4 ways to send money with PayPal

Since its inception in 1998, PayPal has been quite a favorite service provider for transferring money across countries. With its user-friendly platform, it has gained millions of customers all over the world. In just a few clicks you can send or receive money through PayPal. All you need is a PayPal account and the email or phone number of the person you wish to send money to. PayPal has multiple options for sending money. You can choose from any of the options suiting your need. In this article, we will explore 4 different ways through which you can send money with PayPal.

Once started as a personal platform for sending money, PayPal is now used significantly as a business platform as well. Now you can not only send or receive money to your family but also make payments to your customers or receive payments for your goods or services. With few easy steps, you can set up your account and get started.

4 ways to send money with PayPal

1. Send money through your PayPal Balance

The PayPal balance available in your account gets utilized first to fund your transfer whenever you initiate it. In case the balance is not sufficient, you can use other options like credit or debit card to fund the remaining amount. The PayPal balance increases whenever you accept any PayPal payment sent to you. You can also increase it by adding money through a bank account.

Add money to your PayPal balance from a bank account

You are required to link your bank account to your PayPal account so you can add money to your PayPal balance. Once the details of your bank accounts are submitted and verified you can use this bank account to making payments as well as for adding money to the PayPal balance. This balance can be used to fund the transfer as well as to pay for any other purchases. But the best part is that even if you don’t have any money or PayPal balance you can still pay for your purchases with its other payment options.

Transfer money to your bank account

You can also transfer the payment you receive in your PayPal account to your own bank account. You just have to click on “Withdraw Money” option under “Payment method” tab and the money will be transferred to your linked bank account. In case you have linked multiple bank accounts you can select the preferred one in which the money will be sent. Usually, it takes 3-5 business days to complete the transfer.

2. Send money using your credit or debit card

If you have just set up your account and have no PayPal balance, even then you can send money using your PayPal account. In this case, you need to link your debit or credit card with your account. You can link up to 8 debit or credit cards.

Link your debit or credit card with your account

You can link your credit or debit card through “Payment method” tab available on the home screen. You will be needed to verify your card before you make any transaction. Two small transactions of few cents will be made through your card for verification. The details of these transactions can be found through online banking. You will have to fill in these transaction details in the PayPal verification form. After the verification is done you are free to use your credit or debit cards for any transaction through your PayPal account. The information once entered is saved and for future payments, you just have to check and review the payment options. The linked cards can only be used to make payment and they can’t be used to add PayPal balance to your account.

Link your debit or credit card with your account

3. Send money from your bank account

The available balance in your bank account can also be used to fund your money transfer through PayPal. It is similar to sending money through your credit or debit card. In place of payment option, you have to select your bank account. It is mandatory that your bank account is linked and you have accepted the direct debit agreement to process the transaction. The money is deducted directly from your bank account.

4. Send money through PayPal credit

Another way of funding your transfer is through PayPal credit. The PayPal credit account and PayPal account are linked. So when you use your PayPal credit to pay for your transfer it reflects in your PayPal credit account which you can settle later. You can also send money to yourself from PayPal credit, but you may have to pay interest on the amount if it becomes applicable.

PayPal Credit

PayPal Credit is a digital alternative to pay for your purchases through your PayPal account even when you don’t have money. The payment for these purchases can be done later. Your PayPal Credit account gives you the flexibility to pay within 6 months for all your purchases costing $99 or more and there will be no interest levied. You can use your PayPal Credit for payments wherever PayPal is accepted such as eBay and other online shopping websites.

You need to fill an online application form on the PayPal Credit website to apply for your account. Once your account is approved you can start making purchases with it. Even though the applications are approved within minutes they are subject to credit approval.

PayPal Fees

The transfer fee of PayPal is fairly reasonable. It would cost nothing for a U.S based PayPal account holder to transfer money to another U.S based PayPal account if the payment is made through PayPal balance or bank account. A fee of 2.9% of the transferred amount is to be paid in case a credit or debit card or PayPal credit is used for payment along with a fixed fee. This fixed fee will depend on the currency of the transaction.

A reasonable fee of $2.99 is charged for sending money to Canada and European countries and $4.99 for other countries when the payment is funded through PayPal balance or bank account. An additional fee of 2.9% of transferred amount is charged when a credit or debit card or PayPal credit is used for payment along with a fixed fee depending on the currency of the transaction.

Conclusion

Over the time with the increased demand for online payment systems has now become a necessity for everyone. PayPal offers many convenient payment options wherever you send money to somebody, pay for good or services. It’s great for online purchases as you personal information, including card numbers, is never disclosed. It’s free to pay with PayPal, however the fee for sending money can be relatively high for non US resident.

