With the advancement in science and technology, the mode of doing business is also changing by leaps and bounds. From logistics to money handling, every business operation is getting significantly influenced by digitization.
In the past, monetary transactions used to take place through banks, but now online payment methods have taken charge. One of the most common online payment methods is PayPal.
Graana.com, Pakistan’s 1st Online Real Estate Marketplace, will tell you how to make PayPal in Pakistan.
What is PayPal?
PayPal is a financial technology company based in America. It is known for operating online payment systems across the globe. In short, PayPal acts as an alternative to traditional monetary transaction methods.
PayPal processes the payments for its clients, and in return, it charges a fee for the transaction – this is how its business model works.
Is PayPal working in Pakistan?
All the freelancers and small business owners in Pakistan always have a question in their mind – does PayPal work in Pakistan?
Unfortunately, currently, PayPal is not operating in Pakistan. However, there are some ways by which you can open your Paypal account in Pakistan.
Why Pakistanis Need PayPal account in Pakistan
Because PayPal is a well-known and commonly utilized platform for online payments and transactions worldwide, Pakistanis need it. Many Pakistanis use PayPal to send and receive payments for their goods and services, including freelancers, small business owners, and technology and e-commerce professionals.
The lack of PayPal in Pakistan makes it challenging for Pakistanis to do international business and take part in the global digital economy.
As many people and businesses cannot use the opportunities and advantages that come with using PayPal, this may have a substantial impact on the growth and development of the nation’s economy.
Many people in Pakistan have been calling on the government and PayPal to collaborate to create a safe and dependable manner for Pakistanis to use PayPal, since this would support the expansion of the country’s entrepreneurship, innovation, and economy.
How to make a PayPal account in Pakistan?
Following are some of the ways by which you can get your PayPal account in Pakistan.
Primary method: How to Use PayPal in Pakistan?
PayPal signup isn’t straightforward as the US-based tech company doesn’t operate in Pakistan.
To create a PayPal account in Pakistan, follow this step-by-step guide.
- First of all, search www.paypal.com/pk/home and open it.
- On the upper right corner of the page, you will see the ‘sign-up’ button.
- After clicking the signup button, you will see two account options – personal and business accounts. If you are a sole proprietor or do not own a business yet, go for a personal account. If you have a business, you should open a business account.
- After selecting your account type, it is time to enter your credentials. Enter a valid email address that you can link to your account.
- Create a solid password to ensure the safety and security of your account. Mix and match alphabets, numbers, and symbols to create a strong password.
- Provide your updated residential address and mailing address. This step is crucial because you must have a valid address and contact number in an area where PayPal operates.
- After filling out the information, check the email that you provided and confirm your email address.
- Once you verify your address, your account will be created.
How to Open a Personal PayPal in Pakistan?
PayPal does not operate in Pakistan. That is why when filling out the information for ‘country of residence,’ you do not see Pakistan as a listed country.
However, there are specific methods that you can use to create a PayPal account in Pakistan. One of the easiest ways to open a PayPal account legally in Pakistan is by entering a valid residential address during the signup process.
Simply ask your trusted family members or friends living abroad to let you use their residential address to sign up. By doing so, you will be able to operate your PayPal account by sitting in Pakistan.
How to open a business PayPal account in Pakistan?
There is another way by which you can operate a PayPal account from Pakistan. First of all, you need a registered US company under your name. If you do not have a US company under your name, you can use the credentials of a family member or a friend living abroad.
To open a business account, you will need the following information:
- A registered US company.
- A Tax ID / EIN Number.
- A business bank account in the US for PayPal account verification.
- A US mailing address for your company.
- A US phone number, preferably on roaming.
Advantages of PayPal
PayPal comes with a lot of advantages. Some of the significant pros of using PayPal are:
Large network
PayPal is a global network spread across all major countries. If you are a freelancer or a business owner who wants to expand the business beyond borders, PayPal will be your best friend.
Through this payment method, you will be able to collect money from international clients very quickly and easily.
Safety and security
PayPal provides you with a safe and secure platform where you can conduct monetary transactions. All the transaction details, along with your bank details, are secured by the company.
