I know many people who found interesting stuff to buy on the Internet, but got stuck because of the payment method the seller would accept money only through PayPal.
PayPal, which uses encryption software, allows people to make financial transfers via the computer. The software ensures that no one gets to peek into the online payments being made. It has become one of the primary methods of funds transfer and boasts of around 153 million accounts worldwide.
One may use PayPal to pay for online auctions, purchase goods and services, or make donations. You can even use it to send cash to someone. However, making transactions from your personal account to a person in India (and vice-versa) has been temporarily suspended. Despite some problems regarding India, PayPal is worth it. You neednt reveal your secret credit card number, which could be stolen anytime if you are on an insecure computer.
A basic PayPal account is free. You can send funds to anyone with an email address, whether or not they have a PayPal account. They will get a message from PayPal about the funds, and then have to sign up for their own account. Funds transferred via PayPal reside in a PayPal account until the holder of the funds retrieves them or spends them. If the user has entered and verified his or her bank account information, the funds can be transferred directly to that account.
Currently, there is a dispute between PayPal and the Reserve Bank of India (RBI). Hopefully, things will get sorted out soon as there are more than 1,75,000 PayPal users in India. Till then, if you want to send funds to India or some other country. I suggest you use www.xoom.com. There are good reasons for this:
No more waiting in line. Send money any time of the day from the comfort of your house
Save money; their fees and exchange rates are lower than those of similar services
Send money in minutes for holidays, special occasions or any event back home
Xoom partners with trusted financial institutions in your home country.
Coming back to PayPal, signing up is quick and does not require any bank account information, although a credit card is required to use many of its features. On the home page, click on the Sign Up Now button. On the next page, you have to choose whether you want a personal, business or premier account. If you plan to use PayPal for the occasional eBay auction or online purchase, a personal account is the right choice. If you intend to use PayPal to accept payments for your own business, a business or premier account would be better. If you select a personal account, you can upgrade it in the future.
PayPal has other utilities. If you do some work for a foreign firm, you can receive the payment in your PayPal account. With the money accumulated here, you can buy goods from eBay or any other online shopping site. Professionals, businesses, freelancers and other service providers can withdraw money from PayPal to their local bank accounts as long as they submit the right purpose code at the time of the withdrawal.
Purpose codes are pre-defined by the RBI and their value varies, depending on the type of service you are offering the client. According to PayPal, the code P0805 has been fixed by RBI for News agency services and all freelance writers and bloggers will come in that category. The code P1007 is reserved for advertising and marketing, so social media consultants, web designers and Internet marketers should use this code. P0802 has been kept for software programmers and freelance coders.
PayPals personal accounts give you access to the core features, but thats all. Customer support is mostly via email. There is a phone number, but its not toll free and sends users to a low-priority line with long wait times. There are no transaction fees for personal accounts, though there are fees for some other features, such as currency exchange. Personal accounts are also subject to volume limits of $500 a month. If you receive more, you will need to upgrade to a premier or business account (or deny the transfer).
Premier and business accounts are almost the same. The main difference is that a business account must be registered with a business or group name, and a premier account can be registered with a business, group or individual. Business accounts can also be set up for multiple users.
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