Paypal

[Louise_B]

So i know a UK friend on here posted about a joint savings account with herself and her SO who is in the states, From what i know and investigated myself and from reading her thread. We came to the conclusion its near on impossible to do so.

My SO came up with an idea of using Paypal, quicker easier way of transfuring money from account to account. As and when the both of us need it. But its still not doing what we really want it to do or can it?

We need something that is able to store money in an account and us BOTH have access of adding money to it.

Now is it possible to actually store money in a paypal account? Say If my SO sets up a paypal account and i transfur money from my BANK account to he's paypal account? Could this actually be used as putting money into one place from the both of us?

As i recieved a text from him this morning saying ' Ok i just transfered $900 from my bank account to the paypal account, it should be in there between 3-5 working days' I got a little confused to as what he meant by it (not had the chance to ask yet asi am at work). Does this make sense to anyone who uses Paypal a lot?

Im trying to seek answers but wondered if anyone else has done this before or know of the answers?

Thanks in advance

[kittyo9]

With Paypal, you can link your bank account to your Paypal account and transfer money between the accounts as desired, but it takes a couple days for the transaction to clear each time. And yes, Paypal can be used to store money, but I'd be careful not to leave a huge balance just in case something weird happens and you lose access to the account for whatever reason.

There are two ways to do this as far as my understanding goes...

1) You both set up Paypal accounts and can send/receive money between the two of you as desired. Paypal has a feature that allows you to send money to friends' or relatives' accounts (for free if it's the same currency, unsure if there is a transaction fee for currency conversion).
2) You can try to link both of your bank accounts to it, but from my research, you cannot link two bank accounts from different countries to one Paypal account. You can, however, still use it to purchase things in your respective country.

[aniay]

From what I understand (and experience) you can't link to paypal any account that is not in payal's user name.

So your SO wouldn't be able to link his account to your Paypall.

You can have only one account linked to one account, not sure about cards though.

When you transfer money from account to your paypall it usually takes few days, when you have a card linked to it you don't need to send money to paypal it just takes money from the card.

[LadyDaemon]

Yes,you can link multiple credit/debit cards to the same account. Of course you also have an option (as long as you both have access to the account) to go to any store that carries green dot moneypaks and load one then take it home and load it to the paypal account.

[MissButterfly]

Make sure you come up with a RIDICULOUSLY hard password, that you don't use for anything else, and change regularly. Someone broke into my paypal and bought something worth over 1000 dollars. It was a huge mess to get it cancelled, had to block my credit card, change my email address, and I still get spam. This experience kind of scarred me, so I deleted the account after it was all over. Not saying you shouldn't get one because it's obviously quite useful, but I just wanted to share my thoughts... A normal bank account is a lot safer, but also more difficult.

[Black_Halloween]

I've personally had really bad experiences with paypal, i dont recommend it.

[Benni]

I've been using PayPal for years with no problems at all. You'll need separate accounts but can transfer money to each other.

[squeeker]

With Paypal, you can link your bank account to your Paypal account and transfer money between the accounts as desired, but it takes a couple days for the transaction to clear each time. And yes, Paypal can be used to store money, but I'd be careful not to leave a huge balance just in case something weird happens and you lose access to the account for whatever reason.

There are two ways to do this as far as my understanding goes...

1) You both set up Paypal accounts and can send/receive money between the two of you as desired. Paypal has a feature that allows you to send money to friends' or relatives' accounts (for free if it's the same currency, unsure if there is a transaction fee for currency conversion).
2) You can try to link both of your bank accounts to it, but from my research, you cannot link two bank accounts from different countries to one Paypal account. You can, however, still use it to purchase things in your respective country.

I wanted to add that when ever my SO sends me money or I send him money (GBP to Canadian dollar or the other way around), it costs us money, depending on how much we send.

My SO and I use PayPal, have separate accounts. I have it attached to a normal savings account and it costs me money to withdraw it to my account I'm pretty sure as well but it also takes a few days to transfer it to my account. My SO has a Visa Debit and it gets in his bank within a couple hours usually. PayPal is the best method we've found to transfer our money back and forth when the other needs it. I second peoples' advice to be careful, give your account a secure password, don't store large amounts of money as the "PayPal balance" because you might as well just transfer as you need to.

[Zephii]

If you're not in the same country, why not just save separately and then merge when you're actually together? Or wait until you're on a visit to set up a joint bank account in both your names with all the appropriate protections and then use your net banking systems to transfer money to that account?

Like others have said, you can store money in your paypal, but it's not a fantastic idea.

[Dezface]

Yeah, like others have said, you can't use cards/accounts from two different countries on one account. I have entirely seperate US/AUS accounts for this reason.