Hello pentium-ga,
As I'm sure you're aware, Paypal is a company (now owned by eBay) that
facilitates the transfer of currency (they have recently expanded this
to include not only US Dollars, but also now Canadian Dollars, Euros,
Pounds Sterline, and Yen). Here is a brief overview of the company
itself:
"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 over 30 million account members worldwide. Available in 38
countries around the world, buyers and sellers on eBay, online
retailers and businesses, as well as traditional offline businesses
are transacting with PayPal."
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/about-outside
As mentioned in the previous paragraph, members can be supported from
38 countries worldwide. This means that both the sender and the
receiver of a payment must be in one of those 38 countries. Of course,
it is fine if these people are from different countries within this
list. Here are the 38 eligible countries:
Anguilla
Argentina
Australia
Austria
Belgium
Brazil
Canada
Chile
China
Costa Rica
Denmark
Dominican Republic
Finland
France
Germany
Greece
Hong Kong
Iceland
India
Ireland
Israel
Italy
Jamaica
Japan
Luxembourg
Mexico
Netherlands
New Zealand
Norway
Portugal
Singapore
South Korea
Spain
Sweden
Switzerland
Taiwan
United Kingdom
As the financial infrastructure that Paypal works through is
constantly evolving, users in some of these countries have limited
capabilities such as:
1. Users are limited to sending money with their PayPal accounts. They
may not receive payments.
2. Only users in some countries can withdraw currency from their
Paypal account into their local bank account (however users in any
country may withdraw funds into a US bank account).
More information on eligibility and country limitations is available
here:
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/approved_countries-outside
Once you have verified your eligibility to use Paypal, you can perform
the two main functions that this service provided, sending and
requesting money. Before this can be done, however, you need to follow
an initial verification procedure:
The initial procedure is as follows:
1. Sign up for a new account
2. Add a credit card (you must be the primary cardholder - no
supplemental cards will work)
3. A very small amount will be charged to your card so that a
transaction will appear in your statement (or online if you can view
your credit card details in this manner)
4. Within the transaction statement is a code that you need to enter
into the Paypal website - this will upgrade your status to a verified
member.
5. You can now send and receive payments
SENDING MONEY
As a verfied member, you can send payments to another member - the
source for your funds can be a credit card, bank account, or withdrawl
from your current Paypal account balance. Any payment you make using
your credit card appears in your next statement. You will need to
provide the following information to make the transfer:
1. Recipient's email address (they do not have to be a member yet)
2. Currency type and Amount
3. Any additional note you want to send to the person (perhaps telling
them why you are sending them money)
Here is a demo is the money sending process:
https://www.paypal.com/us/cgi-bin/webscr?cmd=p/dmo/demo_sm_1-outside
RECEIVING MONEY
All a recipient needs is a valid email address - if someone sends them
money with Paypal they will receive an email with the details. Of
course, to gain access to the money they need to have an account of
their own. At this point, they must follow the initial procedure
outlined above - note that the recipient must also have their own
credit card for identity verification purposes.
Once the recipient has obtained verification, they can access the
money in their account in several ways:
1. Send a payment to someone else through Paypal
2. Buy something online using Paypal as a method of payment
3. Transfer an amount into a bank account
FEES & COMMISSIONS
Paypal typically charges a minimal fee to the receiver of funds - a
fee schedule is available at:
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside
There is a flat fee of $0.30 US plus a percentage of the amount being
transferred (1-3%). The sender of a payment never pays any fees. Other
operations like depositing to a bank account or exchanging between
currencies also include minimal fees. See the above link for detailed
information.
Hopefully this is enough information to answer your question, but if
you are unsure of anything else please post a clarification and I
would be glad to help :)
Cheers!
answerguru-ga |
