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Great Way to Transfer Money but Are There Better Methods?
Member Name: Yoode
Advantages: Easy to Use, Online!
Disadvantages: Is It Really Safe?
For those that do not know, paypal.com is a way to transfer money online from other paypal accounts, or through bank accounts. I recently created a paypal account so I could receive money from a few sites that only payed in paypal and was delighted to see that it was exactly like regular cash. However I started researching on other methods and although paypal might be most popular, there are other ways out there.
First the pros and cons of paypal:
Pros: Using paypal is definitely an easy method. Transferring money is as simple as directing which paypal account you would like to send to as email accounts are the login names. Then there are options to choose from such as sending the money as a gift or for charging someone. What is nice initially is that you do not need to have a bank account or anything to have a paypal account. However there are limitations until you do get verified with a bank account. Another plus was I could use paypal to go shopping online since many places have options to buy using paypal or I could try certain sites that sell gift cards for paypal money (watch for future reviews if I can for these great sites).
Cons: There are huge limitations on paypal if you are looking to transfer money in larger quantities. The only way to lift these limitations is by verifying with a bank account which can be scary for some and is definitely for me! Not only that, but there are also fees associated with transferring online. It is not always free as cash is. The security so far seems to be protective but I have also heard stories of hacking (however regular bank accounts get hacked too).
I searched online to find other sites that do exactly like paypal but even easier! I found a site called Alertpay that is definitely easier to verify having only needing a phone number and one other verification method such as a check number. Another I was looking into was Western Union which directly can even send money to THOUSANDS of locations in grocery shops and etc. that give you direct cash!
Overall, I would suggest getting a paypal for small transactions but make sure you have the ability to spend the money whether by attaching it to a bank account or the sites that you can spend paypal money on.
Summary: Nice Online Transaction System.
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