Can you send paypal credit to yourself

Paying with a credit card on PayPal is a convenient option, but just be sure to keep the fees in mind.

Some cards may charge a cash advance fee

Some cards may charge a cash advance fee for using a credit card on PayPal. More recently, some card issuers have updated their terms and conditions to note that person-to-person money transfers may code as a cash advance transaction, meaning that the card user will also be charged cash advance fees.

Cash advance fees can be costly. Typically, they're 3% to 5%. While some credit card users may have PayPal transactions code as a cash advance, this isn't always the case. Check your card's terms and conditions or contact your card issuer to see if this is the case for your card.

Will you earn credit card points?

If you have a credit card that earns points, you may be able to earn credit card points when using a card on PayPal. This depends on the type of rewards card that you have. For example, if you have a card with rotating categories and PayPal is one of the current categories, you can earn points. Some cards with rotating categories do require you to opt in to be able to earn, so be sure to do that if you want to take advantage of that perk.

If your card earns at a flat rate for purchases, you can also earn points. But if your card only earns points on travel purchases or other categories that exclude PayPal, you likely won't earn points on your purchase.

If you'll earn enough rewards that carry a value higher than the fees you'll be charged, it may be worth considering using a credit card to make a payment on PayPal.

Should you use a credit card on PayPal?

It depends on your purchase and your credit card. To help decide if you should use a credit card on PayPal, consider these factors:

• The total fees that PayPal will charge you
• The total rewards points you'll learn when using your card
• Whether your credit card company considers PayPal payments to be a cash advance transaction

The bottom line

It's possible to use a credit card on PayPal, and now you know the basics of how to do it. But before you use a card for your purchase, make sure you understand what fees you may be charged. It might make more sense to link your bank account to your PayPal account to avoid extra fees. By doing this, PayPal will transfer money from your bank account to make the payment, and you might save some money.

Using Western Union's Prepaid Mastercard, you'll be able to send money from PayPal to yourself. However, you won't be able to send money directly to a beneficiary with this method, as your PayPal account and your Western Union debit card will need to be in the same name. Once you have linked your PayPal account to your Western Union card (as you would with a normal bank account or credit card), you will then be able to withdraw money from PayPal, into your Western Union prepaid Mastercard, and then finally on to a recipient, if desired.

Best for: Sending money to yourself in cash or another person in a foreign currency, if you already have a WU debit card

Cost: Approx. 1.5% (per $1,000 for bank-to-bank transfers)

Speed: 2-5 days (if you already have a Western Union card); 9-15 days (if not)

While many business people prefer to use traditional money transfer and payment methods, such as checks, direct deposits and credit cards, these options don't work for everyone. Occasionally, you may find that a freelancer, contractor or even a vendor prefers to receive payment via PayPal. Fortunately, PayPal makes it easy to transfer funds even if you don't have an account yourself.

PayPal Invoices and Payment Requests

The person or business requesting the funds needs to make the first move by sending you an invoice or payment request. PayPal offers two options:

• Payment request: The requester can send a payment request directly from his account.
  
• Invoice: PayPal offers a customizable, itemized invoice option to its users. There are also third-party bookkeeping services that integrate PayPal requests into their invoices. If you prefer to receive an itemized invoice over a simple payment request email, let the requester know.
  

It's important to make sure that the other party has your correct email address. Also, sometimes PayPal email requests can get buried in a spam or promotions folder. Ask the sender to notify you by text, phone or email after submitting the request.

Warning

PayPal offers other money request options via mobile app and the PayPal.me link, a customized link that PayPal account holders can use to request and receive money from others offline or online via email, text, chat, or social media posts. The downside to these methods, however, is that both parties must have a PayPal account to use them. If you receive a PayPal.me link from someone, you can either ask for a payment request or follow the PayPal.me link for instructions on how to sign up for an account.

Making the Payment

Once you receive the payment request or invoice, review the payment amount to make sure it's correct. The invoice or request will contain the option of paying by debit or credit card. Click on that link and follow the instructions for entering your credit or debit card information. After confirming that your details are correct, you'll be able to submit the payment.

Setting Up a Business PayPal Account

If you suspect that you will be working with this person or business frequently, setting up your own PayPal account might be a good idea, even if you don't plan to use it regularly. When you receive a PayPal invoice payment request or PayPal.me request, you'll be given the option of setting up a new account right then.

Applying for a business account is straightforward: You'll need to provide and confirm your email address. Next, you'll be taken to a screen in which you can enter your business name and contact information. Finally, you'll link your business PayPal account to your bank account to allow for secure funds transfer.

Tip

Even if you aren't excited about working with PayPal right now, invest a few minutes in reading over its business services. You may find using PayPal to be a cost-effective way to accept credit card payments, send invoices and handle mass payments to freelancers.

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