PayPal question

[ladyjayhawk]

Can anyone please tell me about PayPal? From what I can tell, it is an online "bank account" but can you only spend that money online? Can you withdraw "real" money? And do you trust it? Thanks!!

 

[Tamie]

Hi. I can try to help.

Paypal is an online account that you can send and receive money from. Either by registering a credit card and/or bank account.

I have an account using both. You can transfer money into the account and use it as necessary or you can transfer money from the bank or credit card as needed to pay for something. If you are doing reward points and cash out for Paypal, you can then transfer it to your own bank account (no fee) or I believe they will send you a check (for a charge of course).

There is no fee to have an account with them as long as you keep it a personal account. Some people set up business accounts to accept credit cards. That is used for stuff like on Ebay etc.

If you have any more questions, please ask.

Tamie

 

[Eilonwy]

I have a PayPal account that is tied to my checking account as well as to my credit cards. I send money from my checking account to friends when we send group gift baskets or such to other friends (easier than mailing a check across country). I charge money to my credit card when I buy things on eBay (easier than sending a money order across country). I think if you accept credit card payments than you are charge a fee, but there's no fee to pay by credit card. I have never received money through PayPal, from friends or reward programs.

 

[ladyjayhawk]

Thanks!

 

[iNTeNSeBLue98]

I started using PayPal to make purchases on ebay - some sellers won't accept any other forms of payment. I then started listing my own auctions on ebay more frequently and I'm using the PayPal account to accept payments. I transfer funds to my checking account when I have a round number to withdraw.
If I want to make purchases, the funds come directly out of te checking account attached to PayPal - sometimes it's less if I have a little money in the PayPal account already.

I also use PayPal to accept payments for completing online surveys at GoZing.

My DH plays an online game with folks from around the world. One of the players recently forked out $300 USD of his own money for a server so more could play at one time. The bill is per month and some of the regulars like DH and my DBro offered to help with the expense. There is a PayPal button on (their) website and just a few clicks later we sent 20 GBP to England without any effort. PayPal automatically converted the currency for us (over $34 USD).