Flexibility
PayPal is highly flexible and allows you to use multiple bank accounts, debit cards, and credit cards under one account. The service is available 24/7, making it a highly convenient payment method.
Cost
PayPal is a very cost-effective method. There is no annual membership fee, service charges, or processing fees for this service. This is an excellent alternative to credit and debit cards, where you must pay annual service charges and regular monthly cutouts.
Things you need to keep in mind before opening your PayPal account
Make sure you follow a legal pathway while opening your PayPal account. Keep in mind the following things to ensure smooth transactions through PayPal.
Fake details
Ensure that you do not use fake information (residential address, phone number, business details) while creating your account. According to company policy, if they detect any illegal activity on your account, they will immediately block it.
Do not pay for it
There are a lot of scammers out there who will leave no stone unturned to deprive you of your hard-earned money. They will portray themselves as PayPal exchanger in Pakistan. Do not fall prey to such people and always follow the verified method to get your PayPal account in Pakistan.
Double-check the information
Make sure you double-check your information before making transactions. Most importantly, ensure you have entered the correct bank details and residential address.
PayPal alternative in Pakistan
By now, you should have a fair understanding of how to create a PayPal account in Pakistan. If you are still unable to create a PayPal account, you can choose alternative e-payments that work perfectly fine in Pakistan.
One of the most common alternatives to PayPal is the Payoneer account in Pakistan.
How to make a Payoneer account in Pakistan?
Simply log in to the Payoneer website, enter your credentials, and sign up. They will send you your personal Payoneer card that you can use to conduct transactions.
How to withdraw money from Paypal in Pakistan?
Most people are confused about how to get money from PayPal in Pakistan. But there are several ways to transfer funds from PayPal to a local bank. Following are some of the most used methods.
Xoom
Xoom is a PayPal service used for transferring funds and paying bills electronically. This service is available in 131 countries, and Pakistan is one of them.
They have partnered with different banks in Pakistan, making it easy for users to withdraw funds from PayPal.
In order to withdraw funds via Xoom, you need to link it with PayPal. Just follow the instructions given below.
- First, go to Xoom’s official website and log in using your PayPal account.
- Enter the account credentials, and you’re good to go.
- After linking the account, click on “send money.”
- Choose the recipient country, in this case, “Pakistan,” and enter the amount you want to send.
- After that, choose how you want to receive the funds; you can either select the “bank deposit” or “cash pickup” option.
- Now use PayPal to send the funds.
- In the next step, enter all the recipient banks information, like bank name and account number.
- Finally, click the authorize payment button to deposit funds in the local bank account. Just use the cheque or debit card to withdraw the deposited funds.
Xoom Transfer Fees
The minimum transfer fee that Xoom charges are $4.99 for every transaction that is less than $1000. The transfer fee can vary according to the total amount being sent and the currency rate.
Wise
Wise is another payment platform used for withdrawing funds from PayPal in Pakistan. The process is similar to Xoom and you just need to follow the instructions given below.
- Open the Wise official website and create your account.
- You will get two account options, personal and business. Go for a personal account if you don’t have any business abroad.
- Now select the country of residence and enter your mobile number.
- Wise will send a verification code to your mobile number. Just enter the code to complete the account creation process.
After creating the Wise account, you have to link it with PayPal. Currently, Wise is only allowing Euro-denominated PayPal wallets to be linked. If you don’t have a Euro-denominated wallet, you may not be able to withdraw funds to a local bank account.
To withdraw funds via Wise, Euro PayPal account holders can do the following.
- Enter all the account credentials.
- Once the account has been linked, you will be able to transfer funds from PayPal to Wise.
- Just enter your local bank details and enter the amount you need to transfer.
- Finally, authorize the payment, and all the funds from Wise will be transferred to your bank account.
The PayPal app in Pakistan can also be used to complete transactions. Follow these steps to make a PayPal account in Pakistan. We hope these steps will guide you in getting to PayPal in Pakistan.
If you are a freelancer or an international seller, you can create a PayPal account to receive money in Pakistan. It is still unclear when PayPal will be available in Pakistan. Until then, go through the blog and get your PayPal account today.
