There is a medium require to send and receive money online. Paypal is the one of the oldest(Founded in December 1998) and trusted services which lets us to send or receive money easily. Paypal provides its services in many countries including India. In this article you will come to know benefits of uisng Paypal, how to create Paypal account in India and how to do transactions.
Benefits of Paypal :
1) It just requires your E-mail :
The best part of Paypal is it just require your E-mail to receive or to send money. Paypal email is simply the email which is linked with your Paypal account. You can receive money from anyone by just sending your E-mail address to them and also can send money to anyone with their E-mail address. Suppose you want to send someone whose Paypal email is firstname.lastname@example.org then you just need to enter this email and then click on continue and then enter amount that you wants to send and just click to continue to send the amount to payee.
2) Keeps Financial Privacy :
In this mode of payment you do not require to share any financial data such as Credit/Debit card details or any bank account details. This way your important financial data is private and safe.
3) Can Create Paypal Link :
You can create a Paypal link to receive online Payments. You can just choose an username for your Paypal link and from then you can just share this link to receive money. This is more easy then an email option. you can use both email or paypal link to receive money as per your choice.
4) Its Quick
This service is very quick that you can receive your payments in just a seconds on one click when payable sends you and vice versa also.
Now lets know how to start with it. So first of all, you need to create a Paypal account.
Steps To Create Your Paypal Account :-
1) First you need to open paypal.com
2) Now clcik on to Sign Up to create your account.
3) You need to choose between Individual Account or a Business Account, if you are a individual just go for an Individual Account and click on Continue .
4) Now in next page you need to add your personal details like country, email address, and a password for the account.
5) In next step you are require to fill your personal details like your name, date of birth, address and a phone number and click on continue button.
6) You need to confirm your email and phone number in this step to activate your Paypal account to do any transactions. Also need to choose a Purpose Code for receiving money, Purpose Code is the code for which you are going to receive money it just tells the purpose of the transaction. You need to choose one form their list.
7) Now, you are require to edit your bank account for which you just need your bank account number and IFSC code which you can get in your bank passbook.
8) Now, Final step to start receiving money from anyone is to edit PAN card details. As per Indian rule it is must to add PAN card with your Paypal to receive any money. This is all for if you just want to receive money. If you want to send money you can send to anyone with your paypal balance.
9) If you want to send money and you do not have balance in your Paypal account then you need to load money to your Paypal account so that you can send money through Paypal. You can add money to your Paypal account through Debit/Credit card/Bank etc.
Its all done with your creating your fully activated Paypal account. Now lets know something more about Paypal like its fees, type of accounts,shopping etc.
Paypal Fees in India –
Amount Range Fees
Up to $3,000.00 USD 4.4% + $0.30 USD
$3000.00 to $10,000.00 USD 3.9% + $0.30 USD
$10,000.01 to $100,000.oo USD 3.2% + $$0.30 USD
Above $100,000.00 USD 2.9% + $30 USD
Suppose , someone sends me $10 then 4.4% of $10 + $0.30 will be deducted. And 4.4%of $10 will be $0.44 + $0.30 = $0.74 will be the fee charged in receiving $10 payment. So I will get $9.26 only.
NOTE: Paypal charges fees only on transactions.
Types of Paypal Account –
We have already mentioned there are 2 types of Paypal Account one is Individual account and other is a Business Account. In Individual account you can use Email address or a Paypal link for transaction. But in Business account you get a Credit/Debit card option too in receving money from people, means people can send money using their Credit or Debit card.
Shopping with Paypal-
You can also shop on Paypal. There are tons of product available there and you can also get discounts and many exciting offers.
This is all about Paypal and how to use Paypal in India. If you have any query then you can just leave a comment and also comment if you wants to share something related to this article.