PayPal is one of the most popular online money transfer platform if not the most popular. It is widely used in close to 200 countries around the world. Have you ever ask yourself how to add Money to PayPal? well if this question often runs through your mind, then today you will get your answer from this article.
PayPal is not only famous, it is also old and has been in existence for over 20 years now. With PayPal, you can send and receive money online easily. But of course before you can enjoy its services, you have to know how to add money to PayPal so stay glued to this article and discover the complete steps involved.
Want to to know how to add money to PayPal? then this is the right article for you as I will show you how to do so in 3 easy ways.
Table of Contents
What is PayPal?
According to Wikipedia, PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion.
In 2015 eBay spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue.
How Does PayPal Work?
Between you and a bank, PayPal acts as a middleman. A user can choose which bank account to debit when making an online payment after adding a bank account or credit/debit card to the PayPal system. All transactions are handled by PayPal rather than your bank.
Any funds received will be held in your PayPal account until they are either transferred to your bank account or utilized for e-commerce or point of sale (using a PayPal card). Transfers can take a few days or only a few seconds (for an extra fee). You can also add money to your PayPal account using a linked bank account or credit card.
For individuals, PayPal offers simple money transfers, debit/credit cards, check cashing, and e-check services. For merchants, PayPal has a variety of services at competitive rates, without long-term contracts. This includes features like PayPal Shipping, Invoicing, Working Capital, and even PayPal Loans.
In conclusion, we can say the following about PayPal
- Enables online and in-person payments for goods and services
- Provides a way to send and receive money internationally
- Ensures various levels of digital security and payment protection
- Charges a variable and/or fixed fee for services rendered.
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Can I Add Money to PayPal?
Yes as long as you have a PayPal account setup, you can add money to it easily in 3 ways which are; transferring money from a bank account to PayPal, adding money to PayPal from a debit card, and receiving money from friends and family payment.
How To Add Money To PayPal With A Debit Card
To add money to PayPal with a debit card, you can follow these steps:
- Log in to your PayPal account.
- Click the Wallet tab.
- Click the Add money button.
- Select the From your bank or debit card option.
- Enter the amount of money you want to add.
- Select the In seconds with debit or In 3-5 days with your bank option.
- Enter your debit card information and click Continue.
- Review your transaction details and click Add money.
Your money will be added to your PayPal balance immediately if you choose the In seconds with debit option. If you choose the In 3-5 days with your bank option, your money will be added to your PayPal balance within 3-5 business days.
Note: There is a fee for adding money to PayPal with a debit card. The fee is 2.9% of the amount you are adding, plus a fixed fee of $0.30.
How To Add Money To PayPal Without Bank Account
There are two ways to add money to PayPal without a bank account:
1. Add cash at a retail store.
Here are the steps involved to Add money to PayPal at a Retail store:
- Open the PayPal app and tap More.
- Tap Add cash at store.
- Select the store where you want to add cash.
- Tap Generate barcode.
- Show the barcode to the cashier.
- Pay the cashier the amount of cash you want to add to your PayPal account.
- Your money will be added to your PayPal balance within minutes.
2. Receive Money From A Friend or Family Member On PayPal
To receive money from another PayPal user:
- Log in to your PayPal account.
- Click the Money tab.
- Click Request.
- Enter the email address of the person you want to request money from.
- Enter the amount of money you want to request.
- Enter a message (optional).
- Click Request money.
In case the person you requested money from accepts your request, the money will be added to your PayPal balance.
How To Add Money To PayPal Account
As earlier said in this article, there are two main ways to add money to your PayPal account which is From your bank account and With a debit or credit card.
How to Add Money to the PayPal App
You are able to make use of the PayPal smartphone app to add money to your Paypal Balance account since the app offers you a few extra options.
Below are the various ways through which you can add money to the PayPal APP:
1. Deposit a Check
Together with the camera in your phone, you can use the PayPal to cash a check directly into your PayPal account. Follow the steps below so as to make a successful check deposit:
- Open the PayPal App
- Tap the Wallet button
- Select Cash a Check
- Take a photo of the front and back of the check then tap Next
- Choose how quickly you want to have the money (in 10 days or immediately).
As soon as the transfer is successful, you will have access to the money within the specifies time.
2. Link a Debit Card
You can send money and complete transactions without having any funds in your PayPal Balance by linking a debit card. Instead, the linked card is used to withdraw the funds directly.
- Open the PayPal App
- Tap the Wallet button
- Tap the + button, next to Banks and cards
- Tap Debit and Credit Cards
- Choose the option to link your card.
Please note that your bank may require you to complete additional steps for security purposes when linking your card. To confirm that it is you doing the transaction, you will be asked to enter a code sent via a Two Factor Authentication (2FA) method. Usually, it is a message sent to your mobile phone.
What Are the Fees for Adding Money to PayPal
Below, you will see a list that shows the various methods through which you can add money to PayPal and the cost of using the method:
- Bank transfer: Free
- Receiving PayPal payment: Free
- Cash a check: Free (in 10 days)
- Linked card: $1.95 confirmation fee (card issuer may charge additional fees).
It is necessary to have in mind that the fees above are only for domestic transactions not involving a currency conversion. In order to learn more about fee structure on PayPal, you can visit PayPal Support website.
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Final Thoughts: How to Add Money to PayPal
There are numerous ways that allows you to add money to PayPal like for example transferring money directly from a bank account, through a friend or family member.
So if you have long been looking for a way to add money to your PayPal account, you can choose the method that suits you best above and carry out the transaction.
Frequently Asked Questions
Is there a way to put money into PayPal?
Go to the Wallet. Select Add Cash while you're at the store. Choose a store. Get a barcode and show it at checkout. Let the cash flow. Money will be added to your balance, usually within minutes.
Can I add money to PayPal with a debit card?
You can add money to your PayPal account balance from your bank account or by accepting PayPal payments. You cannot technically add funds to your PayPal account with a debit card, but you can put a debit card on file and use it to make purchases or send payments through PayPal.
How do I add money from my bank account to PayPal?
Click “add money to your balance” to add money from your linked bank account to PayPal. Select the bank account you wish to transfer money to or from. Then click “Add”.