If you’re a regular online shopper, then chances are you’ve used PayPal. It’s a quick and easy way to send and receive money using an email address and your credit card, debit card or bank account.
Accepted around the world, people use PayPal to pay for goods in a variety of currencies. Transition seamlessly between euros, pounds, dollars and more than a dozen other currencies for a small transaction fee. The platform even provides valuable security options like buyer’s protection.
PayPal is an online payment system, originally created as an electronic alternative to checks and money orders in 1999. Today, the platform boasts more than 240 million active users in 190 countries and is accepted by millions of businesses around the world. It operates as a payment processor for many online retailers, offering perks like one-click transactions and password memory.
PayPal acts as a middleman for payments between two parties with registered accounts. It’s fast and easy to send payyments to an individual or retailer without sharing personal details or banking information. All you need is the email address of the person you’re sending money to. If you’re using PayPal to make a purchase online, click the PayPal button at checkout and log in to your account to quickly complete your order.
You can use your PayPal account to seamlessly complete purchases between multiple currencies. Check out this list of compatible currencies to see if yours is offered:
- Australian dollar (AUD)
- Brazilian real* (BRL)
- Canadian dollar (CAD)
- Czech koruna (CZK)
- Danish krone (DKK)
- Euro (EUR)
- Hong Kong dollar (HKD)
- Hungarian forint** (HUF)
- Israeli new sheqel (ILS)
- Japanese yen** (JPY)
- Malaysian ringgit* (MYR)
- Mexican peso (MXN)
- Norwegian krone (NOK)
- New Zealand dollar (NZD)
- Philippine peso (PHP)
- Polish zloty (PLN)
- Pound sterling (GBP)
- Singapore dollar (SGD)
- Swedish krona (SEK)
- Swiss franc (CHF)
- Taiwan new Dollar** (TWD)
- Thai baht (THB)
- US dollar (USD)
*This currency is only supported as a payment currency and a currency balance for in-country PayPal accounts.
**This currency does not support decimal amounts.
Does PayPal accept cryptocurrency?
Yes! You can use PayPal’s Checkout with Crypto feature, which allows you to convert cryptocurrency holdings to fiat currency at checkout, with no additional transactional fees. The option will appear in your PayPal wallet, if you have enough funds to cover the purchase.
PayPal is generally a safe place to send and receive money. PayPal automatically encrypts confidential information sent to or from your computer using industry standard SSL encryption. Security experts still recommend taking measures to protect your account, like enabling two-factor authentication and using a unique and secure password. Making a purchase using PayPal is arguably safer than placing your order directly through the merchant, since the recipient never has access to your financial information.
You can feel extra secure shopping with PayPal thanks to its online purchase protection program. If an item you ordered never arrives or isn’t what you expected, PayPal arranges for your money to be refunded. This should give you some extra peace of mind when shopping online.
It’s free to create a PayPal account and use it to make purchases online at retailers that accept PayPal. However, there are a few fees you may encounter:
- Sellers’ fees. If you use PayPal to accept payments, you’ll be charged a fee of 2.9% of the transaction amount plus $0.30 per transaction.
- Transfer fees. Sending money from your PayPal balance to your checking account is free, but if you want to instantly send funds to your debit card, you’ll pay a $0.25 fee per transfer.
- Person-to-person transfers within US. It’s free to send money for personal reasons from your PayPal balance or linked banked account. However, credit and debit card transactions are subject to a 2.9% fee.
- Transfers to Canada or Europe. If you need to send money to someone with a Canadian or European PayPal account, you’ll pay a fee of $2.99. You’ll still on the hook for an additional 2.9% credit and debit card payment fee if you don’t pay with your PayPal balance or checking account.
- Transfers to other international locations. To send money anywhere except the US, Canada a European country you’ll pay $4.99. You’ll still have to pay the additional 2.9% credit and debit card payment fee if you don’t use your PayPal balance or checking account to pay.
- Currency conversion fees. If you’re shopping between two currencies, you’ll have to pay a flat-rate conversion fee.
You can create a PayPal account on your desktop or mobile.
Creating an account on your computer
1. Visit the PayPal site to get started. Select Sign Up in the right-hand corner.
2. Choose between a personal account
and a business account. Unless you plan to accept payments for your business through PayPal, you should choose a personal account. But don’t worry, you can always change your mind later.
3. Fill in your personal information and follow the prompts to finish signing up.
Creating an account on your phone
1. To begin, download the PayPal app. The PayPal app is available for both iOS and Android.
2. Once the PayPal app has downloaded, open
it. Tap Sign Up on the bottom right-hand corner to get started.
3. Enter your personal information and follow directions to complete sign up.
Why can’t I create an account?
Make sure you’re using your legal first and last name when you sign up — no pseudonyms allowed. If you’re still having trouble signing up, contact PayPal directly for assistance.
When you create your PayPal account, you’re given the option to link your credit and debit cards to your account. You can also link your bank accounts directly to avoid paying additional fees. When you transfer money or make a payment, choose to pay from one of your cards or through your bank account.
Like other online stores, PayPal occasionally offers extra savings through coupons. You’ll also find signup deals for new customers — you could save $10 or more off your first purchase through PayPal by using a PayPal promo code.
Use Paypal’s buy now, pay later solution, called PayPal 4 in 4, wherever PayPal is accepted at checkout. Millions of stores, including Best Buy, Bose and Vineyard Vines, to name a few, accept the interest-free financing option.
Pros
- Highly secure. Industry-standard protective technology and buyer protection help you shop with peace of mind.
- No Purchase fees. You won’t pay to make purchases with PayPal.
- Accepted around the world. PayPal is accepted by thousands of retailers worldwide and used by millions of shoppers.
Cons
- Transaction fees can be high. A fee of almost 3% can add up, particularly when transferring large amounts
Other buy now, pay later solutions
If PayPal isn’t the right option for you, consider other buy now, pay later solutions that better suit your financial needs. For example, you might consider these options:
- Afterplay
- Sezzle
- Affirm
- Perpay
Compare buy now, pay later services
Select your desired buy now, pay later programs and click “Compare” to check out their features side-by-side.
If you’re wary about shopping online, PayPal is one of the safest ways to pay. It makes shopping more convenient with a quick log in and payment without entering your credit card every time.
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Amanda Swan loves finding great deals on cute dresses and makeup palettes, and she's kind of addicted to two-day delivery and her iPhone.
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