What is Paypal?

PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to traditional paper methods such as cheques and money orders.

A PayPal account can be funded with an electronic debit from a bank account or by a credit card. The recipient of a PayPal transfer can either request a cheque from PayPal, establish their own PayPal deposit account or request a transfer to their bank account.

PayPal performs payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. It may also charge a fee for receiving money, proportional to the amount received. The fees depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type. In addition, eBay purchases made by credit card through PayPal may incur extra fees if the buyer and seller use different currencies.

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PayPal Can Now Be Withdrawn thru Local Banks

PinoyMoneytalk wrote a very interesting news to all Filipino Paypal users. Now you may withdraw your Paypal funds into your Philippine local bank accounts. If you are withdrawing Paypal funds that is more than P7,000 there is no transaction fee. If less than P7,000, there will be a fee of P50.00. which is not bad compare to the $5 charge when withdrawing thru Unionbank EON Cyber Account Card.

But you STILL need to add a credit card or debit card to lift the $500 limit (meaning you still need Unionbank EON).

For a details about this news you can check out PinoyMoneyTalk.com.

My Paypal Account now Verified Using EON cyberaccount

Today I was able to fully verify my Paypal Account. I enrolled this last week and today I requested for the expanded number code through Eon cyberaccount email. I was glad that the EONservice was able to respond quickly with the expanded number and now my Paypal Account is not verified.

Here is the picture: