PayPal provides money transfer over the internet only via e-mail address. It is a payment system that allows you to shop securely with or without a credit card.
What is PayPal?
PayPal doesn’t bother you with complex strings like iban. It allows you to easily send money to anyone you want with just an e-mail address. Apart from that, you can make secure online shopping by adding your credit cards to PayPal.
Prior to PayPal, a traditional banking method with high commissions originating from SWIFT was used extensively. However, nowadays, those who are looking for a lower cost solution instead of SWIFT and those who want to send money internationally prefer this platform. PayPal offers more attractive solutions to its users compared to conventional banking. Attracting attention with its ease of membership and wide service area, PayPal is one of the pioneers of its sector.
Is there a fee to open a PayPal account in Turkey?
PayPal has not been operating in Turkey since June 2016. For this reason, customers living in Turkey cannot receive or send money. They also cannot withdraw money from their bank accounts and cannot access their bank accounts. You can only open an individual PayPal account in your country of residence. Corporate accounts, on the other hand, can be opened on companies established abroad. Many people who want to use PayPal in Turkey have found a solution by establishing a company abroad.
Opening a PayPal account in the UK is most common in this regard. opening a company in the UK; It’s over the internet like in Estonia and it’s pretty easy. There are many Turkish and international companies providing consultancy on this subject.
Account types and membership fees that can be opened with PayPal
There are 2 different options for those who want to use PayPal in Turkey. These are divided into two as individual account and business account (corporate account). / Individual account is free of charge. However, the situation is slightly different in corporate accounts. For example, it is free to open and use a corporate account in the United States. However, if the PayPal Payment Pro option is selected, there is a monthly fee of 30 USD.
What are PayPal commission rates?
PayPal commission rates are applied differently depending on the country you are sending the money to, that is, the country you live in. PayPal commission rates; The flat fee per transfer is between USD 0.30 and USD 4.99 or EUR 1.99 and EUR 3.99. In addition, it applies an additional commission deduction between 2% and 5% per transaction.
When transferring in another currency is desired, a currency conversion fee is charged between 2.5% and 4% of the money sent. This fee is below current market conditions.
PayPal commission rates are also divided into two for business accounts. For international money transfers, there is a 3% currency conversion fee and a 1.5% transaction fee and a fixed price. You can also create a Business account in the UK without paying any fees. But there is a 20 GBP monthly fee if you choose PayPal Payment Pro. A fixed fee of 2 GBP and a profit margin of 2.5% are added to the basic exchange rate for international transfers.
Is PayPal secure?
From payment verification to fraud protection, PayPal handles everything. In addition, the payment may be refused due to the safety of the buyer and the seller. In case of a large number of suspicious transactions, your account may be blocked or additional documents may be requested by Paypal for verification purposes.
How to open a PayPal account in Turkey?
Opening a PayPal account from Turkey is quite easy. The steps to take after deciding on the type of account you will open:
- Login to www.paypal.com.
- Proceed by saying “Register”.
- To open an individual account, tick the relevant box and click the “Next” button.
- In the code section, select the code of the country you live in. Then write your personal mobile phone number where it says “Phone Number”, proceed again.
- When the “Verify your phone” page is opened, where you will enter the 6-digit confirmation code that will be sent to your mobile phone, if your code is not received, click the “Submit code again” button and request a new code.
- After confirming your phone number, the “Create your profile” page will open, where you will enter your profile information. Continue by entering your e-mail address, name, surname and password on the page that opens.
- In the postcode section, enter the zip code of where you live. After entering your address in the Address field, enter your date of birth in the Date of Birth field and finally select your nationality.
- There are two boxes on the page. If you confirm the first box, you will be notified of PayPal offers. If you approve the second box, you accept the terms of the User Agreement and Privacy Statement.
- Finally, complete the PayPal account opening process by clicking the “Accept and create account” button.
After the membership process is completed, the option to shop with PayPal will direct you to shopping, and the Send money option will direct you to money transfer. You can perform your transactions by following the instructions.
It should not be forgotten that the information in question is for Turks living abroad. Because, as we mentioned, there is no individual registration option for those living in Turkey.
When will Paypal open?
As you know, PayPal has been banned by the BRSA on the grounds that it does not keep its data in Turkey. Therefore, it has not been able to serve its customers in Turkey for a long time. Although there have been various speculative news on this subject, we do not have enough data to answer the question of when PayPal will be opened.
PayPal is a very useful method if you live abroad. But if you want to send or receive money to your relatives in Turkey, you should find an alternative method.
