Internet and modern technology are now being used in almost all the sector. The scope of the internet is so wide that looking at its applications, one is shocked. You can even shop online and make transfers online.
Who could have thought of it even a decade earlier! But yes, the internet has revolutionized everything.
PayPal is perfect for online payments. Both seller and customers can exchange payments easily using PayPal. PayPal is indeed the emerging new trend. So for your ease, we will be guiding you on each aspect of PayPal usage in Saudi Arabia.
What is PayPal? PayPal is a safe way of not only making online payments but also receiving money. Both sellers and customers can use PayPal services. Payments can be exchanged by making an account at PayPal.
The customers who want to transact payments to a retailer are not liable to share their confidential financial information. This is made possible because of the availability of PayPal’s preloaded balance. This balance comes from the bank account or a linked credit card.
PayPal enables sellers to send an invoice to the customer without using website. Merchants can also set a Buy Button tab on their websites which links to PayPal.
PayPal users: PayPal allows merchants and Customers both to enjoy its services. Both need to have accounts at PayPal, yet Merchants will be required to open a business account while customers shall sign up for an individual account.
Opening a PayPal account: People of Saudi Arabia can create an account by visiting PayPal’s website. (here is the link for you: https://www.paypal.com/sa/webapps/mpp/home). Simply open an account here and enjoy PayPal’s services.
Transferring money into a PayPal account from a bank account: One can transfer money from his bank account to PayPal account, however, Saudi citizens have to wait until the feature is introduced here. Round of discussions is being held between PayPal and Saudi banks.
However, within MENA transfer of money from bank account to PayPal accounts are available only in Qatar and Jordan (with Qatar National Bank – QNB) and in Jordan’s Cairo Amman Bank respectively).
The money transfer from bank account to PayPal’s account is known as ‘Instant Top-up’. Under this, the PayPal accounts get top up by the money in one’s bank account.
One can top up with the amount of money the wish for shopping purpose. Great isn’t it, consumers can top up their PayPal account from their bank account.
So we can hope that negotiation between bank and PayPal are successful as once this is initiated, it would benefit many of us!
Transferring money from a PayPal account into a bank account: This service can be used by Merchants. When a company initiates a PayPal account for online selling and receiving transactions, they can transfer money that comes in their PayPal account into their Bank accounts.
The money from PayPal account can also be transferred to the Visa card. However, PayPal’s account money cannot be transferred to Saudi banks, they are working on it yet no statements are made.
So wait and hope for the best! For now, transfers can be made into all banks of USA, or in Cairo Amman Bank (Jordan) or in Attijariwafa Bank (Morocco).
PayPal currencies: PayPal allows its users to transfer money in about 100 currencies. The money from PayPal’s account can be transferred into a bank account in 57 different currencies.
PayPal’s balance can be maintained in 26 currencies, among which Saudi Riyal is not included. Changes are soon to be expected.
Transaction fees: Here is a detail of transaction fees levied by PayPal:
- For transferring money from PayPal account to Visa Card: $5
- Withdrawing money from USA bank: no fees.
- Receiving up to $ 3000 per month: 4.9% rate and $ 0.30 per transaction
- For receiving more than $3,000 monthly: Merchant rate of 3.9%