on this post we will be talking all about the PayPal application. go through the content and feel free to drop questions and reviews on this topic.
What is PayPal
PayPal is an online payment platform that provides an easy and quick way to send and request money online. You can transfer money (abroad) to family, friends, online shops, and auction sites like eBay.
PayPal is an online service that helps you to pay, send money, and accept payments
What does PayPal Do
1. Online payments
All you need to send money to family or friends is the email address of the recipient. By registering your credit card or bank account with your PayPal account you can send payments using the option Send and Request Money. The money will be credited to the recipient’s account and can then be transferred to a bank account, or used to make a payment.If you shop online and see the PayPal logo on the merchant’s website, it means you can pay using PayPal. Just select PayPal at the checkout. You will be asked to log in to your account and confirm the payment. Your financial information will never be visible to sellers or online shops.
2. To receive money online
Anyone can send money to you using your email address. Your email address is linked to your personal PayPal account. You will receive an email notification whenever you receive a payment and the payment will be shown on your account.
How to Create A PayPal account
- First thing you do is to go to >>> (PayPal website)
- Click on signup…select personal or business (depending on the type of account you want to run)
- After selecting personal, click continue…you should see “Nigeria” in the drop down area, your email address and password
- Fill in your email address (it could be Gmail or yahoo. eg [email protected] )
- Type in a password for your PayPal. Make sure it is one you can remember
- Go to the next page and type other details such as names, date of birth, address and phone number.
- Also when filling in your address, make sure that it matches the same address details you filled when you opened a bank account
- It takes you to a page where you fill in your debit card details
- Type in your card number, expiry date and the last three digits behind your debit card.
- Go to your email account and click on verify
- Voila!! Your account is set up
You can then Test it by sending $10 to anyone or to your PayPal account abroad (if you have one) immediately You’ll get debited in naira and you should get an alert from your local bank Using a wallet.
First Bank offers this option through their exclusive deal with PayPal. How does this work?
Simply login in to your Internet banking account using your password and token
Choose the “PayPal wallet” in the main tab and click “create PayPal wallet” on the drop down menu
Select which cards you wish to link to your PayPal account and which card will be the default card. Try using one card for easy reconciliation
Press the button on your online token and confirm accordingly
Create a password in the pop up window that appears
Click on “agree and create account”.
Go to your registered email account with the bank which confirms that you have created a PayPal account
I performed the above steps and opened a PayPal account using my Zenith Bank master card so it is pretty simple. To test it, I also then used the new PayPal account I linked to my Zenith Master Card and transferred $10 to a PayPal account I set up years ago (when PayPal was not in Nigeria) using a Bank of America card. My Zenith Bank account was debited N2, 786. 56; this implies an exchange rate of N278.6. Note that the official exchange rate is about N198 while the black market rate is about N306. So don’t expect the bank to use the official rate. This of course is due to the currency crisis Nigeria is currently experiencing. It is also important to note that restrictions still apply on your transfers as such you may not be able to transfer more than $500 at a time.
Chargeable Fees
Opening a PayPal account is free. Fees will be charged depending on the payment you make:
Personal payments:
Payments to friends and family are free provided you use your PayPal balance or bank account to send these payments. If you use your credit card, the recipient will be charged the associated fees. However, you as sender can state that you will pay these fees.
Commercial payments:
If you buy an item, the recipient (seller) will be charged the associated fees. Click on Fees at the bottom of any PayPal account for an overview of these fees.
be rest assured paypal is secure, your money and your transactions are very safe
