Is It Safe To Give Payoneer My Social Security Number?

Is It Safe To Give Payoneer My Social Security Number

With more than 5 million active users around the globe moving billions of dollars, Payoneer is a trusted transaction service. Since Payoneer is a financial service provider, they often ask for security papers like ID and Passport. Hence, Payoneer sometimes even requires your SSN for verification.

At that situation, you might be wondering, is it safe to give Payoneer my social security number? Is it worth sharing such confidential data with Payoneer? Well, the answer is Yes, it’s completely safe to share your SSN with Payoneer. You’re not only backed up with Payoneer’s strong encryption, but also the law.

Want to know how Payoneer keeps you safe and when it’s dangerous to provide your SSN? Here are what you need to know:

Is Payoneer Safe To Use?

Simply put, Payoneer has been around for over 15 years, doing business in 200+ countries, supporting 150+ currencies. It’s one of the most popular and trusted payment option with no record of getting hacked into.

Well, you might have heard people saying they’ve got scammed or hacked into, but that’s not Payoneer, it’s their own mistakes. Like other payment options, scammers also target Payoneer customers to hack into and steal their money.

Scammers often use phishing emails to take over the account of the user. However, if you take precautionary steps and click on links carefully, things can be real safe. The takeaway is, Payoneer is highly secure to transfer your money and to give your data.

What Personal Data Payoneer Collects?

Although Payoneer is well reputed for their security and privacy, it’s your right to know what you’re sharing with them. Here are the personal data they’ll collect from you and from third party affiliates after getting your verified Payoneer account:

What Personal Data Payoneer Collects

  • Your personal identifiers like your name, email, phone, photo, address, IP, date of birth, etc.
  • Relevant financial information like your bank or card info, details and history of credit history.
  • The relevant internet activities of you, including your IP address using cookies
  • If you represent a business, they collect every commercial information about your business.
  • Geographical location and the related data, such as your area, country, and major movements.
  • Information related to your profession or employment (you may need to submit papers).
  • Biometric data (in the ‘selfie’ form, as they call it) which falls under that special category of data.

Don’t forget to go through the privacy policies and Payoneer rules before you start your transactions.

Is It Safe To Give Payoneer My Social Security Number?

Now for the fun part of the discussion, is it safe to give Payoneer my social security number? Are they trusted enough to provide your social security card number or national Identification number? The answer is Yes, Payoneer is essentially well secure as a private entity to share your data with. Here are few things to know about Payoneer asking for security identifications:

Is It Safe To Give Payoneer My Social Security Number

Why Payoneer asks for your Social Security Number (SSN)?

Since Payoneer works as an intermediate transaction service, so they have to be compliant with the government. They’re working in 200+ countries, and every country has a distinct way to track its citizens’ tax information.

If you’re a USA citizen, the government keeps tracks of your financial holdings and tax info using your SSN. Therefore, Payoneer asks you for your SSN so that they can comply with the USA government.

On the flip side, if you’re not a USA citizen, and your government doesn’t provide an SSN, you’ll provide ID. Payoneer will provide your transaction data to the government along with your national ID that your government uses for tracking.

How Payoneer handles your data?

The reason being, they’ve clearly stated that they don’t sell any of your personal information. And we’ve already talked about what kind of personal information they usually collect and ask for.

Once Payoneer has your data on their hand, they may store it on their server, or third party cloud servers. They use SSL technology to keep all your credentials secure as you do transactions or log into your account.

Can You Get Scammed on Payoneer?

Getting scammed on Payoneer is pretty common news to hear on the internet. However, if you pay close attention, none of them are associated with a breach into Payoneer’s server. It’s mostly the victims themselves who get hacked into because of a phishing email or losing the login credentials accidentally.

So, if you’re wondering if you can get scammed on Payoneer, the answer would be yes. It’s the third party scammers that Payoneer has nothing to do with. To prevent accidental breaches, Payoneer has 2-steps authentication system. A common way of spammy email is regarding Payoneer buyer protection, beware of that.

Tips To Be Safe On Payoneer

Being safe while using Payoneer can be an easy job since Payoneer has a good security on their end. All you need to do is, keeping things secure from your end, and everything will be just fine. Here are a few safety tips that will keep you safe from scammers after completing Payoneer verification:

Tips To Be Safe On Payoneer

  • Turn on the 2-step verification system on login, which will give you a great manual security of your account.
  • Beware of account takeover that scammers often do with fishing links, Credential stuffing, or social engineering.
  • Suspect every email notifications you get regarding or from Payoneer and check the email address and the associated links in it.
  • Keep track of your balance to every penny on your Payoneer account, and report immediately even a penny goes undone.
  • Use only a secure device when you’re logging into your Payoneer account, and don’t connect the device to a public wifi.
  • Never share your credentials with anybody, never put them in an easy accessible place such as your unprotected PC or phone.
  • Know the all the security features Payoneer has to offer, and let their customer service rep know whenever you suspect a fraudulent activity.

Final Verdict

Payoneer being one of the most trusted payment solutions in the world, they’re operating with a robust reputation for security. If you’re a citizen of the USA, and wondering if is it safe to give Payoneer my social security number, no worries. They’re asking for it only to comply with the US government.

For security, Payoneer is completely safe to trust. Unless you’re losing your information provided to Payoneer beforehand, you’re safe after you log into your account. All your transactions and personal data are stored securely on Payoneer’s server.

How To Transfer Money To Revolut From Bank Account

How To Transfer Money To Revolut From Bank Account

Revolut is a great platform to spend money while having complete control. There are so many perks and benefits on Revolut for free, that its competitors charge a hefty amount to provide.

With the built-in budgeting feature, people often find it amazing to spend using Revolut. And that’s where adding money to the account comes into play. But how do you do it? How to transfer money to Revolut from bank account and spend using Revolut?

In short, you have to put in your Revolut account and BIC code while transferring the money  from an external bank. External banks have their methods of other bank transfer, so the interface will be different from one bank to another.

Well, that’s what we’re discussing today, and we’ll see how spending money has become a lot efficient with Revolut.

