Sending Money Friend Via Paypal – PayPal is a popular payment processor for businesses and individuals, but things get complicated when you mix the two.
Here’s everything you need to know about PayPal family and friends transfers (and some friendly warnings, too).
Sending Money Friend Via Paypal
Note: The following applies to personal PayPal accounts. If you have a PayPal Business account, payments from friends and family may not be available to you.
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When you send or request money through your personal PayPal account, you can choose between a “Friends and Family” payment or a “Goods and Services” payment.
Friends and family payments are often used to pay friends, send money to family members overseas, or send digital gift cards.
To send money to friends and family using PayPal, you and the recipient must have a PayPal account (you can set one up for free).
You can also send payments to friends and family using the PayPal app or PayPal.Me. The process is pretty similar in the app: you just enter the payment amount before choosing whether it’s a friends and family payment.
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Friends and family payments can be made to anyone in the United States. for free (from your bank account or PayPal).
If you send money internationally, you may be charged a transaction fee equal to 5% of the total amount sent (up to $4.99).
When paying by debit or credit card, you will be charged a small processing fee for both domestic and international transactions. The rate is currently 2.9% + flat fee (varies by currency; US$ 0.30).
Here’s a good rule of thumb: If they’re not your friends and family in real life, they shouldn’t be your friends and family on PayPal.
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Sometimes sellers ask you to make purchases using PayPal friends and family instead of paying for traditional Goods and Services. This can be a persuasive argument because no payment is required, which means they can offer you a discounted rate.
“You cannot use the ‘send money to a friend or family’ feature in your PayPal account when paying for goods or services.”
Business owners know this and should not ask you to pay this way. Consider this a red flag and just pay the goods and services tax.
Although PayPal protects against “goods and services” fraud, Paypal does not refund “payments sent using PayPal’s friends and family feature.”
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If any of these things happen to you, PayPal guarantees a refund of the full cost of your purchase plus shipping (just be sure to report the problem within 60 days of the transaction date).
PayPal needs to work with the seller first, but if they refuse to press the “Issue Refund” button, you can open a dispute in the Resolution Center.
However, for sellers to be covered by PayPal, they need to have proof of delivery or shipping and be on top of all the details. More information here.
For business transactions, almost any business alternative is better than PayPal’s friends and family: Square, Stripe, and even PayPal Business.
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In general, payment processors designed for buying and selling products always provide better security, and tend to have fairly fair fees. For example, free invoicing enables digital payments for businesses, so you have better security and get paid faster.
If you’re really into transferring money between friends and family, PayPal is just one option. There are many great peer-to-peer payment apps. My pick is Venmo, but I’ll let you compare for yourself. If you haven’t heard of PayPal yet, you’d be forgiven for thinking you’ve been living under a rock. To bring you up to date, this is a very reliable method to send money to anyone, including people close to you. That’s why it’s imperative that you know how to send money with PayPal to friends and family.
PayPal was created in 1998 and has become the fifth most accepted payment option in the world. Its growing popularity is evidenced by data collected by Statista which shows an increase in the number of payments handled by PayPal between 2012 and 2020.
Not only did they receive this recognition, but they earned it because of their excellent record of providing safe and reliable services that are now trusted by millions of people.
Paypal Friends And Family — How Does It Work?
PayPal comes with many advantages if you need to send money to friends and family. Some of them are:
PayPal is accepted by millions of suppliers worldwide. This means you can use it to pay for goods and services wherever you are. You can also link multiple credit/debit cards or bank accounts, so you don’t have to carry all your cards with you.
PayPal also saves your card and bank details for faster transactions, so you don’t have to remember your card information.
Perhaps most attractively, with PayPal available in most countries, you can send to anyone, even people who don’t have a PayPal account (more on that below). This means that even if you have friends in other countries who are graduating, you can still get them some money.
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Financial service providers around the world trust PayPal, especially because it can keep credit/debit cards and other financial data secure. Some of the ways to do this include using two-factor account logins and end-to-end encryption.
They also do not disclose your financial details to the seller when you buy something and instead act as an intermediary between you and the seller. This gives you more freedom to shop without worrying about sellers stealing your information. PayPal also offers a refund under certain circumstances if your order is not satisfactory.
When it comes to sending money via PayPal to friends and family, PayPal really shines. This is because in-person transactions are generally free in the United States and other countries where bank payments are used to send money within the country. This is because no currency conversion will take place.
Using a credit/debit card will incur a small transaction fee and additional charges apply if shipping internationally. More information about these fees is discussed below.
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PayPal also does not charge you for the transaction of goods and services, but only charges the seller. These reasons and more mean that PayPal is generally a cheap method of sending funds.
This discount is available at shopping.paypal.com. So PayPal gives you a win-win by reducing the money you spend and increasing the convenience of your payments.
These are just some of the advantages that PayPal offers to its users. However, perhaps its biggest selling point is the low fees charged for sending money to friends and family. This means that if you have relatives getting married somewhere, you can still get them gift money at a low cost.
Here are some things to keep in mind to take advantage of PayPal’s friends and family service.
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The PayPal Friends and Family login is the same as your general PayPal account login. However, you can only log in if you have an account.
The process of opening an account can be quite tedious, which is necessary to protect your funds. The following steps will guide you to open a PayPal account:
When you sign up for PayPal, you’ll be asked to link a credit/debit card or bank account. From here, they will take the funds you send or use to buy goods and services.
To connect a funding source, log in to the PayPal website and navigate to “Wallet” at the top of the screen on your summary page. You will then be able to link a card or bank account.
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You can also connect cards and banks through the PayPal app. The process is similar. The only difference is in the application. You have to go to settings and then ‘Banks and cards’ instead of ‘wallet’.
To send money to PayPal, log into your account, then on your summary page, go to “Send and Request”.
Submitting on the mobile app is almost the same, except that the process starts from the “Submit” button at the bottom of the screen.
Please note that some countries will not have the “Send to a Friend” option due to regulatory restrictions.
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PayPal’s family and friends fees are such that sending money to friends and family in the same country when you use your bank account to fund the transaction is free. However, if you use a credit or debit card, this is a 2.9% + flat rate fee.
Sending money internationally incurs a 5% fee plus a 2.9% + flat fee if you use a credit or debit card. It seems expensive, but luckily the 5% fee is limited to $4.99.
PayPal automatically converts the funds sent into the currency of the recipient’s country of residence, but they often offer a lower than market exchange rate, meaning less money for the recipient. Consider options like Wise and Paysend for international transfers.
PayPal friends and family limits depend on your verification status with PayPal. The verified account does not have
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