Does paypal pay interest?

India
September 29, 2009 4:08am CST
I think all the myloters have an account with paypal. Does anyone know whether paypal pays interest to its clients?
4 responses
• India
29 Sep 09
i don't think so. they won't pay any interest in any case except referral program. If you are interested to investment program, you should check my profile & join geniusfund. thats the only reliable/trustworthy fantastic investment site I have ever found.right now I am making only around $1/per week from there, but hope to make a lot more with reinvestment there. Hope it helps...
• New Zealand
29 Sep 09
hey is that genius fund or funds?
• India
29 Sep 09
yes, its geniusfunds. check my profile's banner for for confirmation
• India
29 Sep 09
Thanks for the response.
@owlwings (39767)
• Cambridge, England
29 Sep 09
PayPal is a payment facility, not a bank. There is a subtle difference which, I believe, is explained in their Terms and FAQs. This means that they don't undertake to pay interest on balances held (and nor do they charge interest because you cannot have a negative balance in PayPal). One assumes that, like any facility which may hold credit balances for customers, they have ways of investing and making money out of the aggregate balance held. This will be part of their trading income and will help to defray the costs of the service to the customers. No banking or payment facility can be free, of course. Any service must be paid for somehow and, of course, PayPal are in the business to make money and, presumably, a profit. They provide the service and it may appear to be 'free' for many customers but, overall, they are receiving an adequate return for providing the service to many kinds of customers, some of whom pay fixed charges and others don't. One of the ways in which PayPal make money, of course, is by currency exchange. If you compare the rates at which they exchange currency, you will see that they are somewhat different from the rates stated on currency websites. This difference, of course, is always to PayPal's advantage (as the buy/sell rates in banks and currency exchange outlets always is to their advantage). Since many PayPal users need to exchange currency, this is how their service is paid for. If you want to earn interest on your PayPal balance, you will need to transfer it to some other facility. I believe that, in some countries, PayPal are linked with companies that offer interest, so it may be relatively simple to do but whether, of course, this is the best option depends on what other options are available to you through your bank or other companies. It is probably worthwhile doing some research on what is available to you for the best return and it will depend on such things as how easily you want to access your money and how much you can trust an investment company.
• United States
29 Sep 09
PayPal does pay interest if you sign up for the money market account, also pays cash back for using it as a credit card for purchases.
• India
1 Oct 09
What is money market account? Do you mean to say that paypal issues credit card too?
@CatGods (4595)
• United States
29 Sep 09
If you have a business account with PayPal and have signed up with their money market fund, you can make a monthly interests on the funds that are in your PayPal account. So the more money in your PayPal, the more money you can make in interests.
• India
1 Oct 09
What is the function of money market fund? Is it possible only for those with business account? Sometimes I buy books using paypal... Do you think it's wise to sign up for this market fund?
@CatGods (4595)
• United States
2 Oct 09
I'm not sure if it's just for business accounts or not, you will have to call paypal and ask them. Personally I think the money market fund is a good idea. I mean it just like another form of a savings account.
@daliaj (5689)
• India
29 Sep 09
I don't think Paypal will pay an interest. I am having Paypal account for soemtime and I didn't get any account. I don't know if they have certain specifications regarding it. I have some issues with Paypal and I sent them an email regarding it, but they didn't get back. Can any of the mylotters help me? I have an account with Paypal registered in India. I need to send a gift to my friend in USA, but Paypal is not allowing me to give US delivery address. I can give all the US address except country. Paypal is taking my country as default for the delivery address of the gift I buy. Is there any provision to edit that?