PayPal was the online banking solution that paved the way for every electronic wallet we have today. Although not primarily geared towards internet gambling, PayPal’s conveniences quickly expanded its user base onto online casino gamblers and bettors. Since it has a reputation of being one of the fastest, safest and most effective options for online payments available today, PayPal is an unavoidable stop on our exploration of the best casino banking methods.
We’ve gathered all the relevant info we found on it, combined it with our own experience using this method and we share it all on this page. From company details, registration procedure and services, to top PayPal casinos, bonuses, limits and fees.
PayPal’s services are offered by PayPal Holdings Inc, an American company that specialises in digital payments through its web and mobile app payment platforms. The concept of the online money-transfer service we all know and love today was first developed by start-up Confinity Inc. in 1998. When it was founded, the company had a clear vision – convincing users that it is safe to share emails, banking and credit card information in return for fast, low-cost payments done fully online.
The firm quickly merged with Elon Musk’s online banking site X.com and PayPal went public in 2002. Later on, the brand was acquired by eBay Inc. and remained in this enterprise for 13 years. Even after parting ways with eBay in 2015, PayPal remained a genuine e-commerce giant with a massive user base that currently counts over 300 million users worldwide.
In 2013, PayPal acquired payments gateway company Braintree Systems, owner of Venmo, an online payment competitor. To date, PayPal also acquired Honey, an online coupon and discounting company, Sweden-based iZettle, a mobile credit card payment service, Xoom, an international payment processing company, and Hyperwallet. As of 2020, PayPal operates in 202 markets, allowing customers to send, receive, and store funds in 25 currencies around the world.
As we’ve determined already, PayPal currently operates in more than 200 countries on a global scale. However, the service is still unavailable in countries like Afghanistan, Cuba, Iraq, North Korea, Pakistan, and Turkey.
However, the service is compatible with gambling transactions in a number of, primarily EU countries, including the UK, Sweden, Spain, Italy, Portugal, Greece, Belgium, Finland and Denmark. Basically, PayPal supports gambling transactions only if account holders are playing at casinos licensed in their own country.
Within the US, some online casinos in Nevada and New Jersey do accept PayPal. The empiric data shows that PayPal is mostly used in Europe, which is quite understandable given its conveniences in terms of supported currencies and ease of use, as well as the inconveniences certain regions have with using e-wallets for online gambling due to restrictive legislation.
Here you can see the list of PayPal’s accepted countries, as well as a breakdown of the services available and unavailable for specific countries.
Visit the PayPal website
You can create an account from the PayPal homepage. Click Sign Up (the button is located in the top right screen corner). This will initiate the account creation process. There are two different PayPal account types: personal and business. As an online gambler, you will need to pick the personal account format.
Fill out the form that shows up
Type in the required data on the form that will appear on your screen: name, email address and password you will be using to log in. Make sure that you create a strong password and that you enter the correct email address. You also have to select the country of residence. Hit Continue and then fill out the second form by selecting your nationality and typing in your address and phone number.
Enter credit/debit card details
PayPal will offer you to enter your credit/debit card information within the registration process, but this step is optional. However, if you want to verify your account, you will have to do it, upon registration or later. If you opt to do so while setting up the account, click the blue Get Started button, add your credit card info, and click Add Card.
Verify your PayPal account
The final step in activating your account is verifying your email address. You can do so by clicking the link in the email sent to you by PayPal. Click the “Yes, this is my email” in the email message.
Fund your PayPal account
Obviously, to be able to use it for casino deposits, you must fund your PayPal e-wallet. You can do it by linking your account with a bank account or debit/credit card. The “Link a card” option on your Summary page enables you do add a card of your choice. Should you choose to do so, you’ll need to enter the card number, expiration date and code. Keep in mind that the name on the card must match the name you entered when creating your account. Once in your wallet, click on Add Money and you will be able to make a transfer through your regular bank account or card.
Now that you have an active PayPal balance, you can transfer funds to your chosen casino account. The casino of your choice needs to accept PayPal deposits, so once you have signed in, you should go to the cashier page and pick PayPal from the list of available e-wallet methods.
Enter the amount you wish to transfer and also the credentials to your PayPal account – email and password. You will be forwarded to your wallet where you will approve the transaction after making sure everything is in order. Now, you can return to the casino site and start playing as your money will be at your disposal right away for real money casino bets.
Since PayPal is an online banking system that can receive funds as well as issue money on the behalf of the user, it is suitable for casino withdrawals, too. In other words, it is a two-way solution that allows both you and the casino operator to benefit from smooth transactions in both directions. You can initiate the withdrawal process at the cashier page, and go through the same steps – enter the amount, open your PayPal digital wallet and confirm.
