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.
If you also have a Venmo account, you can check out how to add money to Venmo or how to add money to Venmo without a bank account.
How to Add Money to PayPal
PayPal is an online payment platform that lets you send money from your PayPal balance to someone else's PayPal account even though you might be charged small amounts as fees for the transaction. Since the service is compatible with several e-commerce websites, this allows you to make payments for goods and services quickly and easily via your PayPal account.
In order to add and hold money in your PayPal account, you need a PayPal Balance account. Even if you do not have a balance account, you can still make payments but you will need to have a linked payment method so that anytime you make a payment, the money will be taken from your linked payment method which can be your bank or card.
Adding money to PayPal is quite and easy thing to do but it can appeared to be complicated to those that are not yet use to PayPal. Below, I will how you how you can add money to your PayPal account.
1. Transfer Money from a Bank Account to PayPal
By making an electronic transfer, you can add money to your PayPal Balance account. Follow the steps below so as to make a successful transfer.
- Log in to your PayPal account
- Click Wallet at the top of the page
- Click Transfer Money
- Click Add Money to Your Balance
- Select your bank
- Enter the amount of money you want to transfer
- Click Add.
A bank transfer takes between 3 and 5 business days to reflect in your PayPal Balance.
If you already funds in your PayPal account and want to transfer it into your bank account for more flexibility, you can check out how to transfer money from PayPal to Bank account instantly.
2. Receive Money from Friends and Family Payment
Once of the easiest ways to add money to your PayPal Balance account is to give cash to someone you know then ask them to transfer an equivalent amount from their PayPal account to yours.
In order to do this, give money to your friend or family member through any method you can tell them to send it to you into your PayPal account.
You have note that it is necessary to use this method with people you totally trust since it is very easy to get scammed in case you give your money to stranger or someone you do not really trust.
3. How to Add Money to PayPal from Debit Card
There is no way to add money to your PayPal Balance account from a debit card but you can link a card to your PayPal account so that anytime you make a payment, the money is automatically taken from your linked debit card.
- You can follow the steps below as to link a debit card to your PayPal account:
- Log in to your PayPal account
- Click the Wallet button at the top of the page
- Click the button labeled Link a Debit or Credit Card on the left side of the screen
- Follow the on-screen instructions to finish linking 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.
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 on 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”.