A Note About Revolut

Revolut is a mobile-only banking system and a global payment solution that supports 150 overall currencies at inter-bank cheap exchange rates. You can do transactions in 28 in-app currencies in over 35 countries, even in 5 popular crypto services. Who else offers that much? Revolut has proven its worth and made itself a worthy consideration with over 15 million active users.

A Note About Revolut

From currency exchanges with ATM option without unfair fees alongside global transfers, Revolut even offers disposable virtual debit cards. Besides, it’s fully protected by FDIC, which means your money is secure (up to 250 thousand bucks). Once you have your Verified Revolut Account, especially with pro features, you’ll get a metal card, with all the security you get now from Visa or Mastercard.

How To Transfer Money To Revolut From Bank Account [Step By Step Guide]

You can use Revolut as your go-to banking system, and import money from traditional banks as well. Transferring money from  any normal bank is almost similar to transferring money in general. However, there’s a general way of doing money transfers from one bank to another. The same applies for Revolut. You’ll transfer the money to Revolut as another bank from your current bank.

How To Transfer Money To Revolut From Bank Account

Find Your Routing Number First

To make a successful money transfer from an external bank account, you have to know the routing number (BIC) of your Revolut account. As the routing number is a public thing in general, you can find it on Google or DuckDuckGo by searching by your area. However, if you find that complicated, here is an easier way to do so:

Log into your Revolut account and click on “Add Money” and then “see more methods” option. Here, you’ll click on the “transfer to your Revolut account” button to reveal your BIC number. This is the number you’ll need for an external money transfer from other banks.

Find Your Routing Number First

Once you have your routing number in hand, you’re ready to transfer your money to Revolut. And here is the step by step guide on how to transfer money to Revolut from bank account:

Step 1: Go to your external bank account’s website and log into your bank account to access the money you want to transfer.

Step 2: Inspect how much you have on your account and be sure that you’re leaving the necessary holding amount behind (if applicable

Step 3: Now, select the menu that triggers an external transfer, might labeled as “Other bank transfer”, or something like that.

Step 4: Put all your Revolut account details and account type in the respective boxes. You can find them on your Revolut’s account like the BIC number.

Step 5: Get the routing number of your Revolut account you’ve collected and put that in the appropriate field as well.

Step 6: If your external bank asks for one or two small deposits before the main transactions, go ahead and complete your transactions.

Step 7: It will take up to 3 business days to complete the deposit process and show the amount on your Revolut account. In case you don’t find the money after that, you have to contact Revolut customer care.

Is a Revolut Card Worth Having?

With Revolut cards, you’re getting ten times better convenience compared to conventional bank cards. First off, you’re getting different types of cards including  a fancy metal card, virtual card (with disposable too), travel card, and so on. You can limit usage, freeze cards, cash with fewer ATM withdrawal fees, and use for contactless payment.

Is a Revolut Card Worth Having?

Besides, you can add the card to other services like Apple Pay, and others. Rest assured, free withdrawals of up to $300 and fewer charges on transactions. Revolut offers both a free option to use the service and a pro version consisting of a bunch of extra perks. You get the metal card only with the Revolut premium of the mobile banking system which comes with pro features.

You’ll get extra 1% cashback on every purchase you make using the metal card, and you get a stash bank. With every uneven transaction you do, Revolut will make it even and give save the rest in your account. It’s a great feature on Revolut to save money without even actively paying attention to it.

Is My Money Safe in Revolut?

Every penny you deposit into your Revolut account is safeguarded with Lloyd’s and Barclays. Besides, Revolut is an authorized entity compliant with the regulatory requirements. On the other hand, Revolut has a banking license under the European Central Bank with full banking formations.

Is My Money Safe in Revolut?

Not just that, you’re protected from the FDIC with Revolut when you’re depositing a fund with over $250000. On top of that, if you’re in the UK, you’re secured by the European Deposit Insurance Scheme (EDIS) with a €100,000 coverage. And all your transactions are processed through the Visa, Mastercard, or Maestro network with full security with international transfer fee.

Conclusion

Despite being comparatively a new financial service provider (stated in 2015), Revolut has already won the market with numerous perks. Now you know how to transfer money to Revolut from bank account and know that the money is secure. There’s no reason not to use a Revolut account to do daily transactions, especially when you’re getting free global transactions.

Not just that, Revolut’s offering a great free withdrawal with 1% cashback on purchases. Furthermore, the stash piggy bank will give you smiles, let alone the prompt notifications on purchases and payments with bank details. The card system that includes regular card, virtual card, unlimited disposable card, etc. will give you next-gen banking experience.

How To Add Gift Card To PayPal

How To Add Gift Card To PayPal

PayPal is the most popular payment method service, especially because it keeps cardholders’ information hidden at checkouts. On the other hand, a Bankrate survey shows that 50% of U.S. adults have unredeemed gift cards which could have good uses.

Besides that, getting gift cards could be a great thing if you could use them on solid buys. Well, today, we’re going to discuss how you can use the seemingly negligible gift cards for regular purchases.

So, how to add gift card to PayPal? The process works similar to a debit or credit card. You’ll put in all the card information and verify the card like a regular one. Once verified from the card and bank account page, PayPal will pull funds from the gift card for a regular online purchase.

What Is A Gift Card

A gift card is a debit card that the card issuer company loads with a fund in prior for further use. In simple words, you’re getting a prepaid card, ready to use at any time. They come with a limited fund in it prior, usually a maximum of $500.

Well, not all the time it has to be limited because open loop gift cards are usually rechargeable and reusable. You can also use them (usually) in stores, both physical card and online. And that’s the first type of gift card.

There’s another type of them, called closed loop gift cards. These cards are usually usable only in a particular store that provided the card in the first place. Besides, the closed loop gift cards are not rechargeable or refundable and are meant to be disposed of after use.

You can use that amount wherever the gift card is accepted. With a good 506 billion dollar projected market cap by 2025, prepaid gift cards are really here to stay for sure.

