If you are doing business in Dubai, you must be performing various financial activities such as online transactions on a daily basis. A spectacular way to handle digital transactions is to use an online payment system called PayPal.
PayPal is an internet-based payment service that was launched back in 1998. It allows users to send and receive money to anyone across the globe. Many e-commerce businesses including Walmart and eBay let buyers make purchases using PayPal. It proves how efficient and secure their service is.
With that being said, the question arises of how can a user or company open a PayPal account in UAE. Surprisingly, setting up an account on PayPal is very easy in comparison to what it offers. It takes less than five minutes to set one up and that too of free of cost. Once your account is made, you can send and receive funds quicker and easier than you think. This is how you can do so.
How to Open PayPal Account in Dubai, UAE?
Follow the steps ahead and you will be able to open a Paypal account in Dubai with ease:
Step 1: First of all, you have to create either a personal or business account.
Step 2: Next up, you will be asked to enter the error-free credit and debit card details.
Step 3: Post that, you need to enter the details of your Emirates ID.
Step 4: Then, you are required to confirm your current email address. Paypal will send you a confirmation email to your currently active email address.
Step 5: After confirming your email address, you will be asked to provide the details of your bank account for adding, withdrawing, sending, or receiving funding.
Step 6: At last, you will select the purpose of the creation of your Paypal account. That’s it, you are all done.
How to Withdraw Money from PayPal in UAE?
You have the option of using the Paypal mobile application for transferring money from PayPal to your bank account. You can also opt for transferring funds online using the PayPal website.
How to Transfer Funds from PayPal to Bank Account in UAE?
Go through the steps mentioned below to withdraw money via the PayPal application:
Step 1: Firstly, tap on the “PayPal Balance” on your home screen.
Step 2: Next, tap on the “Withdraw Funds.”
Step 3: At the end, follow the provided instructions to finish the withdrawal.
Follow the following steps to transfer funds from Paypal to your bank account:
Step 1: First of all, log in and go to your Paypal Wallet.
Step 2: Then, click on “Transfer Funds.”
Step 3: Post that, click on the “Transfer to your bank account” option.
Step 4: At the end, follow the provided instructions to finish the withdrawal.
Keep in mind that you will have to first verify your Paypal account before you can withdraw money. Do make sure that your banking details are free from errors and 100% correct as a withdrawal can’t be canceled.
How to Link Bank Account with PayPal?
The following steps will let you link your bank account with Paypal:
Step 1: Begin by clicking the Wallet at the top of the page. For smartphone users, tap on the Menu and then Wallet.
Step 2: Then, click “Link a bank account.”
Step 3: Next up, select your bank at the bottom.
Step 4: You may or may not have the option to instantly link your bank using your banking login details depending on your selected bank. In case, the instant option is not present, simply provide your bank account information manually and click “Agree and Link.”
Pros and Cons of PayPal
Pros
- There are service charges for sending funds to friends and family members.
- PayPal is super easy to use for everyone. You can effortlessly send money to anyone.
- PayPal encrypts the credit card and bank details for security and protection purposes.
- Paying with PayPal offers remarkable fraud prevention and security. If you spend your hard-earned money via PayPal which turns out to be fraudulent, the company helps you return your money.
Cons
- Using PayPal for purpose of business transactions will require some fees, even though the service is free to send funds to family and friends
- Free bank transfers using Paypal can take a few days. If you want access to your money instantly, PayPal demands a 1% charge.
- PayPal shows no compromise over freezing accounts. If the company takes the decision of freezing your Paypal account, they will keep your money until you prove your innocence.
PayPal Alternatives in UAE
A few other payment services operate in the relevant niche to PayPal, including Venmo (a subsidiary of PayPal). Listed below are some of the best Paypal alternatives that you should know:
Google Pay
Google Pay, run by Google, is an online payment network. With this payment system, users have the facility to keep their payment or credit card details inside their Google Wallet. After that, they can easily use their credit card, bank card, or debit card to make purchases anywhere.
Apple Pay
Apple Pay is a system that allows you to send and receive payments. It is operated by Apple and is featured tightly in its iPhone smartphone application. Apple pay enables you to make safe and contactless purchases in UAE. You can choose through the application whether the funds for the purchase should be deducted from your credit card, bank account, or debit card.
Skrill
At last, we have Skrill. Skrill has a few similarities to PayPal. It enables you to store your personal payment details and then utilize them to pay merchants or other individuals. Skrill asks for 1.45% and a few AED for sending and receiving money. But there are no extra charges for withdrawing your funds to your bank account,
Conclusion
Opening a PayPal account in UAE is a necessity for businessmen to perfectly run their businesses. It takes almost no time and effort to make a Paypal account for your company. Simply follow our guide and you will be on your way to smoothly perform online transactions.
If you are looking to set up your business in Dubai or open your company in UAE, you can get in touch with us. Simply contact us any time and we will efficiently take care of all the processes and establish your business in Dubai or any other part of the UAE.
