In today’s digital age, doing online shopping, transferring money online, and performing other online transactions has become a huge trend among internet users. All smartphone holders must have made use of an online payment service at least once. Before the use of online payment services, people used to make online transactions through Netbanking, Credit Cards, Debit Cards, etc. Although these methods are highly secure, still there are a lot of possibilities that your bank details or card details may be leaked while performing online transactions due to some fraud.
So if you are a frequent computer or smartphone user and perform online transactions, then you must have heard about Paypal. Here is this article we will explain in detail what is PayPal, how to use it, and how to transfer money from Paypal to a bank account.
What is PayPal?
There are situations when you have to transfer money to your friends or some relatives. You may also have to receive money from someone or have to make payment at the eCommerce sites. For all such situations, PayPal is the best digital payment method.
So PayPal is a digital payment system operated by American Company PayPal Holdings, Inc, which gives the users facility to shop online, transfer and receive money to anyone through the internet without having any need to reveal any details related to your bank account, credit card or debit card, etc.
How to Create an account on Paypal
In order to use the services of PayPal, you have to create an account on it. Follow the below steps to create an account and register on Paypal.
- First of all visit the official website of Paypal through this link: https://www.paypal.com/
- You will see a ‘Sign Up’ button at the top right-hand side of the home page.
- After clicking on the ‘Sign Up’ button you will see two options i.e ‘Individual Account’ and ‘Business Account’
- Click on any of these options depending upon the purpose for which you want to create a PayPal account.
- Suppose you select the ‘Individual Account’ option.
- Now you will have to enter your mobile number and then enter the six-digit code sent to your this mobile number.
- Now you will have to enter other personal details like Email address, country, etc.
- Then you will have to enter your Debit Card, Credit Card details.
- In the final step, you will have to click ‘Accept and Create Account’.
A confirmation mail will be sent to your email id and you will have to confirm your request to activate your PayPal account by clicking on this email.
How to Login to your PayPal Account
Once your registration at PayPal is complete, you are ready to access and log in to your PayPal account to transfer or receive money. You can follow the below steps to log in to your PayPal account.
- Visit the official website of Paypal.
- You will notice a ‘Login’ option at the upper right-hand side of the Home screen.
- Here you have to log in by entering your registered email id and the password that you created while doing registration at PayPal.
- If you are a smartphone user, then it is better to download the PayPal app which is available easily for both Android and iOS devices.
- You can also log in to your PayPal account on your mobile through any compatible mobile browser.
Benefits of Paypal
As explained above, PayPal allows us to purchase from websites and to make payments of goods and services at various online as well as physical platforms, there are many other benefits of using PayPal. Some of the top benefits of using PayPal are mentioned below:
- PayPal offers the easy and most secure way of making payments.
- Bank details are not shared with third parties while doing online purchases or transferring money through PayPal.
- If you don’t receive the Goods purchased by making payments through PayPal, then PayPal will fully refund you without any questions.
- The secured protocol of PayPal easily detects any possible fraud.
- Creating an account on PayPal is totally free of cost.
- PayPal also has a mobile app that offers quick and easy transfer of money.
How to use PayPal for payments
Using PayPal for making online payments at any platform is a very easy and quick process. Using PayPal you can make payment at any physical store that accepts payment through PayPal or at any online website. You just need to follow the below steps for making payments through PayPal.
- To make payments at any physical store you just have to scan the QR Code and then make the payments. This way of paying is totally contactless.
- To make payments at any online place for purchasing any goods or services, you have to add the items to your shopping cart and then choose ‘PayPal’ as the payment method when you click on the Check out.
- To transfer money to any friend or relative through PayPal, you have to choose the ‘Sent Money to Family and Friends option.
- For sending money to any person, you just have to enter the email id of that person.
An important thing to note here is that, for transferring money to any friend or family member, you don’t have to pay any fees. But to ‘Pay for Good and Servies’ you may have to pay some fees.
Steps to Transfer Money from PayPal to a bank account
Transferring money from PayPal to your Bank account is very easy and you just have to follow few steps. There are basically two ways of transferring money from PayPal to a Bank account.
How to transfer money from PayPal to a bank account using the website
- Visit the official website of PayPal i.e www.paypal.com from your web browser.
- Log in to your PayPal account by using your Credentials.
- After login, you will see the ‘wallet’ option at the upper.
- Click on the ‘Wallet’ option and choose the ‘Transfer Money option.
- Now you will have to select the ‘Transfer to your Bank’ link.
- Then you will have to choose the bank account to which you want to transfer the money.
- Click on the ‘Next button after entering the amount that you want to send to any bank account.
- In the last step, you have to confirm sending of money to bank account by selection ‘Transfer $xxx Now’
- The money will now be transferred to the selected bank account.
How to transfer money from PayPal to bank account using Mobile App
Another option of transferring money from PayPal to a bank account is through a Mobile app, steps for which are mentioned below:
- Open the PayPal app on your mobile phone and login if you are not already logged in.
- After login, Touch the ‘PayPal Balance’ option.
- At the bottom, you will see the option ‘Transfer’.
- Choose this option and then select the ‘Transfer Money option.
- Now you have to choose the bank account in which you have to send the money.
- Fill in the amount that you want to send the money through PayPal and then touch the ‘Next’ button.
- Tap on the ‘Transfer $xxx Now’ button to confirm sending of the money and you are done with transferring money from PayPal to a bank account using a Mobile app.