How To Add Gift Card To PayPal [Step By Step]

Apart from spending card amounts without sharing card info, PayPal also is useful for making use of physical or digital gift cards. If you’ve received a gift card and don’t want it to go in the vain, you can link it to your PayPal account. Here is how to add gift card to PayPal and be able to spend your money meaningfully, and securely:

How To Add Gift Card To PayPal

Caution: Be sure of the associations

Before you can add your gift card PayPal account, you must know that, not every card provider supports PayPal. PayPal supports four of the major card issuers to add to the account as a funding source. You can add a gift card to your PayPal account if it’s from Visa, MasterCard, Discover, or American Express.

Caution Be sure of the associations

Step 1: First, go to PayPal’s website, and log into your account using your email address and othr login credentials. If you’re already logged in, access your PayPal wallet option before going forward.other

Step 2: Here, you’ll find an option called “Link a debit or credit card.”. You have to click on it, which will take you to the adding page. If you already have card(s) linked to your account, you might see them around this menu as well.

How To Add Gift Card To PayPal 1

Step 3: As you might be adding the card as a first timer, simply click the “Link a card manually” option to start the process. Here, PayPal will ask for all the card information. You’ll put in all the gift card info in the respective fields.

Step 4: Once inserted, check all the inputs once again, just to make sure, and click on the “Link Card.” button in the bottom of the page. And yeah, don’t forget to select the accepted type of card on the left beforehand.

How To Add Gift Card To PayPal 4

Step 5: Since it’s a gift card, you might face an error while adding it to your PayPal account. In that case, you’ll have to register your billing address, following the instructions usually provided with the card itself.

Step 6: After registering your gift card with further personal details, you can add it to your PayPal account. The process is just like any other VISA or Master Card.

Can You Transfer Money From A Prepaid Card To PayPal?

Yes, you can link prepaid cards to your PayPal account and use the gift card balance as your PayPal fund while shopping online. Adding your prepaid gift card to the PayPal account also has a straightforward process. All you have to do is, go to your PayPal wallet, select the option to add a new card, and put in all the information.

Can You Transfer Money From A Prepaid Card To PayPal_

PayPal will ask for your billing address, your card information and send you a $1 bill to the card. As soon as you verify the linking, PayPal will return the bill to your account fund. Once added and verified, you can use PayPal to shop online, and use the card as your funding source.

Conclusion

PayPal, being the most popular payment service provider with more than 360 million active users on the platform. Now that you know how to add gift card to PayPal, your gift card amounts won’t expire before spending.

Adding your gift card to any PayPal account can also  eliminate the chances of exposing your info online. Besides, it helps you keep all your funding sources in a row, making the best use of your card, without charges.

With these methods above, we hope that you’re now capable of adding any card to your PayPal account, including your gift card.

How To Load Payoneer Card [Step By Step Guide]

How To Delete Payoneer Account

Payoneer has made cross-border payment a breeze, and that alone gave it immense popularity in the respective industry. However, a staggering 4 million active user count also has a lot to do with Payoneer’s popular feature: The Master card facility.

This card is usable in any country with a Mastercard ATM and functions like any other cards. You can easily use it as your daily driver, but some find it difficult to load the card in the first place.

So, how to load Payoneer card?

Payoneer gives you two different options to load your card. Apart from your own account, you can either go for an immediate load, or stick to the standard load options. These are for short and long load time with respective loading fees. However, you can also load using the transaction option in your Payoneer account dashboard.

Overview Of Payoneer Card

Payoneer card is a physical card that Payoneer provides in association with Mastercard. You can use this card in stores, ATMs, and anywhere Mastercard is accepted, just like using any other cards. They also provide a virtual version of the card to use online only.

You need to be eligible to obtain the card with a received payment of minimum $100 in 6 months. Once you’re eligible, you can apply for the card and get it mailed to you for free. If you have more than one currency account, you cannot have multiple cards.

The card is free for the first registration only, and Payoneer charges 29.95 dollar of an annual fee on it. If you’re not on USD, it will be 24.95 euro or 24.95 pound that will cut from your account.

How To Load Payoneer Card [Step By Step Guide]

Loading money to your Payoneer card has a straightforward process, regardless of which method you use. There are three different methods to load money onto your Payoneer Master card, which go head-to-head for the transfer. Here are all of them, explained how to load Payoneer card, depending on how fast you need the money:

How To Load Payoneer Card

Step 1: Get notified

Once your mass payout company sends you a payment to your Payoneer account, you’ll get an email notification. The email will give you “Good news” regarding the payment received and Payoneer will ask you to withdraw it. Since you’re not withdrawing cash in particular, you have to log into your Payoneer account anyway.

So, the first step would be logging into your account once you’ve received the money.

Step 2: Check balance and decide the method

First, as you’ve received a payment (it may take hours to days for a transaction) ready to withdraw, check the balance properly. If the balance seems legit, cut the inspection part for security reasons and head over to the transfer process. As mentioned earlier, there are 3 methods you can get the money on your card.

Select which method of money transfer to your card works for you and go for it.

Step 3: Loading from your account

You get a Payoneer prepaid Mastercard with your account after a $100 transaction, and loading the card is free. Payoneer doesn’t charge you a dime to transfer funds from your account to another payoneer account. Not just that, Payoneer will transfer the amount immediately to your card once you have the amount in it. If you don’t yet own a Payoneer master card, the amount will land in once you get it.

Step 4: Standard payment transfer

This option is applicable only if you’re loading the payments from companies. The standard card loading option is good for you if you have no issue with the load time. It will take a few days (2-5 business days) to load into your card from your account and charge you with standard fee. You’ll see the fee amount right next to the amount you put in the transfer box.

Step 5: Using the immediate transfer process

If you need the money on your card in a few hours, you can use the immediate fund transfer request. Simply select the immediate transfer option while doing the transfer from your account to the recipient account. They will charge you depending on how much you’re loading onto the card, higher than the standard, obviously. You can ATM the money within a few hours.

Is Payoneer Cheaper Than PayPal?

Both PayPal and Payoneer have their highs and lows, you must choose the right one depending on the business you’re in. PayPal does a great job if you’re transferring money within the same country with a much fewer charge.

Is Payoneer Cheaper Than PayPal

On the flip side, if you’re doing international payments and mass payouts, Payoneer tends to do a slightly better job than PayPal. Payoneer offers a smoother free Payoneer to Payoneer money transfer worldwide alongside a good customer service.

