7 Most Asked Questions About PayPal

PayPal is an online money transferring service that allows you to send and receive payments with an email address. So, if you have a PayPal account, you won’t have to worry about traditional banking methods, checks, or cash. You can make safe and quick payments anywhere in the world. The receiver will then get an email notifying them about the receipt.   

Although it sounds simple, many people can get confused about the service. There are different types of accounts and gateways for various purposes. So, can you deposit money directly to your PayPal account? Can you use PayPal to pay your bills on spectrum bill pay? You are not alone if you have questions like these. Here are some of the most common queries people have about PayPal; and their answers.   

#1: What Is PayPal?  

PayPal is an online service to send and receive money that only requires an email address. It is one of the most secure and cost-effective ways for money transfers. So, you can use it to send money from your PayPal balance or other payment options. The network makes use of existing funding options and infrastructure. You can also use a credit or debit card and even your bank account. So, it nullifies the need for physical cash.  

#2: Which PayPal Account Should I Get?  

There are three basic types of PayPal accounts: business, personal, and premier. Each of them comes with its own set of features that can suit your business requirements. For instance, a personal account can be suitable for use if you don’t receive credit/debit payments. Because the transaction fees can be high. On the other hand, a premier account might be better for larger businesses like e-commerce websites.  

So, you should take a look at the transaction rates and merchant services for all these accounts. You should also consider if you want multi-user access or a PayPal debit card. Moreover, parents and guardians can also open up a student account for minors 13 years and above.   

#3: Can I Use a Credit Card with PayPal?  

You can send your PayPal balance to your credit card as well. It supports almost all major credit cards like MasterCard, Visa, American Express, and Discover. All you have to do to link the two is:  

• Log in to your PayPal account.  
• Go to My Account and then Profile.  
• Click on Add/Edit Credit Card  

PayPal will then make a minimum and refundable charge on your card to verify it. The transaction will generate a 4-digit verification code that will show up in your bank statement. So, once you have the code, follow these steps:  

• Log in to your PayPal account.  
• Go to Overview.  
• Click on Confirm my Debit/Credit Card.  
• Enter the 4-digit PayPal code.  

After verification, the bank should refund the minimum transaction amount within 24 hours.   

#4: How do I Withdraw to a Bank Account?  

PayPal allows various transaction methods depending on your country. So, you can also add a local bank to send and withdraw money. Here is what you need to do:  

• Go to My Account and then click on Withdraw.  
• Select Withdraw Funds to your Bank Account.  
• Enter the required bank information.  
• Click Continue.  
• Press Submit.   

Then, you can begin sending money to your bank account from PayPal. It can usually take 5-7 working days for the transfer to go through.  

#5: Does PayPal Allow Withdrawing to a Card?  

Similarly, you can also withdraw money to your bank card. Follow these steps:  

• Go to My Account -> Withdraw.  
• Click on Withdraw Funds to Your Bank Card.  
• Enter the amount.  
• Select a credit card.  

You can now receive payments on your card, but the transaction can take up to 7 days. Moreover, there is also a minimum amount that you can send to your card. PayPal also charges a fee for card withdrawals, and you might have to pay currency exchange charges as well.  

#6: Can I Top-Up My PayPal Account?  

Are you running low on the amount in your PayPal account? Don’t worry, as you can easily add more funds to it. Here’s how you can do it:  

• Go to My Account.  
• Click on Top Up.  
• Select your bank.  
• Click Continue.  
• Fill in your top-up amount in the new window.  

The payment can take up to three days to go through. You should always write the exact amount in the form. Moreover, the account holder’s name on the bank and PayPal account must be the same. Otherwise, you won’t be able to make a transfer.  

#7: Is PayPal Secure?  

PayPal might be the most secure service to make payments to strangers. Because all they will receive is your email ID. So, there is no sensitive information getting across that you should be worried about. Moreover, PayPal uses SSL technology to keep all transaction data safe.