Using Paypal as a Great Choice for Online Money Management

I have used Paypal for over 4 years now. It is by far the best online payment system I have ever used. I have been scammed before by a credit card only payment site, but I have never had this misfortune with paypal.

Signing up

The sign up process is really simple. You need to use an address to sign up with, but you don't need to set up a bank. I initially created my account with no bank attached and used my work address because my partner uses another account with my home address and i didn't want to confuse the two.

Multiple email addresses

I use a couple of different email addresses, so I like the ability to add different email addresses to be able to receive money with paypal. They do all seem to use the same password. I cant work out if that's a bad thing or not.

Limits

I use paypal to be paid for my online work. I then just use this money to buy presents and treats that I wouldn't buy with the earnings from my regular work. This was the main reason why I didn't link my bank account otherwise, I would start using my bank balance before I know it. If you don't link a bank account, then you should be aware that you will probably be subject to limits. The limits depend on your primary currency. The limits I have on my account are:

- sending limit - this includes any balance that you spend on purchases online, e.g. eBay. it resets annually

- withdrawal limit per month - this limit is reset every month and is the amount you're allowed to withdraw to a bank account

- withdrawal limit per year - this limit is reset every year and again, is the amount you're allowed to withdraw to a bank account

- Receiving limit - reset annually, this is the amount you can make through selling online, or receiving money.

If you wish to raise the limits, there is a button on the limits section of paypal. You need to add your bank account and contact information. I did this recently. They call you and you have to use an automated service to verify your account. You can then raise the limits completely if you wish.