PayPal Wire Transfer – PayPal wire transfer is one of the quickest and most trusted mediums of making transactions with Paypal. With this platform, you can easily send money through with just a few simple steps and have the funds deposited straight into the recipient’s Paypal account.
What is PayPal?
PayPal stands as one of the most trusted online payment systems in the world. Since it came on board, Paypal has served as an alternative to traditional paper methods like checks and money orders. Paypal works with email addresses which makes transferring money quite easy. The funds are pulled straight from your Paypal balance or a linked bank account.
Paypal operates on a person-to-person transaction between account holders in the system. Both parties are required to have an account in order to move money.
Once your Paypal account has been verified, there is no maximum amount or cap on what you can send. That is to say that in a single transaction, you may transfer up to 60,000 US dollars, even though you might be limited to $10,000 in some cases. This is due to different currency conversion and exchange rates.
With PayPal Wire Transfer, you have a platform that offers 24/7 fraud detection monitoring, and you get an alert if any suspicious activity takes place. This service also allows you to check out faster online with a one-click payment option. Businesses, on the other hand, can even link their credit card to a Paypal account and still get all the points, miles as well as rewards as they would with a normal card.
With this platform, you have one of the fastest money transfer services online. All it takes is 1-2 business days for the funds to get deposited into your local bank.
How to Create a Paypal Account
Before you can enjoy the services that Paypal has to offer, you must first create either a personal or business account depending on what your needs are.
How to Open a Personal Account
Paypal operates two categories of accounts. They are personal account and business account.
To sign up for a personal account:
- Visit paypal.com/welcome/signup/#/email_password
- Fill out your email address
- Enter your First name and Middle name and Last name.
- Create your password.
- Confirm your password.
- Then, click on the “Next” link
- Key in your Nationality on the new page.
- Key in your address line 1 and Address line 2.
- Enter your Postal code – City / Town / Village / State / Province / Region.
- Fill out your Date of birth
- Enter your phone type – Phone number.
- Click on the “Stay logged in for faster checkout” box if you want to stay logged in. If not, you can skip.
- Review, and consent to Paypal’s User Agreement and Privacy Statement.
- Then tap on the “I Agree” option to create your account.
How to Open a PayPal Business Account?
You are required to choose the type of business account that fits your needs first as different levels of account, comes with different features and charges.
Create Account;
- Tap on ‘Sign Up’ option, then choose the option to create a business account.
- Choose the business account package that suits your needs.
- Enter the email address you want paypal business account to be linked to.
- You will be prompted by Paypal to choose a login and password, and to key in the basic details of your business including the registered address.
- Fill out some information about the type of business you operate, and the actual or anticipated turnover.
- Enter your Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number.
- You will get a prompt asking you to key in your social security number and date of birth, to enable paypal confirm your identity.
PayPal International Transfers
Paypal account holders when arranging to send or receive money overseas, generally use Xoom. Xoom is a Paypal service that is an electronic transfer and remittance provider for sending money internationally. With it, consumers can transfer funds, pay bills, as well as reload phones from the United States and Canada to 131 countries worldwide.
With Xoom, there’s a money-back guarantee with SMS alerts for your peace of mind. The fees for Xoom differ by country. You don’t need to Google the exchange rate as the platform does that for you. With the app, you have pricing that is completely transparent.
Another option for transferring money internationally with Paypal is TransferWise. This service supports over 750 different currency routes across the globe including:
- USD
- EUR
- GBP
- AUD
- CAD
They also provide multi-currency accounts that facilitate international businesses. Now, this is a free service and the pricing differs by the exchange rate. With TransferWise, you have a great brand that offers a transparent cost and offers the lowest rates on the market.
How to Send a PayPal Wire Transfer
To successfully get your Paypal wire transfer through, here are the simple steps to follow:
- Start by securely linking your bank account, credit, or debit card information to send money.
- Key in the email or mobile number of the recipient.
- The funds get deposited directly into their Paypal account.
- Paypal will automatically send out notifications to the recipient.
The process is as simple as mentioned above. However, it depends on the type of transfer you wish to make with PayPal Wire Transfer