How to get loans with bad credit history

Many people have a habit of making late payments of the bills or defaulting on loans. This results in a bad credit history. If you have a bad credit history, chances are that your loan application may get rejected or you may be charged a very high-interest rate. But this is not the end. There are plenty of other options from where you can get quick cash loans even with your poor credit ratings.

How to get loans with bad credit history

Credit unions

You can borrow money from any credit union which is affiliated with your employer or belongs to your community. They will not care about your credit score as long as you are a faithful member of the union. You may even get a favorable interest rate on good terms and conditions.

Online personal loans

If you are not a part of such credit unions, there are a number of online money lenders who will approve an instant loan for you despite a bad credit score. Here are a few companies who provide quick cash loans without any credit history check.

Online personal loans

www.12monthsloansbadcredit.com

This online service works as a channel between borrowers and its lenders. They send the loan request on your behalf to a number of direct lenders and in return provide you a fast loan on bad credit score with the best possible terms and conditions. Usually, the loan gets approved within 1-2 business days. Despite poor credit rating, you will get a personal cash loan from some of the lenders they work with.

Here, they provide three kinds of loans. You can apply for a loan up to $1000 Under Payday loans, up to $5000 can be borrowed in installment loans and in the personal loan you can take up to $100,000. The interest rates and other charges of loans vary as per the state rules and regulations from where you belong. The maximum loan amount and interest rates are dependent on the government’s regulations. There are no charges to apply through this website.

www.opploans.com

Opploans is one of the most popular options for people with a bad credit score needing a loan. You can get fast approval on your loan without any credit checks. They carry a soft credit inquiry which focuses on your ability to pay back the loan and not on your credit history. With this, they come up with a special repayment plan which suits your needs. It offers 99-199% APR for loans up to the period of 36 months. There are no pre-payment fees and other hidden charges.

www.onemainfinancial.com

One Main Financial offers you a variety of loans as per your need. To be eligible for the loan, credit score is one of the criteria, however, they don’t only focus on your credit score and there is no minimum score needed. There are some other scales which can make you eligible for their loan, so there are high chances for you to get a personal cash loan from here. They offer personal loans of $1500 to $30,000. The interest rate varies from 16% to 35% based on the length of loan period which is 24 months to 60 months.

Secured loans

These loans are taken against any of your valuable assets like house, car or jewelry. The amount of loan is thus secured by the asset. In case the borrower is not able to pay off the loans the lender can sell off the asset to recover the loan amount. In such cases, the credit score of the borrower is not affected.

Additionally, you can also try to convince your bank about your capability to pay back your loan and ask them to reconsider your application for the loan. If you know somebody having a good credit score, you can also ask them to co-sign your loan document. This can help you get a better interest rate or reconsideration of your rejected loan application. Meanwhile, with timely payments, you can try to improve your credit rating so that in future you don’t have to face such situation. A good credit history will always help in your hard times.

MoneyGram vs. Western Union Comparison

When it comes to our money we all look for the most reliable options. We want to opt for companies which have served its customers for decades and are established as a synonym for quality and trust. When it’s a matter of international money transfer there is no one who isn’t familiar with the names of two giant in this field – Western Union and MoneyGram. Both the companies have served their customers for a very long time and even in this fiercely competitive scenario, they are able to hold their flag like before. The global presence of their cash pick up points has made them a distinguished service provider in the era of online and mobile cash transfer. These cash pick up points definitely is a lifesaver for people in emergencies and in developing countries where people may not have a bank account. Since they cater to similar kinds of customers they often become a subject of comparison. In this article, we will attempt to have a comparative look at these two service providers and explore the various aspects which a customer would like to know before opting for any of the two services.

About Western Union & MoneyGram

Western Union was founded in 1851 in the US and is one of the most trusted names in the business. Initially established as a telegraph company they later moved into the business of money orders and wire transfers. At present, WU has more than 500,000 pick-up locations present in 200 countries.

Just like WU, MoneyGram is also a US-based company which was founded in 1978. The company operates in 200 countries with 347,000 agent’s locations worldwide. MoneyGram offers money transfers and bill payment services to its customers.

Money transfer through Western Union

WU has made it very convenient for their customers to send money to anyone they want. You can choose to send money online through their website or their app. You can also send money by phone or by visiting one of their local offices.

You need to create your profile first if you are transferring money online or through their app. Once your profile is set up you can start the transfer by clicking “Send Money”. You can pay for your transfer either by your credit or debit card or directly through your bank account. You can also pay in cash at one of their local agent offices. In the next step, you need to select the way the recipient is going to receive the money. The recipient can directly get the money in their bank account or as a mobile money transfer. They can also pick up the money in cash from any nearby WU cash pick up point. The mode of receiving money may differ from one country to another. In the end, you need to just review all the information you have entered and submit the request.

