Need to add money to your PayPal account? This guide covers all you need to know. Show
PayPal Cash and PayPal Cash PlusIn March 2019 PayPal launched the PayPal Cash and PayPal Cash Plus accounts. If you want to hold a PayPal balance, you’ll need to get one of these accounts. ¹ If you already had an active PayPal account before the March 2019 deadline, and had confirmed your identity with PayPal, a Cash account will have been opened automatically for you. If not, you’ll need to open one before you can add a balance to your PayPal account.
Adding money from a computerTop up your balance without ever needing to leave your home. If you want to add money to your PayPal account online, you have a few different options. Let’s take a look at how to top up your account online. Using a linked bank accountHere’s how to add money to your PayPal account using a linked bank account.
Your money should be available in 3 to 5 days. There is no fee for this service. ² ³ Receive money from family or friendsYou can also have family or friends send you money through PayPal, which will be added to your balance. It’s worth noting that they may pay a fee to do this. If you’re receiving money from another US PayPal account, the sender will pay no fee as long as they fund the transfer with their own balance, or a linked bank account. When using a credit or debit card to make a domestic transfer, the sender will pay 2.99% of the transfer amount, plus a fixed fee based on the currency sent. ⁴ Costs are even higher if you’re receiving money from someone based overseas. Read more about PayPal international fees, here. If you’re receiving payments in a foreign
currency - or if you need to send money to people based overseas - you could be better off with Wise. The Wise borderless account lets you hold multiple currencies in one place, and switch between them when you need to, using the mid-market exchange rate. With Wise you won’t need to pay any foreign transaction fees when you travel, or shop online with retailers based overseas. Simply top up your balance in dollars for free, switch to the currency you need, and use your debit card to spend like a local. You’ll only ever pay a low, transparent fee for the currency conversion.
How to add money using the PayPal appHere are the basics of adding money through the PayPal app. Add money online using the PayPal appIf you use the PayPal app, you can add money easily from a linked bank account.³
Add cash using the PayPal Cash appYou can also add cash using the PayPal app, if you have a PayPal Cash Plus account. Just visit a selected retailer, and hand over the cash you want to add to your account, along with the barcode generated from your app.⁵ Here’s what to do.
Barcodes last for only 1 hour, so you’ll need to do this just before you visit your chosen store. There’s a fee of $3.00 - $4.95 for this service.⁹ How to add money to PayPal without a bank accountPayPal can be used without a bank account, too. You can add cash if you have a PayPal Cash or Cash Plus account, or add your checks to your account if they’re approved. There are fees for these services, so take a look at the small print before you decide to go ahead. How to add money to PayPal with cashAdd cash in selected retail locations, for a fee. Using a PayPal Cash cardAdd cash to your account at branches of CVS, Dollar General, Dollar Tree, Family Dollar, Rite Aid, 7-Eleven, Walgreens and Wal-Mart. Here’s how.
There’s a fee of $3.00 - $4.95 for this service, depending on the retail location you choose.⁶ ⁷ ⁹ Using the PayPal Cash appYou can also add cash to your account using the PayPal Cash app, as outlined above. Adding money to PayPal using a checkIf you have a PayPal Cash account you can add cash using a check, too. Here’s how.
If your check is approved, it’ll be added to your account for free within 10 days, or with a fee if you want an expedited service. The charge for priority service is 1% for government checks with a printed signature, or 5% for all other checks, with a minimum fee of $5. ⁷ ⁸ PayPal has long been a convenient way to pay for goods and services online. And with PayPal Cash Plus, it got even easier to spend using PayPal while you’re out and about, thanks to the linked debit card. However, depending on your personal needs, PayPal might not offer the best value out there, as some of the fees to top up and spend can be considered relatively high. Before you choose to use PayPal Cash and PayPal Cash Plus, it’s worth researching to see if alternative providers might serve you better. For example, if you’re looking to spend while traveling, or love to shop online with international retailers, a Wise borderless account might be cheaper. Don’t spend money you don’t have to, on high fees. See if you can save with Wise today. Sources:
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. |