Paypal is an online option for transferring money. You can send and receive money, in different currencies, via the web. There is a nominal charge for the services offered, which is almost negligible, compared to the facilities provided. This is the most widely used money transfer system which is prevalent in 190 countries. The transfers are instant. You can directly transfer money be E Cheque, etc. too.
How to start
Sign up to create a PayPal account to avail money transfer facilities. You need an email address, bank account details, along with a credit or debit card number. You can fund the PayPal balance through either of the above options. Notifications are sent to recipients via an email when they receive or send payments.
To make a purchase
When making a purchase you have to choose Paypal as a payment mode on the merchant website. Then select the option of funding the purchase via a credit card or bank account or any other source. Funds get transferred to your account securely and the money gets deposited with the seller or merchant website.
Making a PayPal payment
The buyer has to choose Paypal for the payment option on a given website. Select the source of payment, which can be bank account, credit card or another source. The money gets deposited to the account you hold in Paypal. You can then transfer this money to spend online or to send a payment to anyone’s PayPal account.
Benefits of Paypal
• Easier payment options
• No hassles of approaching banks for separate credit cards
• No need to disclose any bank details online, which is unsafe due to net thefts
• Safe and secure mean of transfer
• Instant transfer
• Trusted and accepted worldwide in 190 countries
• Accepted by major merchant websites and also preferred on sites like eBay
• No information is given to third parties
• More than 50 million loyal customers use it
• Monitored by experienced fraud prevention team
• Sellers are not disclosed any bank account details of buyers.
• Very nominal fees as compared to other options.
