Features

PayPal is a digital financial services company that operates in more than 200 markets around the world while processing transactions in more than 100 currencies. Customers can electronically send and receive money using an email address without ever knowing their recipient’s bank account information.  

What Are PayPal’s Transfer Fees?

Depending on the type of transfer and the destination, fees can vary.

- For domestic transfers to family and friends, there is no fee when the transfer is funded by your PayPal balance or a bank account that's linked to your PayPal account. For domestic transfers that are either fully or partially funded by a credit card, debit card or PayPal Credit, there is a 2.9% transaction fee.   

- For international transfers to family and friends, fees on transfers funded by your PayPal balance or a linked bank account can range from .3% to 1% depending on the destination country. For international transfers funded either fully or partially by a credit card, debit card or PayPal credit, fees can range from 3.4% to 3.9% plus a fixed fee around $0.30.

- When money is transferred as part of the buying or selling process, a separate fee schedule is used. Buying in the U.S. is fee free, but selling incurs transaction fees. Domestic sales incur a fee of 2.9% plus $0.30 and international sales are charged a 3.9% fee plus a fixed fee based on the type of currency.

How Fast Are PayPal's Transfers?

Depending on the type of transfer and what currencies are involved, the delivery speed can vary.

- When transferring money from your PayPal balance (or a linked debit or credit card) to an existing PayPal user, the money will usually be withdrawn from your account within 24 hours.

- When transferring money from a U.S. bank account, the transaction may take three to five business days.

- When sending money abroad, the transfer process may take seven business days.

PayPal's Backstory

Founded in December 1998, PayPal has its corporate headquarters in San Jose, California, in addition to having its worldwide operations center located in La Vista, Nebraska. The company has an A+ rating with the BBB and has nearly 200 million active account holders. The company has an annual revenue of over $10 billion and an annual total payment volume of over $350 billion. The PayPal platform also includes Braintree, Venmo and Xoom.

Who Can Benefit From PayPal?

If you're looking for a cheap and easy way to send money to friends and family, PayPal is a great solution. The digital company lets you avoid the hassles of writing checks and keeps your own bank account information private. Even if your friends don’t already have a PayPal account, they can easily create one online for free without either of you having to make an inconvenient stop at a bank. Because paying with a PayPal balance or linked bank account makes domestic transfers fee free, there’s no better way to send money locally. Of course, international fees are still quite competitive.

What Are The Advantages and Disadvantages Of PayPal?

This is what we love about PayPal:

- The fee for domestic transfers is waived as long as the transaction is fully funded by your PayPal balance (or a bank account that has been linked to your PayPal account). The fees for other types of domestic transfers and for international transfers are low.

- Many of your friends probably already have a PayPal account and signing up for one is free.

- Your bank account information is kept private and you don’t need to know your friend’s bank account information either.

- Transfers can be made conveniently online or via an app.  

What We do not Like About PayPal:

- The transfer speed of funds going from a bank account to PayPal can be slow.

- PayPal doesn’t have physical branches to make in-person transfers, which may be a drawback for some individuals.

  • Processing Commission
    2.9%
  • Foreign Currency Transaction Fee
    2%
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0 votes

NICE JOB PAYPAL keep up the good work. Thank you

0 votes

With PayPal, I can send money to anyone with an e-mail address. Like many other money transfer services, I think PayPal probably has the widest adoption nationwide.

1 votes

I have been working with PayPal for years - both for business and personal use. There service has always been solid and I always feel better performing web transactions using PayPal rather than my credit card.

1 votes

Easy to transfer funds, making it ideal for gifts, assisting or receiving assistance in times of needs or just to repay a friend for a dinner. If you can't wait for the funds to be transferred to you bank, they offer a debit card giving you immediate access to your funds, which can never hurt! Also, being accepted as a payment at several restaurants and merchant, and having a great mobile app, make it the best choice for transferring money.

0 votes

Have been using PayPal since the early years and have to say it's the best way for online payments - fortunately or unfortunately. They have commissions for each transaction which sucks but then there are no better alternatives, so you're pretty much stuck with PayPal when it comes to online payments. It's super easy to get on it, register and get started. But when it comes to larger amounts and withdrawals, you have to go through verifications etc which can be troublesome. And of course, there is no such thing ... as customer service. Nope!

So, just because it's easy to get in and start using it, I love it. But for everything else, I don't.
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