PayPal is an online wire transfer service that allows patrons to safely and quickly send and receive funds. Many people are surprised to know that PayPal has only been around since 1998. Compared to other wire transfer services like Western Union and Money Gram, PayPal is a relative newcomer. However, it has quickly become the standard for sending money online.

Although PayPal is called a wire transfer service, its methods and features are different from those used in traditional services. For example:

--        It uses email to send money between sender and receiver.

--        It uses a blind system that shields financial information from all parties involved in the transaction.

--        The service can send not only money, but also invoices and mass payments.

--        PayPal keeps a log of transactions that can be downloaded to financial programs like QuickBooks. 

--        Users can access PayPal payment services from merchant sites while shopping online.

Anyone with an email address can set up a PayPal account. Personal and financial information is entered into a form and saved upon sign-up. The new user chooses between three types of accounts that differ by the fees charged and limits imposed. They are called “Personal,” “Premier,” and “Business” accounts. The account choice depends on the intended use. Patrons can upgrade free of charge any time that their circumstances change.

PayPal also allows users to send money across sovereign boundaries. A sender in the United States can transmit funds to a receiver anywhere in Europe, for example. The sender’s dollars are automatically converted to Euros. In fact, PayPal can convert dollars to over 18 different currencies. The service also translates into several languages, in much the same way that currency conversions are made. The sender sees the screen in his native language while the receiver is viewing the information in hers. For more information on signing up for an account visit www.paypal.com.