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.
Additional products:
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.
Free for p2p in same country and currency by using bank or PayPal balance only.By transferring money internationally, with different currencies or by using a credit card the fee is between2.9% + 0.30 USD (from US to US account) and7.4% + 0.50 USD (from US to Brazil account)–> PayPal User Agreement #Receive Money
Deposit fees
Bank transfer
free
Instant bank transfer
free
Credit card
between 2.90% + 0.30 USD and 7.40% + 0.50 USD
Withdraw fees
Bank transfer
free
Cheque
1.50 USD
Prepaid card at the ATM
1.95 USD
To merchant site
free (only available at few online gambling providers)
PrePaid Card
PayPal PrePaid MasterCard
Requirements to order
customer for 60+ days with premier or business account
Fee to order
free
Membership
4.95 USD/month
Costs for cash withdrawals at the ATM
1.00 USD + 2.5% FX fees, 1% + 2.5% FX fees outside the US
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One of PayPal’s strongest suits is in fact the security levels they offer. The service is fully protected and licensed by financial authorities, as well as fully compliant with PCI DSS prescribed for payment processors internationally.
The best part of PayPal’s security is its 24/7 monitoring system, established to maintain control and supervision across all time zones and all transactions. This way, they have managed to stay away from fraudulent and malicious users and transactions throughout more than two decades of service.
When it comes to individual account holders, you can benefit from the unique PayPal Security Key feature. It is available at a single charge of 29.95USD, and guarantees complete cashback in case of issues with your purchase, online casino deposit, or other payment.
Is PayPal commonly found as an accepted payment method at online casinos?
Yes, PayPal has established quite the network of online casino operators over the years, and its presence on the site is nowadays regarded as an additional indicator for their reliability. This is mainly due to their impeccable service and track record, which is equally maintained during the selection process as well. Online casinos that have partnered with PayPal are granted authorization upon in-depth analysis of their operations, meaning you can be sure that you are playing at some of the top online casino sites.
What games can I expect to play with my PayPal funds?
You will be able to play the full scope of online casino games at these reputable PayPal casinos. Anything from slots, through blackjack, roulette and other table games, all the way to live dealer titles and scratch cards should be well within your reach.
Other than this, purchases and payments for other services and items are also available via PayPal. You can use it at your chosen online retail site, remote employment service or otherwise.
What is the cost of using PayPal for online deposits?
PayPal account registration comes completely free of charge; and you will not be charged a ‘dormancy fee’ either. However, there is a flat 2.5% currency exchange fee when you need to make transactions in a currency other than your chosen one. Sending money from your account is also free of charge, so you can freely enjoy all the deposits you like.
Surely enough, any online casino player is also hoping to bank in a few bucks, and would be interested in the withdrawal process. This is free when cashing out to your bank account, but will charge you a flat fee of 1.50USD for a cheque and 1.95USD for ATM withdrawal (via the PayPal Prepaid MasterCard).
Does PayPal offer a VIP Rewards Program?
No, PayPal does not have an inherent rewards program developed for their customer pool. Nevertheless, they allow their clients to link multiple cards to their PayPal account, and one such option includes rewards cards. This means that, each time you use it that way, you will be able to stock up on points straight to your physical rewards card. Afterwards, these can be used anywhere your issuing bank has authorized it.
