Transaction limits: Verified accounts have no limit for the total money that can be sent, but are limited to up to $60,000 (or sometimes $10,000) in a single transaction. Speed: Funds may be received as soon as instantly in the recipient’s PayPal balance and can be transferred to their bank account as soon as the next day. Payment options: Bank account (no extra fee), credit and debit cards (small fee).įees: Sending money internationally to family and friends via a PayPal balance, linked bank account, or a credit or debit card is subject to a charge of 5% of the amount sent, with 99 cents as the minimum fee and $4.99 as the maximum. Account holders can send money through a variety of payment methods recipients also must be PayPal account holders but can sign up for free. How it works: PayPal account holders can send money to friends and family through the app or online via a web browser. There’s no overall limit to how much you can send when you have a verified account, though individual transactions are limited to $60,000 (and some are limited to $10,000). PayPal’s international transfers come with hefty fees, so it’s better for sending money within the U.S. Funds may be received instantly into a recipient’s PayPal account and can then be transferred to a bank account as soon as the next day.Īnother major advantage of PayPal is that if a recipient doesn’t want to link to a bank account, they can use their PayPal balance to spend money instead because the platform is widely accepted as a method of payment. PayPal beats other peer-to-peer (P2P) money transfer apps like Venmo and Zelle because of its accessibility and choice of payment methods.
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