Getting a Payoneer Account is easier than PayPal, especially if you’re planning to use multiple accounts simultaneously. Besides, since PayPal has a reputation of beige sketchy at limiting accounts vigorously, Payoneer has a much cleaner look there.

Conclusion

Payoneer is a pioneer for cross-border payment methods for business payments from service marketplaces and individual clients with competitive rates. They operate in almost all the countries in the world, with all the currency conversion. Their Prepaid Mastercard feature help millions in the world to do easy transactions worldwide. Now that you know how to load Payoneer card,  you’ll be able to make the best use of it.

Remember, you need to bare an annual fee to have the Payoneer Mastercard and have to pay fees for off-Payoneer transactions. However, with transactions within Payoneer, the transactions are always free and sending to Mastercard as well. With request payment feature, you may have to pay fees. It is also true if you’re to transfer in a currency to another.

How To Delete Payoneer Account

Payoneer is certainly a great payment service, but you can have all the reasons to delete your account with them. Maybe you’ve found a better alternative, not enjoying their service, or maybe just decided not to use Payoneer at all.

Whatever the reason is, you must know how to delete a Payoneer account, and I’m here to help you do it the right way. If you’re planning not to cause trouble while leaving the platform or lose money, this guide will help you through.

How to delete Payoneer account? You have to withdraw all the money in the account and access the account settings in the support center. After that, use the “contact us” button to file an account closing appeal with your message in it. Payoneer will take 2-7 days to close your account.

What is a Payoneer Account

Payoneer is a global financial service provider that facilitates payments from one end to another. Founded in 2005, they operate in over 200 countries in 150 currencies as one of the most popular services in the industry.

With this much currency supported, Payoneer exchanges currency of choice of their customers. Being a Master card provider, Payoneer is doing great with cross currency conversion for international payments, including business payments.

With over 4 million active users worldwide, they can help you use it as the method of payment for your business. Plus, they have some impressive features  like sending money for free, supporting the major marketplaces and e-commerce sites with a convenient payment service.

Google, Airbnb, Univera, Fiverr would be some of their biggest customers, making them a reliable payment processor.

Can I Have 2 Payoneer Accounts?

Payoneer doesn’t provide two accounts with the same identity and name. They require a range of information while you open your Payoneer account in the first place. All the information you’re providing are saved on their database, and you can never open another account with the same data.

However, if you delete your Payoneer account and want to use it again, you can retrieve that without opening a new account. On the flip side, if you need two accounts at the same time, there are Payoneer Account services available. You can get Payoneer accounts, verified under different names with US identities.

How Do I Remove a Funding Source From Payoneer?

You can disconnect or remove your current Payoneer funding (payee) source using the following procedure:

  • First, you have to contact your mass payout company if they’re ready to have themselves removed as a funding source for your Payoneer account.
  • After that, log into your Payoneer account, navigate to the account settings page and contact Payoneer customer care (for the fastest removal).
  • The customer service will ask for some verification, and request you to tell them the reason why you’re removing it.
  • You can also submit a request to Payoneer to get the funding source removed from your account.
  • Once either of these processes is complete, you’ll get the Payoneer funding source removed within a short period.

How to Delete Payoneer Account [Step by Step Guide]

If  you’re not going to use the Payoneer account anymore, removing it is easy. Here, we’ll discuss how to delete Payoneer account with a few simple clicks. Use the following procedures to get your Payoneer account removed quickly:

How To Delete Payoneer Account

Caution: Before you remove your Payoneer account, you must withdraw all your money in the account if you have any funds. This is highly crucial because you won’t be able to retrieve the money once the account is removed. Payoneer also will give you such a message if you tend to remove your account.How To Delete Payoneer Account

Once you zero balanced your Payoneer account, here are the simple steps you’ll follow to delete your Payoneer account:

Step 1: Go to the Payoneer website and log into your account by putting in your login credentials.

Step 2: Once you’re in your Payoneer account dashboard, hover over the Help menu from the top menu bar.

How To Delete Payoneer Account 2

Step 3: From there, you’ll select the Support center – Home menu that will take you to the help center main page.

Step 4: You’ll see many options on the next page. “My Payoneer Account” is the option you’re looking for. Click on it.

Step 5: Next up, navigate to the Close/Reopen Account option from the left menu bar, and clicking on it will give you a new interface.

Step 6: The new interface will have two different options. You can either choose to close your account, or reopen an account. You’d need the second account if you had a Payoneer account closed before.

Step 7: As you’re closing or deleting an existing Payoneer account, click on the first option and from the next page, click on the “Contact Us” button.

How To Delete Payoneer Account 7

Step 8: Form this page, you’ll write a manual request message in the text field at the bottom. Leave the fields on the right and left, as they already come filled with your mail and a navigational description.

Step 9: You can write the reason you’re closing the account or simply ask them to close the account straight.

How To Delete Payoneer Account 9

Step 10: Once everything’s done, click on the “Submit” button. Payoneer will take 2 to 7 business days for the deletion process and to remove your account.

Conclusion

As you can see, deleting your Payoneer account isn’t as difficult as it might seem to you. If you follow the 10 steps mentioned above, you can easily file a deletion for your Payoneer account in a few minutes.

Although it takes 2 to 7 days to complete the removal process, Payoneer will do remove the account for sure. Payoneer also offers an easy retrieval feature if you wish to use the account again in the future. For that, all you have to do is, log into your account using the same login credentials you had before. That will regain your account in no time.

If you wish to use two Payoneer accounts simultaneously, the option is there with US verified account providers at one click away!

Things You Must Know About Paypal Mastercard Vs Paypal Credit in 2020

PayPal-Mastercard-vs-PayPal-credit

Most people think about PayPal as only a payment method that they can use for online shopping or online transactions. It’s true that using PayPal for any kind of online transaction can be a big advantage, but there is more to it. PayPal offers a ton of services, credit cards, and Mastercard are among them, which is often overlooked, and people don’t seem to be taking advantage of it. 

You can get credit cards and Mastercard from PayPal other than using it as a payment method. However, as a platform with different features than other companies, it also differs in the credit line and functions differently. If you’re wondering which one to choose between PayPal Mastercard vs PayPal credit, I’m here to help. Stick to the article as I guide you through the differences between them and help you choose the right thing. 

