How to send money through PayPal? What is PayPal? PayPal can offer a convenient way to send money to friends and family, and also to make payments for goods and services.
In this article, we’ll show you how to send money to someone with PayPal – with or without an account.
For international payments, you could save a lot of money if you choose an alternative provider, such as Wise. More on that later.
With that said, here’s all you need to know about making a payment with PayPal — with or without an active PayPal account.
How to send money through PayPal?
In addition to being a popular option for making online purchases, PayPal also allows you to send money to your friends and family in minutes. This wikiHow teaches you how to use your PayPal account to send money to others on a computer, phone, or tablet.
What is PayPal?
Whether you send money or receive it, PayPal is one of the most trusted online payment systems in the world. It serves as an alternative to traditional paper methods like checks and money orders. PayPal is based on e-mail addresses, which makes transferring money easy. The funds are pulled directly from your PayPal balance or a linked bank account.
The PayPal process is based on a person-to-person transaction between account holders in the system. Both parties must have an account to move money. You cannot receive or transfer money without one.
If your account is verified, there is no maximum amount or cap on what you can send. In a single transaction you may transfer up to 60,000 US dollars, but might be limited to $10,000 in some cases. This is due to different currency conversion and exchange rates.
The platform offers 24/7 fraud detection monitoring and will alert you if any suspicious activity takes place. PayPal also lets you check out faster online with a one-click payment method. A business can even link their credit card to a PayPal account and still receive all the points, miles, and rewards they would with a normal card. Your PayPal money goes a long way!
PayPal is one of the fastest money transfer services online. It only takes 1-2 business days for the funds to hit your local bank. It’s cheaper and faster than Western Union or any other bank transfer service online.
A PayPal wire transfer is still one of the quickest and most trusted ways to transact.
Setting up a PayPal Account
Although setting up a PayPal account is free, you still need to provide enough personal and financial data to make it secure. This includes your contact and bank account information. You can also add a credit card or debit card depending on how you want to do business. The idea is that it’s a centralized location for all your finance channels.
You must first verify you are the rightful owner of the account. This is done by scanning a photo ID along with other required documents (proof of address, etc).
Users also have the option to download the PayPal mobile app. The app allows you to easily send a money transfer to friends and family from anywhere. The app is free and has features like built-in donations and payment tracking.
How to Perform a PayPal Wire Transfer
As PayPal is the global leader in digital payments, they have a lot of partners to help get the job done. To send a PayPal wire transfer through, just complete these simple steps:
- Securely link your bank account, credit, or debit card information to send money.
- Enter the email or mobile number of the recipient.
- The funds are deposited straight into their PayPal account.
- Notifications are automatically sent out to the recipient.
The process is as simple as that. Keep in mind the type of transfer you wish to make. Some of the PayPal partners offer much cheaper rates for international transactions. Overall, PayPal is a brand you can trust. The company always offers leading-industry security for any transaction you make online.
Now that you have a more thorough understanding of making a wire transfer with PayPal, have you considered additional payment options? It’s possible your partners are using something else. Check out our latest ebook, Signs You’ve Reached PayPal’s Tipping Point, for more.
What Types of Payments can You Make with PayPal?
When sending money with PayPal, you have the option to either send to family and friends, or to pay for goods and services provided by suppliers, merchants and companies.
Each of these two payment types gets a vastly different treatment in the PayPal ecosystem, so it is important to understand the differences between them. This way, you can choose the right payment type for your next PayPal money transfer.
Personal Transactions – Sending Money to Friends and Family Using PayPal
One of the great things about PayPal is that you can use it to send money to friends and family. This can be helpful if you need to split a bill or pay someone back for something.
PayPal categorizes such transfers as Personal Transactions, and they are generally free of cost. We discuss fees in more detail in a subsequent section; make sure to check that for scenarios where you may still have to pay a fee for personal transfers.
It is straight forward to send money to someone (we will provide detailed instructions in a following section), and you can either use your computer or a mobile device to finish your transfer.
Just be sure to choose the option to send money to friends and family rather than goods and services. Money transfers sent to family and friends are totally free as long as you use either your PayPal wallet balance to make the payment, or use your linked bank account to do so.
When you complete the transaction, the funds will immediately be sent and show up in the recipient’s PayPal account. After that, they are free to spend it as they like, including sending it to a friend or family member, making purchases using their PayPal account, or withdrawing it to their bank account.
Another important point to be aware of with Personal Payments sent via PayPal is that they can only be sent to Personal PayPal accounts. You cannot send personal payments to PayPal business accounts.
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