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Last Updated: November 19, 2017
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PayPal used at Online Casinos
It seems like PayPal has been around since the dawn of time, but it actually launched in 1998. Millions of users still have active accounts while others have ditched them for a better option. Keeping up with all the changes can seem quite challenging, but it’s par for the course. What do they have to offer? Can a personal PayPal account be used for online gambling purposes? These questions and more are answered here.
Getting Started with PayPal
Registration is done online with a few pieces of vital information such as an email address, name and home address. Depending on your geographical location, additional information may be required. For example, a US resident is required to provide a social security number for tax reporting purposes. It’s imperative that you familiarize yourself with the account rules for your country.
During the sign-up process, you’ll attach a bank account. To verify the account, PayPal will conduct a small transaction. Once it hits your bank account, you’ll come back to your e-wallet and enter the amount.
Funding your account may be done via bank transfer, credit card or a transfer from another PP account. What’s handy about this payment method is the backup account on file. If funds run low in your account, the payment may still be approved using the backup method on file, which may be a credit card, bank account or a PayPal Connect account.
Transactions may be conducted online with partner merchants. At checkout, you’ll select PP and enter your login details in a separate window. You’ll then choose to pay using the balance in the account or a backup method.
- PayPal Connect - A line of credit available in certain countries. This is separate from your PP e-wallet account and requires credit approval.
- PayPal MasterCard - Access the funds in your account via ATM cash withdrawals or make purchases anywhere MasterCard is accepted.
For those countries that do not have access to the MasterCard, your PP funds may be sent to a bank account for withdrawal. Depending on your location, the funds may be available in a bank account the same day or within 2 to 3 business days.
The Bottom Line
Long-time users would agree that the service today is nothing like what it was in the early days. As regulations change, so do the terms and conditions.
This can be a decent method for online gambling deposits and withdrawals. Once received, same day cashouts may be quickly sent to a bank account and ready for withdrawal within a couple of hours.
Fees are involved when currency conversion is required. Using your account to make purchases is free and there are no maintenance fees. Personal PP to PP transfers from family and friends are free. Transfers sent as payment for goods or services are subject to a fee.