MoneyGram vs. Western Union Comparison

Customers who wish to make a money transfer within the US can also do it over the phone by calling on the WU money transfer hotline. You will be required to present your debit or credit card information along with the receiver’s details such as their name and complete address.

Another easy and popular way of sending money is to send it in person by visiting any of WU local agent office. You will have to produce your government ID and credit or debit card information along with the receiver’s details.

Customers in Canada also have an option to transfer fund from Western Union from any of the Wal-Mart outlets. This facility is available at the Wal-Mart’s customer service counter. You can get an additional discount of 5% on the total transfer fee.

The maximum amount you can transfer through WU is $5000 which gets delivered within minutes to up to 5 working days depending on the country and the mode of payment.

Money transfer through MoneyGram

MoneyGram also has similar options like WU for sending money and payments. In MoneyGram, you can also send money online or using their app as well as by visiting the nearest MoneyGram location. The money can be sent to the recipient in their bank account or in a mobile wallet. The recipient can also pick up the cash from a MoneyGram pick up point.

While transferring money online you need to fill in the details of the receiver and the amount you wish the send. You can make payment either by your bank account or by using credit or debit card. After the verification of your identity, your money will be sent to the receiver and you can track the transfer online too.

If you wish to transfer money in person you can directly contact the MoneyGram local office along with your ID and receiver’s information. You can pay for the transfer with either credit or debit card, or in cash.

MoneyGram vs. Western Union Comparison

Another additional option which MoneyGram offers is that you can also send money with MoneyGram Sendbot. You need to log in to Facebook or Facebook messenger app and click on “Get Started”. You will have to log in to your MoneyGram account and by following the simple instructions you can send money easily.

A maximum amount of $2999 can be sent by MoneyGram which usually take a few minutes to 2-3 days to get delivered.

Transfer fee and exchange rates

The transfer fee varies significantly for both the services depending on a lot of factors such as the country, the amount of money, payment options and how the money is received. The countries having high traffic usually have less transfer fee. However for both the services you will have to pay more if you are paying through your credit or debit card in comparison to pay through your bank account or in cash. The minimum fee in case of Western Union as well as MoneyGram is $5 which goes up to a maximum of $100. The exchange rates of both the companies are almost similar which also varies from one currency to another.

MoneyGram vs. Western Union: Case Comparison

With so many variables in place, it would be convenient to see an actual case of money transfer to make the comparison more useful. I tried to transfer 1000 USD to EUR from the US to France using Western Union and MoneyGram. There are the results.

Payment method Receiving mode Transfer Fee Exchange Rate Amount Received
MoneyGram Online : Bank Account Cash Pick up $25.99 $1 = 0.822 822.24 EUR
Online : Credit Card Cash Pick up $80.99 $1 = 0.822 822.24 EUR
Western Union Online : Bank Account Cash Pick up $26.00 $1 = 0.7875 787.50 EUR
Online : Credit Card Cash Pick up $81.00 $1 = 0.7875 787.50 EUR
Payment method Receiving mode Transfer Fee Exchange Rate Amount Received
MoneyGram Online : Bank Account Bank Account $4.99 $1 = 0.822 822.24 EUR
Online : Credit Card Bank Account $30.00 $1 = 0.822 822.24 EUR
Western Union Online : Bank Account Bank Account $5.00 $1 = 0.7875 787.50 EUR
Online : Credit Card Bank Account $30.00 $1 = 0.7875 787.50 EUR

In the above comparison, it is quite clear that with MoneyGram you can get 34.74 EUR more than what you get with Western Union. The transfer fee for MoneyGram and Western Union is same in each case, but it is the exchange rate which makes the difference. You might have also noted that transfer fee is significantly higher in case of cash pick up as compared to receiving funds in the bank account. The exchange rate offered by MoneyGram is better than Western Union. MoneyGram also took lesser time to transfer money. So in case of emergency, it is always better to go with the faster option. But if you have time you can also research and see which service provider works best in your case. Even though there are many new options in the market, companies like Western Union and MoneyGram are established names and with their customer’s trust in them, they are here to stay longer.

What is Cash back card and how to pick the right one?

