Paypal is an online payment gateway for the overseas transaction. It will help you to receive and send money online through a registered email without sharing your financial documents to the third party.
If you are working online then you must need a PayPal account. First of all, you will receive money from other countries in the form of e-currency and PayPal will send that money to your bank account or credit card through your own currency. It’s a free service. You can open an account today with Paypal and verify it by adding your bank account for receiving money and link your debit card or credit card if you want to purchase online or send money online.
What to verify?
- You have to verify your bank account (To receive money)
- Confirm your pancard number
- You have to verify your debit or credit card( for sending money or purchase something online)
- You can verify your phone number to receive messages from PayPal
Debit card or credit card is only necessary if you want to send money to a friend who is staying in other countries or if you want to purchase something online or investing money online. Otherwise, the bank account is sufficient to receive money online with PayPal.
How to set up an account with PayPal and verify it (step by step guide)?
Now it will ask you wait, then you can select yes, skip it.
How to verify your PayPal account?
- A bank account
- debit card or credit card
- purpose code
- phone number
How to add your Pancard number in PayPal?
How to add your purpose code in PayPal?
How to add your bank account to PayPal and confirm it?
After you fill up your bank account number and IFSC code, you will get following message like below. That means
they want to verify whether you are the real owner of the bank account. That is the reason PayPal will deposit two small amount of money in between 1.01 to 1.50 rupees. That amount will be credited to your bank account within 4 to 6 business days. All you have to do is check your bank account to find out the two amount by asking your bank employee or if you have net banking then log in to your bank account and find out the two amount. Next you have to confirm your bank account by logging into PayPal and write the exact amount.
Once you click on confirmation pending, it will ask the two amount. Then write the two amount and click on confirm. If you have filled up the right amount, then the moment you click on confirm, it will be verified.
Once your account will be verified, you will be able to receive money online through your PayPal email ID. First of all, if a site will send you money through your PayPal email id, then it will be deposited in your PayPal account and PayPal will send that money to your bank account.(the process is automatic). It will take 4 to 5 business days for the amount to be credited to your bank account.
How to confirm your phone number?
While signing up with PayPal, it may already ask you the phone number. If not, then you can add a phone number and confirm it. Or if you already added then you can just confirm it. All you have to do is click on setting and add the phone number and then confirm it. See the image below
Once you click on confirm, it will send a code to phone number and write the code in paypal to confirm your phone
number. It is necessary to receive an important message from PayPal.
how to link a debit card or credit card and verify it
If you want to purchase online or invest online or you may want to send money to a friend who is staying outside of the country, then you must link your debit card or credit card to perform the transaction. Here I can show you how to link your card. Just click on payment method and next click on the link the card
Once you click link a card, the next thing you can do is to fill up all your card details like card type, card number, expiration date, cvv code
card type– select visa or master card ( according to your card type)
card number– see the front side of your card (16 digit number)
expiry – You will find it below the card number ( some card has valid from and valid thru. In that case you just write the valid thru like 1/23 that means 01/2023)
CVV- You will find it back side of the card . Just write the last 3 digit number. see image below
Once you filled up your card details, then click on save. If you added a debit card which is from same bank already linked your paypal, then if your bank account is verified, it will just deduct some amount from debit card and again the same amount will be credited to your bank account. Paypal does it for verification purpose. If you added a debit card or credit card with different bank then it will send 4 digit code which will be visible in your card transaction within 4 business days. All you have to do is check your card transaction and find the 4 digit code and then log in to paypal to confirm your card as you did in bank account verification.
See, in my case I added my Indian Overseas Bank debit card ( card type VISA). The moment I added the card, paypal deducted 80 rupees and again it returned the same amount within one second. That means my card has been approved by paypal for online transaction.