What is Paypal?
PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. PayPal serves as an electronic alternative to traditional paper methods such as checks and money orders.
A PayPal account can be funded with an electronic debit from a bank account or by a credit card. The recipient of a PayPal transfer can either request a check from PayPal, establish their own PayPal deposit account or request a transfer to their bank account. PayPal is an example of a payment intermediary service that facilitates worldwide e-commerce.
PayPal performs payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. It sometimes also charges a transaction fee for receiving money (a percentage of the amount sent plus an additional fixed amount). The fees charged depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type. In addition, eBay purchases made by credit card through PayPal may incur a "foreign transaction fee" if the seller is located in another country, as credit card issuers are automatically informed of the seller's country of origin.
Steps to Send Money Using Paypal
1. Log in to your PayPal account and make sure you have the necessary funds.
2. Click the "Send Money" tab on your Account Overview page and choose the appropriate sub-tab, either "Pay Anyone" or "Pay for eBay Items." If you choose "Pay for eBay Items," you will be brought to a screen that lists all your recent eBay purchases from which you can choose the one you wish to pay.
3. Enter the email address where you wish to send money, or select a previously used address from the drop-down menu.
4. Input the amount of money you want to send and select the appropriate currency in which to send it. PayPal is internationally friendly, allowing for money to be sent to over 150 countries in 16 different currencies.
5. Choose the type of payment you are making. You can send money via PayPal for eBay items, purchases from other auction sites, non-auction purchases, services received or as a cash advance not related to a purchase or service.
6. Click the "Continue" button and review the payment details on the next page.
7. Choose a payment method other than your available PayPal funds by clicking on the "Funding Options" link. If you don't have enough money in your PayPal account and have a bank account associated with it, you have the option of sending money from your bank account in the form of an e-check, credit card or debit card.
8. Click the "Continue" button and add an optional message to your recipient.
9. Complete your payment by clicking on the "Send Payment" button.
10. Check your email for a message confirming that your payment has been sent.
Transactions in Paypal are subject to Laws governing the countries of sender and receiving parties. Subject to guidelines as provided by the International Money Laundering Council.
Debit or credit card payments for cash advances may be subject to fees from your bank.
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