Paypay is an e-commerce business which deals with payments and money transfers over the internet . It is similar to a real world bank where your money is deposited but it will you not fetch you any interest on your deposited sum . Paypal takes care of the payments made to you through the internet . The payment reaches the payer almost within seconds in most cases . The payer sends it to your Paypal account , but he must know your email id for that matter . Your email id here works quite similar to your account number in a real bank account but in this case you have to make it public , ie you tell it to your payer . You can also deposit money to your Paypal from your real bank account or credit card . You can use your the Paypal money to shop on the internet in similar sites like ebay.com . You can also send gift cheques to someone instead of money . Another thing you can send money to someone who even doesn't have a Paypal account . The moment you do that the payee will receive an invitation to signup at his email address and accept the payment . Similarly you may receive your payment even if you do not have a Paypal account for an email id .
You can withdraw your account balance in Paypal in three ways :
- Withdraw via cheque send to your address . (It has 0% service charge but the service available only if you reside in USA .)
- Withdraw via credit/debit card . (Service available in all aypal supported countries . Service charge is 5$)
- Tranfer the account balance to your bank account . (Service available in all Paypal supported countries . Service charge is 50 INR for India .)
About Creating an account :
Paypal offers three kinds of accounts :
- Personal (It is free . No service charge is applicable on the money you receive .)
- Premier (A service charge of 4.5% is levied on all the payments received .)
- Business (A service charge of 4.5% is levied on all the payments received .)
NOTE : All service charges are deducted directly from your Paypal balances , so you don't have to pay anything from your pocket .
There a couple of things on which an user new to Paypal may stumble -
A>Creating a Paypal account .
B>Adding a Bank Account .
So I am going to explain the steps for the above two .
A>Creating a Paypal account .
- Go to PayPal.com or click the banner in the blog .
- Click 'Register a new account' link .
- Select your country from the drop down menu . (NOTE :Paypalservice is not available in all the countries . If your country is not listed there you should not create an account . )
- Then you will see three options on the same page - Personal , Premier and Business . (Chose the one according to your need . A very brief discussion on the matter has been made above .)
- Fill out the form and click submit . (NOTE : The email address you enter here is your Paypal login id .)
- In the next page you will see that it is asking for your credit/debit card details . If you have one you can always link it to your Paypal account but it is not mandatory . If you want to skip the step then click the button labelled - Go to my Account just below the Link My Credit Card options .
(NOTE : If you don't link your credit card , your account will have an unverified status though there is no harm in it but you will not be able to carryout a monthly transaction of a sum more than $500 using this account until you get it verified .)
- Now open your email and confirm the registration .
That is it your Paypal account is ready for use .
B>Adding a Bank Account .
- When you login to your account you will find yourself under the "My Account" tab . You will many sub-tabs unedr the "My Account" tabs - 'Overview','Add Funds','Withdraw','History','Resolution Center' and 'Profile' .
- Place(no need to click) your mouse over the 'Profile' sub tab under "My Account" .
- A dropdown menu open . Now click 'Add/Edit Bank Account' .
- A page with a form to add your bank account opens . (NOTE : You don't add a bank account seperately you will be automatically redirected to this page when you will try to Withdraw(By clicking the 'Withdraw' sub-tab under the "My Account" tab) your account balance .
- Now fill out the form . (NOTE : You have the option to add someone's else's Bank Account , if you don't have have one but the surname has to be same as yours .)
- Note that it asks for an IFCS number of the Bank . There are two ways to get it .
i>You can go to your Bank and ask for their IFCS number .
ii>Click the help(a small Question mark sign in a blue box) and a popup window opens with the instructions which says .
a>Go to http://www.rbi.org.in/scripts/neft.aspx .
b>Click 'List of NEFT enabled bank branches' to get full list of NEFT enabled bank along with IFSC code.
c>Download the file .
d>Open it with MS Excel . Locate your Bank and the branch and note the corresponding IFCS number .
[NOTE : Be very careful while adding your bank becuase if your bounces for any reason a sum of 250 INR will be deducted from your account balance .] - Click continue and follow the rest of the instructions .
Now you are done with linking your bank account with Paypal and you can transfer your account balance at any time to your bank now . The transaction time is usually less than a week .
Paypal has lots of other feature and discussion of all is not possible here . I have only tried to shed light on the basic ones ,the primary services like withdrawing and sending money , which any person who plans to avail of will probably find helpful . Once you begin to use the site more often you will get acquainted with all its features and services quite easily .
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