Paypal is a payment platform that works online through a website or mobile app. This payment method transfers or receives money between individuals or businesses.
How PayPal Works:
Paypal helps you purchase online at stores; use PayPal too. It is a middleman between banks and merchants and keeps your payment information secure.
PayPal does not charge on specific transactions; they charge 3-4% if your transactions are in foreign currency.
A few cool features are there, too. Users can use PayPal credit as a virtual credit card. You can use it only when you make payments on websites that accept PayPal. You can defer your payments too.
Paypal’s buy now pay later option is called Pay in 4; users can purchase $30 to $1500 in credit with four equal installment payment options over six weeks.
Below we will discuss how the whole thing works regarding sending or receiving payments from individuals or businesses.
First, you must link your debit card bank account to your Paypal account. Sign up for your PayPal account from the mobile app or desktop; after creating the account, log in to PayPal.
You will see a ‘Add card or bank’ button; click there.
A pop-up window with options for adding a bank account or card will appear. After clicking any of them, you must put corresponding data to verify whether it’s your bank account or you hold the card in your name.
Once you provide all the required information, your PayPal wallet will be linked with your bank account or card.
How to Send or Transfer Money Via Paypal?
To send or transfer money to anyone via a Paypal account is straightforward. You must log in to your PayPal account and click the ‘Send and Request’ option. Now provide the Username, Email ID, or Mobile number of the person or business you want to send money. Now type the amount, and then you would need to type the purpose of the transaction. Once done, you can send the money to that person or business, and the amount will be debited from your bank account or card you added earlier.
How to Receive Payments Via Paypal?
If somebody has sent you money on PayPal after logging in to your PayPal account, you can see the amount in your dashboard.
How to Withdraw Money from PayPal to your Bank Account?
Manual withdrawal is available in the USA but has yet to be available in India. It takes up to five days to automatically credit the amount in your linked bank account. If you give the wrong information about your bank account, the fund will be returned to your Paypal account.
Fees PayPal Charges for International Payment:
To send a payment overseas, PayPal will charge you 3%, but the fees will be zero if you shop online from an international market.