Finance

Ways PayPal Can Help You Save Money – PayPal as a Bank Account

August 10, 2022

There is Ways PayPal Can Help You Save Money; if you don’t know then you should probably know this now. But you see many users online don’t have the idea about this and find other processes one can use to save money.

But if you want the easy way to save money then you should make use of PayPal and then you will enjoy the benefits, just keep on reading.

Ways PayPal Can Help You Save Money

If you are looking to save a little money this year, there are some ways PayPal can help you achieve that goal. And if you want to know the procedures to follow then you should simply read on and find out more about this topic.

PayPal PROS and CONS

Pros

Secure means of sending payment
Diverse financing options
Extensive online and in-person payment solutions
Additional merchant support features

Cons

Popular target for phishing and scams
Poor Customer Service
Digital purchase are not protected
Disputes can delay refunds

How to Create a PayPal Account

You can simply create a PayPal account from your computer or mobile browser or directly through the PayPal app. Here are the guidelines you will need to follow:

Go to paypal.com or download the PayPal app from the App Store or Google Play.
Click the blue “Sign Up” button.
Select “Personal Account.”
Add your phone number and you’ll receive a text with a security code to enter on the next screen.
Enter your legal first and last name, email address, and a secure password.
Then, enter your mailing address and agree to PayPal’s privacy policy. This will create your account.
Finally, you should add a credit card, debit card, or bank account to your PayPal account.

Guidelines on How PayPal Helps You to Save Money

Here are the ways that PayPal can help you simply save money:

Use PayPal as a Separate Bank Account

One way PayPal can help you to save money is if you use it as a separate bank account. Although the PayPal platform is not technically a bank, you can simply use the money in your account to pay for items online. You can also get a PayPal debit card to use anywhere just the way you would normally use a credit or debit card.

If you are trying to reach a savings goal to save up for a vacation or another big purchase, you can then cash out your Branded Surveys account points for money that goes directly to your PayPal account. Once it is there, leave it alone till you reach your goal. Since you do not see this money, you will likely forget it exists which will then help you not spend it.

You can also use your PayPal account to simply allocate a budget of spending money for yourself. Since PayPal lets you deposit money from a debit or credit card onto your account, you can then create a weekly spending budget with the money you have deposited from other cards or from the money you have simply made on the side, like freelance gigs or from taking online surveys. For instance, you can limit your spending to only what is in your PayPal account for the week. This can then help you stick to a budget, which will overall help you save money.

No Interest

PayPal’s debit card is a MasterCard, but it does not charge you interest like a standard credit card would. You can use the PayPal debit card anywhere MasterCard is accepted without worrying about spending money you do not have or paying interest on your purchases. Please take note that PayPal also offers a credit card that does charge interest, so if you are then trying to save money, it is best to use their debit card to avoid interest payments.

No Check Fees

Can PayPal save money in other ways? Yes, they can by simply taking away any fees associated with traditional checks. Instead of spending money buying checks or paying overdraft fees or returned check fees, you can just use your PayPal account to pay for everything. This can then save you money in the long run! Simply deposit money from an existing account to your PayPal account and also use that money to pay your bills.

No Postage Required

You will also be able to save money by not having to purchase stamps to mail paper checks. Instead, you can just send money electronically through PayPal or by using the PayPal debit card. As a bonus, you do not have to worry about your mailed check falling into the wrong hands or getting lost in the mail.

Easy Bank Transfers

If you want to then transfer the money from your PayPal account to your bank account, the bank transfers with PayPal are even easy and completely free. The transaction usually takes just about two business days to process, but if you do not need the money immediately, it will then save you a trip to the bank. Overall, you are saving money from banking fees or the gas it takes to drive to the bank. It is also incredibly convenient!

Safe Online Shopping

One issue that many people have today with online shopping is that they are simply scared that their debit or credit card information will be stolen. When you then shop online using your PayPal account, you are then protected by PayPal Purchase Protection. This then allows you to file a dispute for any payments you have made within the past 45 days if you never receive an item. You will also have peace of mind knowing your funds are completely safe when you shop online.

Direct Deposit for Free

If your bank or employer charges you a fee to have funds directly deposited, then you can also save yourself from these fees by having your company send your check directly to your PayPal account. From there, you can now deposit your funds directly into your bank account, fee-free. This will even save you money every time you are paid!

Enjoy Cashback Shopping

Using your PayPal account to simply pay for purchases can even help you earn money. When you use the PayPal debit MasterCard you can get or earn 1% cash back on all qualifying purchases. If you opt for the PayPal credit MasterCard, you can then get 2% back on all purchases! Both options allow you to earn money simply by spending money. Ensure to watch out for interest charges with the credit card, though pay off your balance every month to prevent these charges.

Absolutely No Fees

The average personal checking account can even charge you a monthly fee simply for having an account with them, and these monthly fees can simply range from $5.99 to $13 per month. Other common charges with typical checking accounts include minimum balances to open the account, card replacement fees, overdraft fees, incoming wire transfer fees, and also outgoing wire transfer fees. Card replacements can even cost $3 to $8, while the overdraft fees can then cost up to $38 per overdraft. If you plan on wiring money, then expect to pay up to $35 per transaction. These types of fees can amount to hundreds of dollars in just a year.

With PayPal, you do not have to worry about paying any fees to open your account, overdraft your account, then send money, receive money, and so on. Simply using PayPal instead of a checking account can save you money.

FAQs

Why use PayPal?

When you use your debit or credit card to pay for things online, merchants can sometimes be able to then access your payment information. PayPal provides an extra layer of protection by making sure that merchants never see your sensitive data. PayPal also uses a number of features to keep accounts very secure, including end-to-end data encryption, optional two-factor account logins, and email confirmations for transactions.

What is PayPal Credit?

PayPal Credit is PayPal’s credit line program. It is like a virtual credit card, but can only be used to make online payments on websites that can accept PayPal. Just like a traditional credit card, PayPal Credit allows you defer payments.

Is PayPal free to use?

Creating a PayPal account is very easy and also free and online purchases and most personal transactions are even free too. PayPal does, however, charge fees for certain types of transactions. I believe you have the above article and understand this.

What is PayPal and how does it work?

PayPal is an online payment system that makes paying for things online and sending and receiving money very secure and safe.

When you link your bank account, credit card, or debit card to your PayPal account, then you can simply use PayPal to make purchases online with participating stores. PayPal serves as a middleman between your bank and merchants and keeps your payment information secure.

You can also use PayPal to securely send money to friends and family as well as receive money from people. This feature is very useful for splitting rent with roommates, for example, or receiving money for your birthday.

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