Tips for setting up a Paypal account

Paypal is fast becoming the easiest and safest way to transfer money around the world. That being said, Its heightened level of security is unprecedented and can cause some confusion for new users setting up an account. How to setup a paypal account is a frequent question that is not answered very well. Too many people rush into it following the step by step procedure without knowing the full amount of detail that the process will require. The best way to proceed is to first plan ahead about before connecting your real life information to your new paypal account.

When you setup a paypal account you need to be able to verify the following:

  1. Email address.
  2. Credit card.
  3. Bank account.
  4. Phone number.

Only create one account on one email address. Even if it gets messed up; like you enter the wrong bank account number do not start over again, you can always fix it. Decide first what bank accounts, phone numbers and address you want to use.

You may be asking: why do i have to hand over my financial information like this? The reason you need a credit card is to verify your address for shipping, and provide a backup funding source if/when you purchase something with your paypal account. The reason you need a bank account is for with drawing money you may have accumulated in your paypal account. You will need to register the accounts with paypal then check your statements for some deposits that paypal puts on the accounts. You will need to enter these deposit amounts back on the website to verify that you own those accounts.

DO NOT FORGET YOUR PAYPAL PASSWORD. It is very difficult to retrieve and could involve faxing a copy of your drivers license to paypal.

Don't be afraid to call them for help. The paypal staff are friendly and can quickly solve most of your problems.

I would suggest writing a page in a private notebook that you keep at home with the basic details of your paypal account, including:

  • Login email
  • Password
  • Which credit card is attached
  • Which bank account is attached