PayPal Mastercard vs PayPal credit

Like any other typical credit card, you can use PayPal as your daily driver for any purpose, whether shopping online or in-person stores. However, choosing between PayPal Mastercard vs PayPal credit as your daily driver can be difficult. Bellow, I’ll help you understand how they differ, how they function, and which one you should choose the next time:

PayPal-Mastercard-vs-PayPal-credit

What is?

PayPal Mastercard

The PayPal Mastercard, aka PayPal Cashback Mastercard, works like any other traditional credit card you can use at any physical store for in-person purchases. It pulls the fund from your PayPal account, but via a Synchrony bank, associated with PayPal. The PayPal Mastercard comes with a flat 2% cashback reward when you use it for any purchases. As you’re using it online and offline, the chances are higher to earn more cashback than PayPal credit.

PayPal credit

The PayPal credit is also a card that PayPal provides in association with Synchrony Bank. You get a digital credit line that you can use as a regular credit card, just like the Mastercard. With the credit card, you don’t get that much of rewards where the Mastercard offers a lot. You also don’t get a chance to upgrade your Paypal account to Paypal cash or cash plus to avail the rewards through your Balance o PayPal. 

How does it work?

PayPal Mastercard

With a PayPal Mastercard, you can swipe or dip your card, put your billing information, and pay for physical shopping or online purchases. You will connect it to your PayPal account, and fund the card with your PayPal balance to pay for any physical store. PayPal Cashback Mastercard is a great option if you’re interested in earning regular cashback without any hassles. The flat-rate cashback offer makes it the best option for those who aren’t that card savvy and love simplicity.

PayPal credit

With the Paypal credit, the process is almost like the Mastercard, but with a shortcoming, you cannot use it where PayPal isn’t accepted. You will enter the credit line number, Pay with your PayPal balance, and get credit like a regular card. You can use the same credit again without applying for a new one. You get a 0% introductory rate from most of the other cards, and the promotional rates are only for the first few months. With PayPal Credit, you get an interest-free purchase option over and over as long as the transaction is above $99.

Where Can You Use?

PayPal Mastercard

You can use the PayPal Mastercard anywhere as a regular credit card, whether it’s a physical store or an online shop. The best thing about this card is that you can use it anywhere, no matter the vendor accepts PayPal or not. Another good thing about it is that you can use it internationally where Mastercard is available. However, you have to consider the international transaction fees when you’re traveling overseas. 

PayPal credit

With the PayPal credit line, you can use the credit only for the online purchases and shops where PayPal is accepted. After connecting it to your PayPal account, you can use it only for the stores that accept PayPal both online and offline. However, as you’re not carrying any physical card and use a credit number, there are no chances of losing your card or getting it stolen. 

Features 

PayPal Mastercard

With the Paypal Mastercard, you can send money to somebody with a regular fee of 2.9% and an extra $0.30 per transaction. Depending on your credit card worthiness, it offers an APR percentage of 28.74%, 25.74%, and 21.74% variables. You have to pay an extra $39 for late payment, but there are no annual fees associated with the PayPal Mastercard. 

PayPal credit

With the Paypal credit, you get the cash advance and the APR for purchases percentage of 25.74% depending on the prime rate. The late payment fees are the same as Mastercard, $39, and there are no annual fees with it. You’ll start with a $250 of minimum credit; as PayPal says, you’ll get a credit limit increment gradually. 

Protection

PayPal Mastercard

The cashback Mastercard from PayPal gives you the generic protections that Mastercard provides. You will get the ID theft protection, Mastercard airport concierge, and all the Mastercard global services to make you feel more secure. 

PayPal credit

With the PayPal credit, the protections are a little more extensive, with PayPal’s regular user benefits and protection plans. You will get full protection from PayPal for all the eligible purchases along with reimbursement for the shipping cost and purchase amount. However, keep the items that aren’t eligible for the protection plan, such as custom-made goods, motor vehicles, real estate, and prepaid debit cards. 

Final thought

PayPal doesn’t only give you a better online transaction experience, it also helps you with offline and in-person transactions. Choosing the right one between PayPal Mastercard vs PayPal credit can be a daunting job if you don’t know what you are looking for. You can use the credit line again and again without applying for a new credit every time you tent to use it. 

On the other hand, MasterCard gets you better promotions, which is great for those who have less technical knowledge about it. However, if you’re still confused about the best overall, and seeking suggestions, I’d suggest you get the Mastercard. It gets you better usability at local and online shops, whether PayPal is accepted or not with 2% flat cashback. 

Difference Between Personal and Business Paypal: Which Paypal Account is Best for You?

difference-between-personal-and-business-PayPal

PayPal is the largest online payment system, with over 320 million users, offers the best solution for online transactions. If you’re new to PayPal and planning to get started with an account, the first thing you’ll see is a choice between two types of accounts.

A personal account or a business account. After you explore a bit, you’ll find out that both the accounts offer almost the same features initially. You can send, receive, or request payments, pay online, sell items, do any kind of online transactions, etc. 

So, what makes the difference between personal and business PayPal account, and how does it matter? Although a personal account might be the way you want to go, you must know the differences between them. Stick to the article to know the differences between the personal and the business accounts on PayPal. 

Difference between personal and business PayPal: Key differences?

Doing transactions, paying for items, sending money to someone, they are all available in both personal and business accounts. Here is the difference between personal and business PayPal accounts that can help you choose which one you’re going for: 

difference-between-personal-and-business-PayPal

About Types of PayPal account

Personal account

The name suggests its action. A PayPal personal account is the one you need to shop online, send, receive, or request personal payments. If you’re splitting a dinner bill with your friends, you don’t need the business account to do that. The personal account will get you by even with some casual sellings other than just buying online as well. 

Business account

The case is the same; the name suggests its functionality. A PayPal business account is for maintaining a full-fledged business. It’s the account type for merchants who sell online with a company/brand name and have a business set with employees. You can let up to 200 employees log into the account, manage the inventory, track the orders, maintain revenues, and get customer support through the account.

