Categories: General

Using PayPal As A Bank Account

PayPal is “The world’s most loved way to pay and get paid.” At least, that’s what the site says during the five second sign-in delay. Most people associate PayPal with eBay, thinking that is all people use it for. In all actuality, most people working online use it as a bank account of sorts. They get paid through it, transfer money through it, send invoices through it, make purchases through it, and do just about anything else through it that you may expect from a bank account. The only difference is that they are able to do it all online. Here is a look at how you may be able to use PayPal as your bank account in the future.

Set Up a Business Account

You can setup a PayPal business account for free, and that will give you access to a lot of extra features on the site. The primary benefit that comes from this is that you can get a PayPal debit card, which acts just like any other debit card would. You can take money out of your PayPal account through the ATM, and you can charge it at stores like you would with another card you have. Business accounts provide different options for sending money, and they provide tax information if you decide to use this for an actual business online. It’s a winning situation all the way around.

Connect a Bank Account

There is a limit to the amount of money you can send through PayPal if you do not have a bank account attached. In most cases, that limit is $10,000, which may sound like a lot if you do not plan to use your account much. Some business owners transfer hundreds of thousands of dollars through this site every year, so they need to have a larger limit to truly use PayPal as a bank account. You might need to do this anyway to get your money into the bank, so you might as well connect one of your accounts. The only way something could go wrong with this is if you somehow overdraft your PayPal account.

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Pay with PayPal

Just about any purchase that you make online can be paid through PayPal. Rather than putting your credit card information all over the place, you can just sign in with your PayPal account. Every time a site allows you to do this, it will actually take you to PayPal so you can sign in directly to the site. You do not have to worry about entering your password and other account information in a place you can’t trust. After you approve of a purchase, PayPal will redirect you back to the original site, where you can complete the remainder of your transaction.

PayPal is a lot more than just a payment option for eBay. It is literally an online bank account that you can use for your life. Consider opening up a free account whenever you need to pay for something online, and you will see the benefits of the site soon enough. 

About the Author: Maria Moore is a freelance writer for Scholarship HQ who spends almost all of her time on the internet. She uses PayPal to store and transfer every penny she makes as a writer, and she has grown to truly trust her money with it.

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