Can someone explain Paypal

[Ima saver]

to me? I hear about it all the time. What is it.? What are the advantages and disadvantages?

[fairy74]

It has several different components. The only one I use is the money transfer function, you transfer money from a US bank account and then it is easy to purchase things on ebay or to get paid by ebay purchasers (almost every ebayer accepts paypal). It is very secure and easy to use. It is also easy to transfer money to other paypal subscribers, instead of having to go Western Union or send a transfer from the bank. I know it has several other features (credit card, savings account, etc..) but I don't use these at all.

[Ima saver]

Oh, I see. Since I don't buy or sell on ebay, I guess I would not need paypal. Thank you!

[CJsoccerchic]

hee hee that's true...
but another thing about paypal is that it also gives a really good interest rate - last I checked it was at 5.03% But of course, we all know about HSBC and Emigrant.. so it's not as talked about as them..

[ozzy gurl]

You can also use Paypal at other online businesses.

[mom-from-missouri]

You can also use Paypal to send money to individuals as well.-Such as to a child at college.

[GoodBuyGirl]

If you do surveys some sites pay in paypal.

[lynclarke]

I use paypal when I buy from a supplier I do not know- for example I buy LED flashlights and headlamps from a chinese site and I recently bought fishing tackle from a place in Ireland. Rather than giving them my credit card number, I use paypal.

[project15]

Paypal is convenient, but you can be charged small fees for the convenience. If you're looking into it, make sure you read the fine print.

[frugalmomof1]

The sender is not charged for using paypal, the recipient is charged a few percent.

[project15]

Originally Posted by frugalmomof1

The sender is not charged for using paypal, the recipient is charged a few percent.

Ah yes, forgot to make that clear. It used to be that the receiver only got charged for credit card transactions...not sure if they charge for all transactions now or not.

[QueenOphelia]

Originally Posted by Ima saver

Oh, I see. Since I don't buy or sell on ebay, I guess I would not need paypal. Thank you!

Au contrair. My brother-in-law owed me some money and instead of mailing me a check he send me it via Paypal.

If you buy things online (not eBay) it is very handy. I use it like cash for things that don't need a credit card's buyer protection. Things like donating to a website for example.

It's extremely easy to use as well.

[safari]

Originally Posted by project15

Ah yes, forgot to make that clear. It used to be that the receiver only got charged for credit card transactions...not sure if they charge for all transactions now or not.

It depends on the type of your account. With a personal account you cannot accept credit cards, but you can receive instant payments from others' bank account without paying any fee. However, there is a limit of how much money you can receive each month; I believe it's $500. If you want to be able to accept credit cards or receive more than $500 a month, you will need to upgrade your account to Premier or Business, which subtracts a ~3% fee from each incoming transfer, no matter whether it's a credit card payment or a bank transfer. I have both types of accounts. I use the personal account to settle expenses with friends, and the Premier account to do eBay transactions.

[lrjohnson]

I even use it for SavingAdvice related activities. I got some money from Jeffrey a couple weeks ago via PayPal. When my ING invites are used I'll be sending Jeffrey money via PayPal. No stamps, no mail, instant fee-free transfer.