Can someone explain pay pal to me???

[ChisJo]

On one of the programs I do, I can only cash out for paypal (because I live in Canada). Well, I went onto the site, and I'm not sure I quite understand what paypal is, and what I can redeem for. Can anyone let me in??

Joline

 

[bashful64]

PayPal is sort of like an online bank. You can use it to make purchases at some merchants (very limited) and on places like Ebay. You can open an account but in order for internationals to get their money out you must have it electronically deposited to your bank. I opened one but haven't withdrawn the money yet so I don't know how fast or painless it is.

 

[Luv2Roam]

Paypal is that proverbial double edge sword....
When I first opened my account, I was buying Disney pins on auction sites. In order to budget myself, I had funds drawn directly from my bank checking account into my Paypal account.
The funds were promptly removed the next morning, first thing. But it took Paypal EIGHT days to credit those funds to my Paypal account. (They say allow five BUSINESS days. It took six.) The sad part -- Paypal (XCom) is here in the town I live! Although part of the company is in California.
Also, learn from my other Paypal mistake. I trusted someone and paid them with funds deducted directly ftom my checking account. However, I never rec'd the merchandise. (And now the case is in the hands of the FBI.)
I was not able to recover my loss from Paypal. IF I had used my credit or debit card, then I may have.
So, my advice to anyone using Paypal -- do not involve your banking account directly in any form!