Nowadays cash back has become a very general term when we are out shopping or making big or small purchases. Many banks and credit card companies are offering some very attractive cash back offers to their customers. Cash back is basically an incentive given by the credit card companies for spending money on their credit card. You get a chance to earn back a percentage of the money you have spent. Generally, a spending limit is defined for these cards in which the cash back is offered to the customers. These limits can be a minimum spending limit after which you get eligible for cash back or a maximum spending limit up to which the cash back is offered to you. This cash back can even be maximized through quarterly promotional schemes and other festive offers. As opposed to cash or debit cards, these cash back credit cards let you earn some rewards for your purchases. But often customers fall into the trap of earning more reward points and end up spending more than required. This is why you need to be very careful with your purchases with cash back cards.

What is Cash back card and how to pick the right one?

How to choose the right cash back card

There are plenty of options available to choose from a variety of cash back cards. However, selecting one which fits your spending patterns and needs is very important. It will help you maximize the benefits you can earn and collect the rewards points. These cash back cards come with a lot of terms and conditions and you should go through all of them in order to find out which one is best for you. There are certain factors which you can consider which will help you make the decision.

Cash back percentage

It is basically the percentage of the amount of your spending that you will earn as cash back. Majority of cash back cards offers a flat rate on all purchases while some offer better rates on some specific purchases. For example, you have an option to get better cash back for your purchases at gas stations as compared to all other purchases. In this case, if you spend a good amount every month on gas it will maximize your cash back as compared to other cards which don’t have this option. Similarly going through the cash back schemes of all cards and comparing it with your spending pattern will help you get the maximum benefit.

Annual subscription fee

Many cash back cards come after paying an annual fee while some have none. But you will also find better cash back schemes in the ones with an annual fee. You may feel that by paying a certain annual fee you will be able to get more benefits as compared to those cards who don’t charge any fee. You might have to do a little calculation and see if it is worth paying the annual fee or you should go for the cards with no annual fee.

Redeeming reward points

Different cash back cards have different ways of redeeming your cash back points. Some cash backs are sent straight to your bank account while on some you get a statement credit in your credit card balance. Other options may be to convert them into gift cards or e-certificates. Find out how these different cards are paying the cash back and which option suits you better.

Other features

It is also important to find out that apart from the cash back, what other feature these cards have. Few things you can inquire about are that if there are any additional benefits associated with the card. Find about any options to maximize the reward points by any loyalty cards. Also the kind of monthly or quarterly offers they come up with. You should also check whether there are any additional charges involved if you use these cards outside your country.

Cash Rebate

The Cash rebate is a term often used by sellers and is usually refers to refunding a part of the cost of a certain article sold. In general term, this is like a discount. But now cash rebate is often used by banks and credit card companies in place of cash back. Here also it is meant for refunding of part of the amount you have spent. You may find in some places they are used interchangeably.

How to choose the right cash back card

Here I will be taking you through some of the main features of popular cash back cards

Walmart Cash back Credit Card

Cash back credit card from Walmart offers cash back in the form of a statement credit of $25. For this, the customer has to make a purchase of $25 on the same day of joining. Apart from this, you get cash back of 3% on the amount spent at Walmart.com. On your purchases at Murphy USA as well as Walmart Gas you get 2% cash back and 1% cash back everywhere else.

Chase Cash back Credit Card

Chase card services offer a number of different cash back cards with different cash back schemes. While Chase Freedom cards have no annual fee, its Sapphire card is free for the first year only and after that comes with a $95 annual fee. Every new member gets Chase rewards in the form of a bonus of $150 for a purchase of $500 from the card in the initial 3 months. With Freedom Unlimited Card you can earn 1.5% unlimited cash back on every purchase whereas in Freedom card, you earn 1% on all of your purchase. But for bonus categories, it can go up to 5% up to the maximum limit of $1500. You can check Chase Freedom bonus categories for each quarter to find out the categories in which you can maximize your cash back.

Discover Card

Discover card services offer a variety of credit cards under its umbrella. Under the cash back cards, it has Discover It card with no annual fee. It offers cash back of 5% on selected places in each quarter up to a certain quarterly maximum amount. In all other purchases, you get flat 1% as cash back. Through Discover card online services you can apply and pay for the card online. The Discovery card payment can also be done through e-mail, phone or direct deduction from your bank account.

American Express Blue Cash back Card

American Express Blue Card has two varieties. In Blue Everyday card, you don’t have to pay an annual fee while it gives you $200 cash back for spending $1000 in the initial period of three months. In Blue Preferred card there is an annual charge of $95 and you get $250 cash back for spending $1000 in the next 3 months just after joining. Amex Blue card can be linked and paid through your American Express account.

Conclusion

Before selecting any cash back card, always perform an assessment of your spending pattern along with the available features of the card in order to select the best suitable option. Ensure that the card’s cash back scheme should fit your spending habits. Avoid spending extra money in order to get a certain benefit. This will negate the benefit of owning a cash back card and in return, you may start spending more money than you used to spend earlier.