PayPal does not require any annual account fees. In the same vein, it doesn’t require any monthly maintenance fees either. Once you’ve registered your PayPal account online, it will remain active at no cost, until you potentially decide to close it. That being said, PayPal charges fees for most transactions that are carried out through its system.
There is a fixed-rate fee of €0.35 for each applicable transaction and then there are variable fees that depend on your country of residence, your receiver’s bank account location and currency choice. Payments to users registered with PayPal as residents of the UK, Gibraltar, Guernsey, Isle of Man and Jersey are charged a 2.90% + fixed fee. Payments to PayPal users/residents of Bulgaria, Czech Republic, Ireland, Malta, Romania, Slovakia and Slovenia are charged 3.40% + fixed fee, for example.
Converting balance and payments received into another currency is charged 2.5% above the base exchange rate. It is best to consult the PayPal User Agreement for a detailed fee structure.
Seconds stand between you spinning the reels of your favourite slots or betting on your favourite online roulette table from the moment you confirm the deposit made with PayPal. The funds will appear in your casino account nearly instantly, so there is no waiting involved.
When it comes to withdrawals via PayPal, you should know that your winnings will be credited to your account within the frameworks of about 2 business days, which is a maximum. The casino’s pending period affects the time needed for your casino winnings to be credited to your PayPal wallet. Verifying your casino account may prolong the process further. Still, this may not always be the case, and you may receive the requested sum within a couple of hours. We advise you to check this in advance.
The limitations you will face while depositing and withdrawing with PayPal at online casinos may differ from one site to another. You should always check these requirements in order to adhere to the casino’s payment policy. Usually, the casino will allow you to make deposits of as low as €10 and cash out just as much, although the limits for outgoing transactions may be slightly higher.
The maximum amount permitted per transaction/week/month should be published on the casino’s terms and conditions page. For a bit of orientation, you can expect casinos to allow you to withdraw around €20 at the least or as much as €5,000 per transaction with PayPal.
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PayPal has superior security measures – it wouldn’t have been able to survive on the global market for so long without them. As you are accessing your account, PayPal’s platform will determine if your connection is TLS 1.0 or higher. TLS protocols, Key Pinning and GDP (general data protection) are all in place. PayPal uses a security layer known as Key Pinning, as it ensures that your browser is communicating with a legit PayPal server.
To prevent fraud, the system uses an extra security layer that draws upon EMV’s proprietary 3-D Secure Protocol. If you are using PayPal on your mobile device, you can also enable 2FA. When turned on, you will need to enter a security code alongside your PayPal password to open the app. Check your smartphone’s SMS inbox for the code and complete the login. As you can see, your hard money will stay where it is supposed to with PayPal.
It is true that PayPal customer service limited its staffing due to the COVID-19 pandemic. Therefore, waiting times and responses might take a bit longer than usual. That doesn’t mean users are excluded from getting professional help with their issues. They can still find answers through the Resolution Centre, Ask the Community service or the Message Centre on the website.
PayPal solicits feedback in 27 different languages from service transactions via IVR, phone, email and back-office interactions. This feedback is then delivered in real-time to the right service centre. PayPal has 20+ service centres and nearly 9,000 agents that are called Team Members. Equipped with customised customer data, each of these service centres has the right information to provide improved assistance.
For any type of unauthorised transaction or error, you can call customer service at (402) 935-7733. PayPal’s general support number is 1 (888) 221-1161. You can also chat in real-time with the customer service team about your PayPal account every Friday from 4PM to 5PM GMT on the PayPal Facebook profile.
PayPal reviews on Capterra make for a 4.7 rating out of 5 (based on the comments of 15,444 users). Capterra is a site showing ratings on various types of software based on user feedback. PayPal payments have an 8.6 score out of 10 on TrustRadius based on 110 reviews made by individual customers and business owners.
PayPal.com has a consumer rating of 2.84 stars out of 5 deduced from 1,863 reviews on Sitejabber, indicating that most consumers are somewhat dissatisfied with the site’s features. The most common issues with the site are in relation to customer service. There have been some reports of unreliable customer service during the pandemic, which is understandable.
On a global plan, it is safe to say that PayPal is a success story. PayPal’s service volume is huge, as the company handles over 43 million customer contacts per year. Two decades of stable customer experience make PayPal one of the most preferred and most trusted e-wallets out there.
Over the years, PayPal’s products and services expanded onto various planes. Currently, you can make use of multiple extra features if you hold a PayPal e-wallet account, including but not limited to:
- PayPal Extras Card
- PayPal Cashback Card
- PayPal Debit Card
- PayPal Credit Card
- PayPal Prepaid MasterCard
A PayPal Cash MasterCard allows you to withdraw cash from ATMs worldwide and it comes with no monthly or annual fees and no minimum balance required.
