About
Founded in 1998, PayPal, an eBay Company, enables any individual or business with an email address to securely, easily and quickly send and receive payments online. PayPal's service builds on the existing financial infrastructure of bank accounts and credit cards and utilizes the world's most advanced proprietary fraud prevention systems to create a safe, global, real-time payment solution.
PayPal has quickly become a global leader in online payment solutions with 50 million account members worldwide. Available in 45 countries around the world, buyers and sellers on eBay, online retailers, online businesses, as well as traditional offline businesses are transacting with PayPal.
PayPal has received close to 20 awards for technical excellence from the Internet industry and the business community at large -most recently the 2003 Webby Award for Best Finance Site and the 2003 Webby People's Voice Award for Best Finance Site.
Located in San Jose, California, PayPal was acquired by eBay Inc. in October, 2002.
Opening an Account
Well, this is the major problem for most International Users. This has been asked everywhere on GPF forum as well.
Australian, Austrian, Belgian, Canadian, Danish, Finnish, French, German, Hong Kong, Italian, Korean, Mexican, Japanese, Dutch, New Zealand, Norwegian, Singaporean, Spanish, Swiss, Taiwanese, and United Kingdom PayPal accounts users can withdraw funds to their Local Bank.
International users from the country other than stated above can withdraw funds to a US Bank account ONLY. No other way out. So, please dont keep asking.
Account Types
PayPal offers three types of accounts: Personal, Premier, and Business
Personal Account
Send money for FREE
Receive money for FREE (non-credit card payments only)
Can upgrade to a Premier account at any time
Premier Account
Send money for FREE
Receive any type of payment, including credit cards, for low fees
Exclusive customer service hotline 7 days a week
Special tools for sellers
ATM debit card for select users
Business Account
Includes all the features of Premier accounts
Do business under a corporate or group name
Can have Multiple Logins
ALL accounts include these basic features:
Core Features:
Send Money
Request Money
Auctions Tools
Website Payments
Money Market
Virtual Debit Card
Account Insurance
Downloadable Log
Email-based customer service
Premium Features
All the Core Features
Do business as yourself, under a corporate name, or group name
Accept unlimited credit card payments
Payment Receiving Preferences
Subscriptions
ATM/Debit Card
Mass Payments
Multi-User Access *For Business Accounts
Advanced Downloadable logs
PayPal Shops
7 day-a-week toll free customer service
Fees
PayPal charges Premier and Business accounts to receive payments. Personal accounts are free, but may not receive credit card payments.
Opening an account and sending money and withdrawing funds to a US Bank account is free for all account types.
Fees for Other Non-US Banks > Click Here
Recieving Fees for Premier & Business Accounts > Click here
Canadian Fees Structure > Click here
European Fees Structure > Click here
International Fees Structure > Click here
* If the transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction.
Exchange PayPal to other Payment Systems
PayPal doesnt allow to exchange funds with other Payment Systems like eGold, Moneybookers etc. However, There're a few Exchangers who might exchange for a high fees (20%) but there is a high risk of account freezing by PayPal.
Help and FAQ
Almost all questions can be answered immediately in this Help Center
Referral System
As a PayPal user, you can collect up to $1,000.00 USD for each new merchant you refer. The Merchant Referral Bonus program rewards you for bringing new businesses to PayPal.
Click Here for more information on PayPal Referral System
Security and Funds Safety
PayPal is by far, the best Online Payment Processor and Merchant account provider for eCommerce sites and any type online businesses.
My views on PayPal Services
PayPal is the best payment system so far. Though, there have been some disgruntled people who've suffered with PayPal,but almost all of them still use PayPal, not just because there isnt any other Secure, feature-packed and robust Payment system, but also because PayPal has got a lot better lately. I'm using PayPal for 2yrs now, never did I've any major issue with them.
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Copied from here with anon-e-mouse's agreement, thanks a lot for this great review
Sophieca