to cash out my linden balance.

for L$100000 the estimated value was $380 ish and after fees I would recieve $365 ish

I was ok with this but then the actual amount I recieved was $311 and some odd cents

finally in paypal I got only $250 and odd cents

So my question is this

Where are all these fees coming from???

 

[Rolig Loon]

You can calculate the fees from the information at https://secondlife.com/my/lindex/describe-transaction-fees.php , where you will see that you pay 3.5% on the balance of the sale.  The estimatd number that you see in the LindeX is approximate, because it's calculated before the sale, and the market price may shift by the time the sale actually goes through.  (Remember, you are not selling to Linden Lab.  You are selling to other SL residents.  It works the same way that the stock market or a currency exchange does.)  Then, PayPal will take a percentage on the transaction too.  I don't know what their percentage is, but you can check by going to their web site.  Finally, if you are converting currency from USD to your own local currency (pounds Sterling or Euros or Yen, maybe), you will lose a little on that conversion too.

It's hard to estimate the amount that you will have in your hand, but you know that it will probably be less than that initial estimate.

[Jazzythai]

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Sven Rolls wrote:

I recently have had to cash out my linden balance.

for L$100000 the estimated value was $380 ish and after fees I would recieve $365 ish

I was ok with this but then the actual amount I recieved was $311 and some odd cents

finally in paypal I got only $250 and odd cents

So my question is this

Where are all these fees coming from???

 

---

 

[KarenMichelle Lane]

So looking at your transaction tonight I calculate the following...

 

Your L$100,000 would net you US$ 362.31 into your USD Balance after the processing fee.

Further, Your Process Credit Fee from Linden Lab is 1.5% or US 5.43 which means your PayPal account is being sent US$ 356.88.

My PayPal processing fee in the United States is as follows:

Note that a transfer of monies into a PP account is considered a sales transaction.

Therefore that $US 356.88 has 2.9% or $US 10.35 + $US 0.30 or $US 10.56 taken as a transaction convenience fee yielding a final transfer amount of $US 346.22 in net dollars. This jives with my experiences in cashing out USDs into my PayPal account.

How you ended up with the numbers you have stated is not remotely discernible.

No exchange rate of Lindens to USDs has been as bad as you are indicating.

To get a ending proceed of $US 311.00 as you have stated means the exchange rate has to be in the area of L$317 / $US 1.00 and that did not happen,

Remember, the most that Linden Research will take as a transaction fee is $US 15.00 but in your case $US 5.00 is the more likely fee charged.

If you are in a VAT Tax Collected country, that might explain the difference. VAT is NOT calculated in your proceeds amount as displayed on the Sell Page. But it shouldn't be either.

Was VAT collected on your sale of $Lindens? It shouldn't have been as the USDs are not reportable for income tax purposes as long as they remain in SL.  

Was VAT collected on your payout to PayPal?

 

All the details of these transactions are available to you via...

https://accounts.secondlife.com/transaction_history

https://accounts.secondlife.com/account_history

and your PayPal Account Transaction Detail Page

 

Let us know.

 

 

 

 

 

[Alwin Alcott]

look at your transactions in the account page.

It is possible you had to pay land fees / premium ..or bought new L$  in the time the amount was in transfer  /on your USD balance, or even on the paypal already?..

it could be taken to cover those fees.

 

There is not other reason i could think of.