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PayPal is a company for online payments founded in 1998 in California. The system provides its users with a convenient and safe way to make payments. One of the advantages of the PayPal system is that the users don’t have to give their cards’ details every time they make online purchases. It is sufficient that the card is registered and verified in the PayPal system. Depending on your needs you can choose from the following three types of PayPal accounts:

 

1. Personal account

This type of account would be appropriate for you if you want to send and receive money to and from your friends and make online payments to merchants or bookmakers. Please, do note that some bookmakers, even if they accept US players, may not allow the use of PayPal.

 

2. Premier account

If you don't have a full-time business, but you want to accept PayPal when you sell online, consider a Premier account.
Premier accounts have all the features of a Personal account, plus you can:

Accept debit or credit cards.
Apply for the PayPal Debit Card.
Accept PayPal for the items you sell on eBay.


3. Business account

This type of account is recommended to online merchants who operate under a company or group name.
A Business account has all the features of a Premier account and more. With a Business account, you can:

Operate under your company or business name.
Accept debit card, credit card, and bank account payments for a low fee.
Allow up to 200 employees limited access to your account.
Sign up for PayPal products that meet your business needs, such as Express Checkout.
Set up a separate email address for your customer service issues.


4. Adding money to your PayPal account

You can add money to your PayPal balance from your bank account. If you bank online, you can usually link your bank account to your PayPal account in a few minutes. If you don't bank online, it only takes a few days to link accounts.

To add money:

Log in to your PayPal account.
Click Add Funds at the top of the page.
• Click Add Funds from a U.S. bank account.
• Choose the bank account you want to take funds from.
Enter the amount to transfer and click Continue.
Review the transfer details and click Submit.


5. Link your debit or credit card to your PayPal account

You can link your Visa, MasterCard, Discover, or American Express card to your PayPal account and use it to send money or pay for things. There are several benefits to linking your debit or credit card:

 

Increase the amount of money you can receive and withdraw from your PayPal account.

Confirm your mailing address and let sellers know that it is accurate.

Make instant payments from your bank account.

 


To link your card to your PayPal account, the billing address on your card statement must match the address on your PayPal account.


 

To add a card, you have to:
Log in to your PayPal account.
Click Profile near the top of the page.
• Click My Money under My Profile.
• Click Update next to Debit and Credit Cards.
Click Add a Card.
• Enter your information.
Click Add Card.


6. Withdraw money

There’s no charge to withdraw money from your PayPal balance to your local bank account. Some banks may charge a fee for transfers. Contact your bank directly for more information.

 

Here’s how to withdraw money from your PayPal balance to your local bank account:

• Log in to your PayPal account.
Click Withdraw near the top of the page.
Click Transfer money to your bank account.
Enter the amount you want to withdraw.
Select the bank account you want to credit, then click Continue.

 


Depending on the bank, it can take 3-4 business days for your money to appear in your bank account.



You can also withdraw money from your PayPal balance by requesting a check. (There’s a fee of $1.50 USD for check withdrawals.)


7. Transaction Limit for PayPal account holders

You can send up to $10,000 in any one transaction. (This amount can vary depending on your currency.)


For security reasons, $500 is the most you can withdraw from your PayPal account each month. If you want to withdraw more than $500 per month, just verify your bank account, debit card, or credit card information.


 

If you don't have a PayPal account (for instance, you made a purchase on eBay as a Guest): You can send a one-time payment of up to $4,000.


8. Charges

There are no fees for opening an account or adding funds to it via bank transfer. Payments to and from merchants are also free of charge.

 

Personal payments are free if the sum to be transferred is available in your PayPal account.  If the sum is not available and you have to use a debit/credit card, there is a fee equal to 2.9% + $0.30. The fee may be covered by the sender or the receiver. If the receiver doesn’t want to cover the fee, he/she may cancel the payment.

 

If the accounts of the sender and receiver are in different currencies, then there is a fee of 2.5% for the exchange.

 

If you are using the PayPal system as a merchant, there is a small price to pay for accepting all forms of payments from over 130 million customers worldwide. Selling is 2.9% + $0.30 per sale, or less.

 

 

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