Dear Friends.  Do you know what is paypal? Many Indians do not know what is Paypal. I will explain what exactly is paypal.

What is Paypal:- Paypal is nothing but an online bank account.

Who can have an paypal account:- Anybody who has a credit or debit card can have a paypal account.  The credit or debit card details are required for paypal only for verification purpose.  Once it is verified credit or debit card have no connections whatsoever while transacting through paypal.

Who accepts Paypal:- Online shopping at sites like Ebay accept Paypal. In fact some online sites prefer Paypal as their preferred mode of payment.

How do I transact online through Paypal:- The mode of transaction online would be similar to that of a credit or debit card. Please note you can use paypal only for online transactions.  You cannot operate through paypal in shops in the same way  how you use a credit or debit cards.

In what way Paypal is advantageous compared to credit and debit cards:- You can receive money from any part of the world or send to any part of the world through paypal.  You can receive money in any currency, say for eg dollars to your paypal account.

How can I convert dollars from my Paypal account into Indian Currency:- There are sites like XOOM.com which convert foreign currency into Indian rupees depending on the prevalent value of dollar.  They charge a nominal value for conversion and for sending cheque by courier.

For whom Paypal is beneficial:- If you are expecting money from abroad while working on online sites, paypal is very useful for you get money in their currency.

Regards

Satish