PayPal: Online Banking Options

PayPal in an online banking system has different types of accounts. Personal and Premier/Business accounts is the non-merchant accounts, both these accounts are free to open. Both of these account you can add and send money for free. There is no charge for to Personal accounts to receive funds, but there is a limit to how many and how much you can receive. The Premier/Business accounts are charged to receive funds the fee is .30 cents plus 1.9-2.9% of the amount. Many online services will pay only with PayPal, its easy way to send and collect money many eBay sellers and buyers prefer PayPal.

PayPal offers a free debit card with the MasterCard Logo on. There is no annual free and you can get money out at a Cirrus Logo ATM. It costs $1.00 per withdraw plus the bank fees. You can use it as a Credit or a debit card. There is a daily limit on withdraws. For the debit card there is a limit of $400.00 while you can charge up to $3000.00 daily on the MasterCard. If you lose or your card is stolen you just log on to PayPal and request a new card they will deactivate the old card.

Sending money is easy with PayPal. Click on the send money tab. Fill out the email or phone number , the amount, and the currency that you want to send it in, choose goods, service/other cash advance or eBay item. You now can send money to a PayPal mobile. The recipient needs to sign up with a mobile phone number in order to receive the money. This is the most requested way to pay for things on eBay. PayPal will automatically deduct the money from your credit card or bank account.

PayPal is also making it safer to shop online with their new free Virtual Credit Card. To use the Virtual Credit Card, just download a small file, and when you are ready to make a purchase online, it will automatically pop up a box and once your fill in your information to log it, it will generate a virtual number. Your real credit card number is never seen online. It never uses the same credit card number, but all is still linked back to your PayPal account. It will also alert you if the site is a potential fraudulent site.

You can request money from other people with two different options: You can just request money or create an invoice. Requesting money from anyone is easy; all you need to know is their email address. Just fill out the email and the amount and a short note and PayPal will send an email to that person. If you want to send invoices you can do it with customized invoices that you create in PayPal. You can save up to 10 different invoices each easily found after you give them a unique name. You can send the same template out to several people at once for a bulk mailing. The template can be used for Goods or services, there is a place for shipping, and will automatically figure the tax rate for the percentage that you choose. It will total it and send it to the customer. You can use one of your preloaded invoices or use one for PayPal template that you fill in.

Add Funds to your PayPal account directly from you checking or savings account. This is a free service and only takes 3-4 business days to process.

Withdraw funds to your bank account for free. The money transfer takes about 3-4 days to download to your bank, if you want a check mailed to you from PayPal it takes 1-2 weeks and will cost $1.50.

PayPal is making safer for purchasing online with the Virtual Credit Card, they are also making it more convenient to send and receive money, and retrieve money online. Selling and buying with eBay is easy to do with PayPal, most sellers offer a direct link to PayPal to pay.