Can you keep money in PayPal?
- Thread starter Hate2Wait
- Start date
Indians cannot hold their money in their PayPal account. I remember that two decades back when I started my journey with Paypal, I could accumulate my money there,. We had to submit a request thers for withdrawal to our bank account. But in the last few years with new government regulations, our money is automatically transferred within two working days to our bank account. We don't need to send any request.
Here in the US, I can let money build up in my PayPal account. I don't recommend it though! It will earn interest in a savings account and I can easily transfer money from my savings account to PayPal when I need to.
In the countries where you can accumulate money in your PayPal account, you can do that if they charge any fees for transferring it to your bank. It might be wise to transfer a big amount to pay for less fees( if they charge it).
But if there is no charge for withdrawal, it is wise to transfer it to the bank. You can earn interest in the bank account.
But if there is no charge for withdrawal, it is wise to transfer it to the bank. You can earn interest in the bank account.
In the good old days PayPal let us save our money until Government of India brought it that rule of transferring it to our bank account .
In my country, people that have access to PayPal accounts can give money in them till they wish to withdraw. Some people even use PayPal to save money in dollars.
While it is possible to leave your funds in your PayPal account, it may not be the wisest decision. It is recommended that you transfer the funds to your bank account for a more reliable storage option.
That's a valid point. It does not make sense to keep accumulating money in the PayPal account if one does not get any benefit or interest on the accumulated money there. It is better to get the money in your bank's savings account where you can earn some interest on it.
I find it convenient that being an Indian, I don't have to make any withdrawal request to PayPal. The money is automatically transferred to my bank account.
I find it convenient that being an Indian, I don't have to make any withdrawal request to PayPal. The money is automatically transferred to my bank account.
PayPal is a trusted name and you can stay assured about that. I have an account there since the last twenty years and I have never faced any issues with it. Earlier we could retain our money there and request for withdrawal. The point is that you don't earn any interest by putting your money in the PayPal account. So, most people prefer to transfer it to their savings account. In the bank saving accounts, they can earn interest.
From the complaints I hear about PayPal online, I don't think I would leave my money there even if it were to be supported in my country.
I think people in the top Sierra countries are usually opportunity to make use of paper but it is not allowed here
I think people in the top-tier countries are usually opportunity to make use of PayPal but it is not allowed here so there is no reason to make use of it or try to save with it