PayPal Pros and Cons

Western Union, PayPal and Certapay are some of the most popular companies which offer money transferring services in Canada. PayPal, Inc. was founded in 1998 in San Jose, California and it is a subsidiary of the popular online auction and shopping website. Unlike the traditional wire transfer services provided by other companies, PayPal makes use of an encryption software to electronically transfer funds.

Once you create a PayPal account, you will be able to send funds to any individual who owns an e-mail address. Once a user verifies his or her bank account information, the funds can then be transferred directly to the account.

When withdrawing the funds stored in PayPal, there are several options that you can choose. You can either request for a cheque, transfer the funds stored in PayPal to your bank account, shop using a PayPal debit card or a virtual card ? or withdraw cash from an ATM.

The advantage of PayPal funds transfer is that there are a lot of convenient and instant options to withdraw the funds. However, there are also some disadvantages to this type of financial service. PayPal is not officially considered as a bank. Instead, it is defined as a money service. Some PayPal users also encounter problems with their funds freezing, their customer support could be better, and there is a number of security problems while using the system.

Despite these disadvantages, however, PayPal still continues to enjoy a popular following ? making it the payment form of choice for most online transactions.