Pros and cons

Personal account

Using a PayPal personal account can help you with all kinds of personal transactions and occasional sellings smoothly. You can open it up with only an email address, a card, and start transactions with very little chargers and sometimes no charges at all. However, if you’re planning on doing business and receiving regular payments, it’s not the type of account you want. 

Business account

A business account helps you run an SMB farm to a massive business smoothly without any hiccup. It’s the best payment option for you because almost anybody who pays online has a PayPal account to pay you. It becomes much easier to receive payments, get seller’s protection, make invoices, do refunds, track shipment and profit margins, and many more. However, if you sell services or goods occasionally, opening and maintaining a business account would be too much to care for. 

Account fees

Personal account

If you’re in the US and buying something with PayPal’s personal account, it’s always free of charge until the payment is domestic. However, if it’s an international transaction and you’re paying with your PayPal balance, you’ll pay a 5% fee of the amount you’re paying up to $4.99. If you’re funding the transaction with a card (credit/debit/PayPal credit), it will charge you 2.9% of the funded amount, plus a fixed fee depending on the country you’re from.

Business account

You’ll pay 2.9% of the sale with a business account, plus a $0.30 for every transaction you make with your customer. With eligible charities, it will be discounted to 2.2%, plus the regular USD 0.30 transaction fee. If you’re making international sales, the transaction fee will be 4.4% of the price, and a fixed amount depending on which country you’re selling to. When you use a PayPal Here card reader, it will charge you a 2.7% fee while swiping each card, or 3.5%+ $0.15 charge if you manually enter the transaction. 

limitation of receiving and sending money

Personal account

With a verified PayPal personal account, you can send up to $60,000 USD, but a single $10,000 USD transaction. If you’re receiving money, there are no limitations as long as the transaction is legal, and your account is verified. 

Business account

Using a business account doesn’t have any limitations on receiving any payment or paying for anything. If you’re sending money as a personal transaction, the limitations are the same as a personal account; it’s $10,000 per transaction and $60,000 in total. 

Accept credit or debit cards

Personal account

With that information, PayPal will ask you for your credit or debit card number and information as an option. If you don’t use it while opening the account, you must give your credit or debit card information while verifying your account. 

Business account

You have to provide the generic information on the signup page while opening a business account. On the signup page, you have to provide your business’s bank information along with all the other information. 

Which PayPal Account is Best for You?

Now for the truth, which type of PayPal account should you go for? Which account can serve you the best for the purpose you have? Well, the answer depends on the purpose of opening the account in the first place. 

If you’re planning on doing casual selling from time to time and don’t have a business to maintain, there is no point in creating a business account. A personal account will get you all the features you need for regular transactions like paying, receiving, sending, or requesting money. 

If you have a business to run online, and planning on receiving payments from your customers, get a business account. It will allow you to maintain your inventory, make official email, create custom invoices with your company’s logo, and let your employees (up to 200) manage it as an office. The PayPal commissions are less with a business account, and you can keep your name hidden from the customers with the brand name. 

Final thought

Opening a PayPal account can be an easy job if you know which type of account you’re looking for. While you’re opening the PayPal account, you will provide your name, email, phone, and other generic information. With a personal account, the information is not as extensive as a business account needs. A business account requires all the information about your business, banking information, routing number, ownership, and other legal papers.

The business account has a higher withdrawal limitation, that’s where the biggest difference between personal and business PayPal comes in. It has a maximum withdrawal amount of $500,000 a month, while a personal account has a limitation of $15,000 with cards or $25,000 with a bank account.

How Many Paypal Accounts Can You Have? A Must-read for Business Owners

how-many-PayPal-accounts-can-you-have

Using PayPal as your online payment solution can be a big relief for your business and make the transactions smoother. If you’re planning on starting off with PayPal to maintain your businesses, it might get confusing for you. You may end up asking how many PayPal accounts can you have, especially if you have multiple businesses to maintain. PayPal has a very good reputation for being highly secure, which is because they are highly strict about their policies. 

Using PayPal for personal transactions and businesses can give you peace of mind, but you also need to know the policies. Because of an extensively wide acceptance of PayPal on different eCommerce sites, it’s important to have it for your business as well. Stick to the article if you’re wondering if you can have multiple PayPal accounts for your business or personal purposes. 

How many PayPal accounts can you have?

If you need multiple PayPal accounts to maintain separate business or for other reasons, you must know how many PayPal accounts can you have. PayPal allows you to have two accounts for your personal use and business use under two types of accounts. You can open a personal PayPal account for your personal transactions and a business account for your business. 

how-many-PayPal-accounts-can-you-have

PayPal’s business and premier accounts are there for enabling you to do transactions for large amounts of money. You shouldn’t or cannot risk mixing up your personal transactions with your business transactions, which is why PayPal gives you tow separate accounts. However, you must use separate email addresses, bank accounts, credit or debit cards, and other financial information for each account. 

What is a PayPal personal account?

The name suggests its purpose. A personal PayPal account is for those who primarily use their PayPal account for regular online shopping or personal transactions. If you send money to your friends and family, receive money from people, and withdraw money to your bank account or card as well. However, you can also use the personal account for small-scale businesses as well. You can sell goods, take payments on a small scale for your services and goods with this account. 

For example, if you’re an artist, a programmer, or a consultant, you can take occasional payments from your clients using a personal PayPal account. You can also list an item on eBay and sell it with more reliability, even if you have never used it. However, the buyer will see your full name when they purchase your listing. You will have higher fees for receiving payments than a business account, and won’t have as many facilities as a business or premier account. 

Things you need 

Here are the things you provide while opening a PayPal personal account for personal transactions:

  1. Your full name (first name and last name)
  2. your current address
  3. A valid phone number
  4. An existing email address you can access
  5. Your debit or credit card (it’s optional)
  6. You can also add a bank account
  7. Routing number or a checking account number

What is a PayPal business account?

A PayPal business account does everything a personal account can do, plus it has more to offer. PayPal gives you a great opportunity to operate a business smoothly with a business account. If you’re a regular seller, an eCommerce business owner, or a service seller requiring regular payments, get a business account. With the business account, you can get an affordable payment solution for your business with much fewer charges. You will have a seamless online payment gateway with PayPal to convert your website into a full-scale eCommerce site. 

