Did You Know About Paypal Personal Payments?
Paypal began in 1998 as a privately owned venture; in 2002 it was acquired as a wholly owned subsidiary of Ebay for 1.5 billion dollars. At that time Paypal became a preferred method of payment for Ebay purchases.
Over the years Paypal’s Ebay banking system has become one of the most popular ways of sending money all over the world. Originally set up to charge fees to those who accepted paypal payments, the company has now branched out into allowing personal payments with little to no fees.
When sending money through Paypal, there are 2 option tabs available, either Business or Personal. When you choose the personal option if allows you to send money direct from your Paypal balance to any resident of the United States for no fee to you as the sender or the receiver.
You can also send money to persons in other countries using the personal option on Paypal, however even when paying with a paypal balance there is a nominal fee, associated with sending money to other countries. It is the sender’s choice whether they will pay any fees associated with sending money to people outside the United States or if the fee will be deducted from the recipients money before payment is given to them.
With this new banking strategy added to PayPal’s services, there are bound to be a larger number of transactions done through the PayPal Bank. When one takes into view the amount of money taken by banks for domestic or cross-border transactions, this idea of sending money is definitely more attractive.
Additionally you can use an e-check for sending payments through the Paypal personal function and not incur any additional fees. However for those that do not retain a Paypal balance for making payments you do still have the option of sending personal payments using credit cards, however there are additional fees incurred. These fees may not be as high as a business paypal account will be charged; nevertheless there is nominal fee. It is the sender’s option whether they will pay this additional fee or allow the fee to be taken from the amount being sent.
To send a personal payment, all you have to do is go to the Send Money option, and click on the tab for personal payments. Then choose from personal money owed, household expense, gift or other decide whether you or the recipient will pay the fee (if any) and then your friend or family member will receive an email telling them that a payment is waiting for them.
With paypal you have the option of having a Personal, Premier or Business Account. No matter which of these you choose you are still able to send money for free to persons residing in the United States if you select the personal option when sending money.
Additionally a person that has a Paypal account is able to withdraw up to $500.00 USD to his or her own account per month without having a verified account. Once the account has been verified (by adding a bank account) these limits are raised.
That’s it! Simple. And a lot less costly than the previous methods of sending money through Paypal
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