PayPal

First launched in 1998 in California, PayPal is a payment system endorsed by notable business personalities like Elon Musk and Luke Nosek. It helps with online purchases and quickly recharging credit in online casinos or accounts with sportsbooks.

Go to PayPal website

What is PayPal?

It is a digital wallet that processes billions of payments annually. Account registration takes just a few minutes, and the same goes for linking with a payment card. A mobile app is also available, making everything even easier. PayPal initially requires mainly an email and phone number, both essential contact details. If you are not proficient in English, no problem. The official website is available in other languages. The system also supports twenty-five world currencies. For registration, you will need your date of birth, residential address, and other personal details. It is possible to link your PayPal account with your Google account to simplify things. Payments are safe and very fast, and account setup is free of charge. So, how does PayPal make money? Simply put, for currency conversion in international payments, there is an extra charge. Since 2020, an inactivity fee has also been charged, which is now 10 EUR or 9 GBP. It applies to all accounts inactive for the past twelve months. PayPal offers business facilitation worldwide, supported by over seven million companies and shops. Thanks to its sophisticated mobile app, it is accessible from anywhere. Just confirm the transaction with a single click, as the address or card details are already loaded, making the whole shopping process much more efficient. The PayPal app has over 100 million downloads and has an average rating of 4.2 out of 5 on Google Play, with nearly three million reviews.

Historical milestones and PayPal

Originally founded in 1998 under the name Confinity, it was rebranded as PayPal around the turn of the millennium. Notable businesspeople like Max Levchin and Peter Thiel were behind the brand. Its headquarters are in San Jose, California, with other key locations in Luxembourg and Singapore. PayPal gained popularity thanks to its close connection with the auction site eBay.com, especially in the US. Simply put, without a PayPal account, one could not pay for items on this site. However, in 2015, PayPal spun off into an independent company. Two years later, it formed a strategic partnership with the Chinese company Baidu, further expanding its capabilities.

What is PayPal’s background?

Currently, PayPal is a publicly traded company employing around thirty thousand people. American businessmen John Donahoe and Dan Schulman lead it. Its headquarters are in San Jose, California. In 2002, PayPal was bought by eBay for 1.5 billion dollars. In 2015, eBay and PayPal separated. Subsidiaries of PayPal include Braintree, Honey, Venmo, and Zettle.

How to top up your PayPal account?

Depositing money is simple. There are essentially two main options. Under the Wallet tab, you will find a link to transfer money directly to your PayPal account. However, it must be a bank account in your name and linked to your PayPal account. But you don’t necessarily have to top up your account since you can also make online payments directly from a bank account. Therefore, your PayPal account balance can be zero. And withdrawing money? By transferring to a pre-verified account, which will take about two to three days, all done with a simple command in the account. PayPal offers payments in euros, Canadian dollars, yen, Swiss francs, and other currencies. If you often pay on American eBay, it is practical to have US dollars on the account. Another method is to have someone else send money to your account. Receiving payments is free of charge. For example, you can use the Pay.Me link. To send you money through PayPal, the sender only needs to know your email or mobile phone number. Therefore, sharing more sensitive personal information (bank account number, etc.) is not necessary. PayPal guarantees the merchant that you will have the funds to pay, and the transaction can happen much faster.

How to pay with PayPal for online betting?

It is a very popular electronic wallet, but not all bookmakers use it. Most bookmakers also use other electronic wallets, such as Skrill or Neteller. The process of funding an account with a bookmaker is similar to that of payment cards or online bank transfers. In the deposit options, click on PayPal, choose the amount, and log in to your PayPal account. Then confirm the transaction with one click, and you’re done. In your gaming account, verify that the transfer was successful, which should be just a formality.

Registration bonuses at bookmakers and casinos

If you want to learn more about the bonuses of individual bookmakers, check out our Bonuses section.

PayPal and fees

The advantages of this online service include quick transfers and a simple payment system. However, various fees are among the downsides. What are the key fees for PayPal? Twelve months of inactivity and 10 EUR. There is also a fee associated with currency conversion, which can vary significantly. The basic exchange rate markup is 3%. While transferring a PayPal balance to a bank account is free, paying to a card means a fee of 1% of the withdrawn amount. Ultimately, the transaction can be relatively expensive, so it is better to calculate everything in advance and only then approve the payment. If no currency conversion is involved, the business (or other) transaction is free of charge.

Advantages and disadvantages of PayPal

Advantages

• Transaction security. The other party does not see any payment card details.
• Option to hold payment in case of future claims.
• Faster transactions compared to classic bank transfers.
• Very simple process – no need to enter card numbers or CVV codes during payment.
• Since 2018, PayPal has had its own debit payment card.

Disadvantages

• Fees associated with transactions involving currency conversion. The conversion may not be advantageous.
• If someone gains access to your account, it is a big problem. Change passwords, follow security rules, and be very careful! Also, set daily payment limits.

PayPal account

How to set up an account? It can take just a few minutes as everything is straightforward. You will need a free moment without interruptions, a mobile phone, a PC, and an email.

1. Click Register, then choose whether it will be a personal or business account.
2. The system will ask for a phone number; enter it in the correct format and wait for the SMS code.
3. Enter the code in the appropriate field, fill in the email, name, and create a secure password.
4. Fill in additional personal details, including your residential address and date of birth.
5. Agree to the terms and conditions and wait for an email with a confirmation link.
6. After clicking this link, everything is done. Then, just link your bank account.
7. Prepare your bank account IBAN and verify the card by sending a symbolic amount.

How to withdraw money from your PayPal account?

1. Log in to your account in a web browser or mobile app.
2. Click “Withdraw Funds”, select the amount you want to transfer, and confirm.
3. Withdrawing funds takes a minute, but the bank transfer will take about 1-2 days. Patience is required.

The advantage of a PayPal account is that you will not pay any deposit fees at bookmakers, unlike with Paysafecard.

Rating

PayPal has long been one of the most popular payment methods. It is very fast and offers, among other things, two-factor authentication during login, making it even more secure. Therefore, it deserves a positive rating, as you can also manage a PayPal account in a simple mobile app. It is very popular for payments in the USA.