With the business account, you can set up a subscription service to get a recurring payment from your customers. Another great feature you’ll get with a business account is, you can allow up to 200 employees to log into the account for business management. They can do profit and shipment tracking, making invoices, managing inventory, and control fees, and more. You will get invoice service with your own business logo and name to make your online business run even smoother. Your business account will use your company name instead of your own, so you can stay stealth from your customers.

Things you need 

Here are the things you provide while opening a PayPal business account for an SMB or online business: 

  1. Your name and address as the owner of the business
  2. Your email address (separate from the personal account)
  3. The name of your business and its contact information
  4. Business type, related Keywords, and other general information
  5. Your bank information (Name and account information)
  6. Business bank account number and routing number

Frequently asked questions

Here are the most frequently asked questions about having multiple Paypal accounts that you might find interesting: 

Are you allowed to have multiple PayPal accounts?

Usually, you can have a personal account and a business or premier account. You can also upgrade your existing personal account into either of these account types if you want. 

How many bank accounts can you have on PayPal?

You can link up to 8 bank accounts on your PayPal account simultaneously. You can add them to fund your PayPal account or withdraw the PayPal balance to your local bank account. 

Can I have 2 PayPal accounts with the same email?

You cannot have the same email address for more than a PayPal account because every account requires a unique email. You can have multiple accounts with multiple email addresses.

Final thought

So, there you have it! You now know how many PayPal accounts can you have, what you can expect from PayPal about different accounts, especially if you own an online business. Using PayPal for your personal or business transactions can get you an extensive range of benefits. PayPal can be the best option if you’re running a business but don’t have a big setup for the workflow.

The business account gives you all the facilities that you would need to pay a hefty amount to facilitate between you and your customers. Things like invoicing, shipment tracking, refunding, customer and seller protection, and some other features are available right under the business account. 

Can You Transfer Money From Paypal to Your Bank? Things to Know About Fees and Process

can-you-transfer-money-from-PayPal-to-your-bank

If you’re using PayPal as a new user and exploring it through, you’ll notice a ton of features that makes you confused. However, they are all there for your convenience of online presence and to boost your business or online profession. You can easily receive money from your client, friends, or customers and transfer the money to your local bank and get the cash on hand. 

However, as I said, there are too many features to confuse you; it may apply for transferring the money as well. You should know the right procedure of how can you transfer money from PayPal to your bank and cash the balance. There are multiple ways to complete the transaction, and I’m going to talk it all through and get you the right process. So, stay with me as I get you through the process of getting your money in your hands.

Can you transfer money from PayPal to your bank?

PayPal is readily the best option for any online transaction, whether you’re doing casual transfers or getting payments from your customers. However, getting the money from a person and getting the money from PayPal to your hand as cash isn’t the same. It can be difficult with other payment systems, and that’s where PayPal rocks and gets you cash within minutes.

can-you-transfer-money-from-PayPal-to-your-bank 

If you have a balance on your PayPal account to cash out, you can transfer the money to your bank account. However, you have to link the bank account before transferring the PayPal balance. You cannot use that bank account to any other PayPal account but the account you’re transferring the money from. On top of that, there are two different ways of transfering the money, so you have to know how can you transfer money from PayPal to your bank.

How to transfer money from PayPal to your bank account?

As I mentioned earlier, there are two ways you can choose to transfer your money from your Paypal account to your bank account. You can either choose the regular withdrawal option to transfer the money or choose the instant transfer. Both of them have their pros and cons; I’ll explain them both here to help you decide which one you’re using. On top of that, the transfer method and amount won’t be the same for a personal account to a business account. Here are the transfer limits for both account types and the processes of how you can transfer the amount: 

Transferring PayPal balance from a personal account

If you have a personal PayPal account in the US, you can withdraw your PayPal balance in two ways. Depending on the situation, either you can go for a delayed transfer, or an instant transfer if you need the money immediately. Plus, you can either transfer it directly to your bank account, or to your debit/credit card.

The transfer methods are the same for a business account, too; they both have regular and instant transfer methods. The regular process takes up to 4 days to complete the transfer, and the instant one takes a few minutes. The only difference between them is the limitation on the transaction money, which I’ll talk about in a moment. 

Now, here is how to transfer the balance from your PayPal to your bank account: 

  • To transfer your PayPal balance to your linked bank account, log in to your PayPal account, and go to your PayPal balance. 
  • You will see the balance you have there, click on “Transfer money”, then select the option, “Transfer to your bank”.
  • Now, select the bank account or the debit/credit card you’re transferring the money to, and click on “Next”. 
  • Put in the amount you’re transferring, recheck all the details, and click on “Transfer” to complete the transaction. 

Charges for instant transfer 

A distinguishing difference between the instant transfer and regular transfer is the charges for conducting the transfer. With the regular transfer, you can get your money for free, without paying anything to PayPal as charges. If you use the instant transfer method, Paypal will charge you 1% of the total amount you’re transferring and a fixed charge of up to $10.00, whether you have a personal or a business account. 

Limitations on instant transfer

You can instantly transfer up to $5,000 per transaction with a verified personal account with a maximum limitation of $5000 a week and $15000 per month. And that’s for transfering to a debit card. For the bank account, the limitation is up to $25000 for each transaction. 

With a business account, the limitation is much higher to help you with your business. The maximum transaction limitation is up to $50,000 per transaction, with a maximum limit of $100,000 per day. You can transfer up to $250,000 per week and $500,000 per month, but the maximum amount per transaction is still $25,000. 

Frequently asked questions

Here are the most frequently asked questions about transferring Paypal balance to a bank account that people ask across the internet: 

Is it safe to transfer money from PayPal to bank account?

Yes, It’s completely safe to transfer your money from your PayPal account to your bank account. If you don’t compromise your Paypal account, there are no safety issues with Paypal itself.

How long does it take to transfer money from PayPal to bank?

If you’re transferring the money with regular withdrawal, it will take 3 to 5 business days. But, with the instant transfer method, you can get the money within a few minutes. 

How much money can you transfer from PayPal to your bank?

