Hi, I am not able to decide how much money should I keep in my paypal Account? What do you say? I do not buy physical items online, I just use paypal for this forum and purchasing some domains etc... What are ur Opinions ?
It is advisable not to keep money in paypal and other online payment system . It is better and safer to keep money in your (online) bank account . You can easily transfer money from your bank account to paypal when buying .
But what is the reason that the bank account is safer than paypal, on the other hand, will not take it 1 - 2 days for the money be transferred to your paypal account from your bank account
I keep only that much money in my Paypal account, which I will be needing in the next 2 weeks. To transfer money from a Paypal account, you need only 1 password. It is usually a complex process to move money from one bank account to another. Also, the beneficiary of a bank account transfer is easier to track. Thus, money in a bank account is safer compared to that in a Paypal account.
The highest money I keep in Paypal so far is $1000. But never keep so much money in your Paypal because you don't know what will happen to your account in the future.
People are so much afraid of account getting locked/suspended that majority of the people avoid keeping large sum in it. Even otherwise, it is not advisable since it does not pay any interest on the balance you keep with them. Regards, RightMan
I withdraw the money from PayPal to my bank account as soon as the balance is above the minimum for free withdrawal, which for myself is GBP£50
I probably keep around $500 in my account at one time. I do however try to withdraw if I am over $2,000. It is not that I don't trust Paypal, it is simply that I would rather have my money inside my bank account where it is safe and only I can access it.
Well as from PayPal experience I would say you can keep your amount in your account if feel your passwords is too strong but I think you should make a limit form $300 to $1000. It's good for you.
Personally i have never explicitly kept money in my account, i have my bank account linked with Paypal and whenever i do a transaction i.e pay for something using Paypal it is taken out of my bank account automatically.
oh one more thing as RIGHTMAN said any money in your Paypal account does not pay you any interest so why would you keep it there anyways
I have another question, which is similar to the question the OP asked.. Suppose I withdrew all money from my paypal and I have 0 bal, someone then files a dispute which I loose. Will Paypal take the money rfom my bank account and give it back to the person? I live in India. If paypal does that, then there is not much difference if I have the money in my bank or in my PP..!!
No. Paypal will not take your money from your bank account. Your paypal balance will become negative. It's better to have money in your bank account and secure in Fixed Deposits and gain interest, rather than store in PayPal.
Suppose someone open dispute and it wins then I have the negative balance, then I will have to create a new paypal account, because I do not wnt to give the money back, If i am true. I will not be able to make a new paypal account, because same credit card can not be attached with more than one accounts, What is the solution for it ?
I would say as much as you want. If your Paypal account is verified, you should have no worries. No one should steal your money - Paypal is secure.
It cannot be stolen from even an unverified Paypal account. I just said "verified" account, because until your PP account is not verified, you have some limitations there (like you cannot send/receive more than $1,000). But don't worry, Paypal is secure - everything is safe. If it wouldn't be, it wouln't be so popular and no one would use it.