Speed - send money instantly from your bank account
Having set up bank funding with PayPal, your bank account becomes your default payment option. You then have the option to make payments by Instant Bank Transfer. This is when your money is debited from your bank account and then transferred into the recipient's PayPal account instantly. In the event that there is not enough money in your bank account to make a payment, your debit or credit card acts as a back-up funding method.
Convenience - use the same bank account for payments and withdrawals
You can transfer money from your PayPal account to the same bank account that funds your PayPal payments. It's free to withdraw $150.00 AUD or more, or just $1.00 for $149.99 AUD or less.
Comfort - add funds to your PayPal balance
If you feel more comfortable knowing that you always have some money in your PayPal balance, just log in to your PayPal account, click Add Funds and follow the instructions. You will then be able to transfer funds directly from your bank account into your PayPal balance. This process is free and you can continue using your PayPal account as usual while waiting for the funds to clear (three to five working days).
Send unlimited payments
By setting up bank funding and entering your debit or credit card details, you are then able to send as much money as you like. At some point, PayPal will ask you for additional information to gain a 'Verified' status but until then you may send unlimited payments. Click here to find out more about verification.
First Step to gaining the status of Verified
When a PayPal member receives the status of Verified it signifies that s/he has passed a series of stringent security checks carried out by PayPal. It sends out a message to other buyers and sellers that this person is trustworthy, so it is important to try to get Verified as soon as possible.
Click here to find out more about verification.