The transferable amount is up to $15,000 per month and $5,000 per transaction with a personal account. It’s up to $500,000 per month for business accounts with $10,000 per transaction. 

Final thought

With over 320 million users worldwide, PayPal is the largest online transaction system on earth. It’s the best solution for anybody who does transactions online, whether for a small-scale personal transaction or a large business.

You need to have a clear idea of how can you transfer money from PayPal to your bank and know the charges and limitations. However, for the limitations, there are different aspects you should keep in mind that you must have a verified profile. If you have an unverified account, you cannot transfer any money to a bank account except up to $500 to other PayPal accounts per month. 

Are Paypal Transfers Instant? Things You Must Know in 2020

are-PayPal-transfers-instant

Being able to send and receive money instantly is crucial, especially for personal finances and small businesses. PayPal, being the largest online money transfer system, comes up with convenient features for its users, and the instant transfer is one of them. You can send money from your PayPal account to a bank account in just a few minutes if the bank is eligible. PayPal offers the same facility for transferring money instantly to a debit card if you’re ready to wait a little longer.

However, just like any other services, the instant transfer system has some fees, limits, and tweaking options. If you’re planning to send your PayPal balance to a friend’s bank account or debit card right away, I’m here to help. Stick to the article to help you understand how are PayPal transfers instant, what fees it has, and what the limits are.

Are PayPal transfers instant?

PayPal instant transfer service is the money withdrawal service that has a much faster transfer process than the standard withdrawal. The PayPal instant transfer method takes a few minutes if you’re transferring the fund to your bank account with transfer fees.

are-PayPal-transfers-instantare-PayPal-transfers-instant

However, if you’re transferring the money to your debit card, it will take up to 30 minutes but have no fees. Here is how are PayPal transfers instant work whether you’re transferring in our out of your PayPal account: 

Instant transfer from PayPal balance

If you have a PayPal balance, you can either spend it online directly from PayPal or withdraw it to a bank account or debit card. There are two ways to withdraw the money to an eligible local bank account. Either you choose the standard withdrawal process, or you can choose the instant transfer method. To use the instant transfer method for sending the money from your PayPal balance, follow this process: 

  • Login in to your PayPal account if not logged in already, go to your balance option.
  • See how much you have in your balance to transfer to your bank account or card.
  • Click on the “Transfer Money” button and select the “Transfer to your bank” option to get started.
  • If you want to transfer to a new account, link that bank account to your PayPal account first. 
  • Put in the bank account or debit card you’re planning to transfer the money to. 
  • Now, put in the amount you want to transfer from your PayPal account and review the charges and the amount. 
  • Mark the checkbox that you’ve understood the costs and the terms and then click on the “Transfer” button to complete it.

Instant transfer to PayPal account

If you’re shopping online, or need an instant transfer to a friend from PayPal, you need to add a bank account or a card to your PayPal account. From the back account or card, you can spend the money directly as your PayPal balance by transferring it instantly. Here is how you can add a debit or credit card to your PayPal account to use the balance instantly: 

  • Create a PayPal account, or log in to your account if you already have one and go to the Wallet option.
  • The wallet is in the Menu option if you’re using the PayPal app and choose the “Link credit or debit card” option.
  • Input all the details about your credit or debit card and click on the “Link” button to complete linking. 
  • If you’re linking a bank account, choose “Link a bank account” instead of linking a debit or credit card.
  • To confirm the linking, go to your wallet, and hit the “Confirm card” button, put in the PIN, accept the temporary transfer, and you’re all set. 

PayPal instant transfer fees 

PayPal will charge you for the instant transfers you make to your bank account along with the linked card to the bank account. PayPal will charge you 1% of the total amount you’re transferring to the bank account and the fee will be a maximum of $10. It will take a few minutes to complete the transfer to the bank and may take up to 30 minutes to the linked card. 

Inside the US

If you’re sending money to a friend or family in the US from your PayPal or linked bank account, there are no fees. However, if you’re funding the transfer using a credit or debit card, the fee is 2.9% of the amount you’re transferring, plus a fixed fee depending on the currency you’re using. 

Outside the US

If the transfer is outside the US, PayPal will charge you 5% of the transferred amount, plus a charge of $0.99 to $4.99 if you’re using a linked card. If you use PayPal credit, the charge will be 5% of the transfer amount, up to $4.99 of the card charge, then 2.9% of the transaction charge. On top of that, you’ll have a fixed charge depending on the currency you’re using. 

PayPal instant transfer limits

PayPal instant transfer has a limit to a certain amount that you have to keep in mind while doing an instant transfer. You can instantly transfer to a card up to $5,000 with a single transaction, and the maximum transaction limit for a day is $5,000. The maximum transaction limit for a week is also $5,000 and up to $15,000 every month. If you’re transferring the amount to a bank account, the maximum amount is up to $25,000 per transaction. 

Frequently asked questions

Here are the most frequently asked questions about instant PayPal transactions that you might have an interest in: 

Do PayPal transactions show up immediately?

Yes, PayPal transactions will show up the amount immediately after you complete the transfer. If you’re using the instant transfer method, it takes only a few minutes to transfer the money. 

How long does a PayPal money transfer take?

For the standard money transfer, it will take 1 to 5 business days. The instant transfer method takes only a few minutes for a bank account and up to 30 minutes for a card. 

How long does it take for a PayPal withdrawal to clear?

PayPal will ask you for up to 72 hours for the PayPal withdrawal clearance. However, it usually takes about 2 hours, and mostly it takes only a few minutes to complete and clear it out. 

How long does it take for PayPal to confirm bank account?

Usually, it takes 2 to 3 days for PayPal to confirm a bank account to your PayPal account. Paypal takes time to confirm your identity and to ensure the bank account belongs to you. 

Final thought

With over 320 million users, PayPal is the biggest online payment solution, and the instant transfer system benefits a lot. With the instant transfer method, you can get the money to your bank account within a few minutes; that’s how are PayPal transfers instant

If you’re transferring it to a debit card, it will take up to 30 minutes, which is much faster than the standard transfer. If you need to cash your PayPal balance instantly, it works like a charm; you transfer the money from home and get the cash from the bank instantly.