PayPal.Me is another feature on the platforms that works like a unique link you can create so that other people can send money to your PayPal account without having others know your email address or phone number.
Specific transactions qualify for cashback bonuses on the PayPal platform. Your lifetime cashback total and current cashback earning percentage rate are shown on your profile. The page also shows your monthly breakdown by total purchases, totals for transactions that were eligible and not eligible and cashback paid out for the month.
Have no doubt that PayPal fully enabled mobile services as soon as the need for mobile responsiveness emerged in the online world. The mobile payment version of PayPal grew by 52% in just the first quarter of 2019.
Users can easily download the PayPal app from the App Store or the Google Play store, depending on their respective devices in use. By getting the app you can turn your mobile phone into a mobile wallet. The PayPal app for iOS occupies 229.9 MB and requires iOS 11.0 or later. It is compatible with iPhone, iPad and iPod Touch. The Android app required Android 5.0 and up and counts 100,000,000+ successful installs on Google Play.
The app has an interactive and easy user interface, supports One Touch login, allows you to use a unique QR code to easily transfer money and includes expanded support for Android fingerprint authentication.
- PayPal has received more than 20 awards for excellence from the internet industry and the business community, including the 2006 Webby Award for Best Financial Services Site, the 2006 Webby People's Voice Award for Best Financial Services Site, the Silver Award at the 2018 American Business Awards, Fоrеіgn Dіrесt Іnvеѕtmеnt (FDI) Соmраnу оf thе Yеаr аwаrd аt thе 2017 Вuѕіnеѕѕ аnd Fіnаnсе Іrіѕh Вuѕіnеѕѕ Аwаrdѕ.
- PayPal employees Chad Hurley, Steve Chen and Jawed Karim didn’t know where to share a 19-second video clip of Karim at the San Diego Zoo, so the three men started YouTube. In February 2005, Hurley, Chen and Karim activated the domain that changed the Internet forever.
- In 2013, PayPal accidentally credited $92 quadrillion to a man from Pennsylvania. Chris Reynolds' PayPal account was erroneously credited $92,233,720,368,547,800. He logged out and back on and reality bit back. His account balance read $0, which was the correct amount. PayPal admitted the error and offered to donate some money to a cause of Reynolds' choice. Before this incident, the most Reynolds ever made on PayPal was "a little over $1,000" selling a set of vintage BMW tires on eBay. When asked what he would have done with all that cash, Chris replied that he probably would have paid the national debt. How nice of him!
- In 2012, Elon Musk revealed in an interview that his proceeds from PayPal after tax were about $180 million. He claimed that $100 million of that went into SpaceX, $70 into Tesla, and $10 into SolarCity. He said that he literally had to borrow money for rent after spending it all.
- As of May 2020, the estimated net worth of PayPal was over $45 billion.
- Peter Thiel, one of the early PayPal employees, awards $100,000 to twenty 20-year-olds over a period of 2 years if they quit college and start a business. Since 2010 more than 40 students have been selected for the Thiel Fellowship.
- PayPal was voted one of the worst business ideas of 1999. Truth be told, the idea was somewhat different at the time than what the original project came to be years later.
- It is currently impossible to delete the history of transactions from a PayPal account. The only way to erase this history is to delete one’s entire PayPal account.
Yes, you can. PayPal allows you to top up your e-wallet and pay with it, which means you can both receive and issue money. Casinos online with the PayPal banking solution will allow you to both make deposits and withdrawals through the same option.
Each casino is at liberty to charge fees for using specific banking methods, but they usually don’t do this. PayPal is not the payment method that typically comes with extra charges, so it is highly unlikely for this to happen at recommended casino sites.
Casino gaming safety should be your priority, and PayPal can contribute to this. Transfers through PayPal are safeguarded by security protocols and encryption, no less impenetrable than your typical bank account protection, so no worries there.
PayPal has a long-standing global-wide network that includes over 200 countries. You can consult the list of serviced countries on the PayPal official website, but it is very unlikely that your country is not on it.
PayPal has the status of an Electronic Money Issuer supervised by the UK Financial Services Authority. It also has a license issued by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
It is a matter of hours for your PayPal online casino withdrawal to complete, unless there is a pending period involved during which your casino needs to verify your identity and review your withdrawal submission. In that case, it may take a day or two.
Converting balance and payments received into another currency is charged 2.5% above the base exchange rate. The current currency conversion spread ranges around 3% – 3.75%.
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