PayPal Clarified

Pursuant to my previous post on getting my blog approved by PayPerPost, there have been a couple of conflicting opinions on PayPal, which I think I can finally clarify:

• To open a PayPal account is completely FREE
• In order to receive funds in your PayPal account, you will need to enter a credit card number (of course, a credit card with the name that corresponds with yours)
• However, you have the option to leave your PayPal account unverified.  In the case of a Malaysian like me, your PayPal status will show up as “Malaysian – Unverified“.
• If your account is unverified, your sending limit is limited to $1,000.00.  This means that you may transfer funds from your PayPal account up to $1,000.00 only.  I’m assuming this amount will decrease as you transfer funds out of your account, and the sending limit is not for a one-time transfer only.  For example, if you transfer $500.00 out of your account, your sending limit will be readjusted to $500.00.
• If you want to transfer more than $1000.00, you will need to get your account verified for Expanded Use.  To do this, PayPal will charge $1.95 to the credit card you specified have specified in your account.  An account that has been verified for Expanded Use enables the PayPal account holder to transfer unlimited funds.  In addition, if you are a verified PayPal account holder, this increases your online reputation and makes transactions with other PayPal members easier.  Imagine, if you are an unverified member, when you transfer your funds, the word “Unverified” will show up next to your name when you make the transfer, making the transaction a  little bit suspect, right?
• According to PayPal, the $1.95 Expanded Use fee charged for account verification will be returned to your PayPal account as a bonus after you complete the enrollment in the Expanded Use Program.  You will need to acquire the 4-digit Expanded Use number which will appear in your credit card statement (after the $1.95 has been charged), and key in this 4-digit number to complete the enrollment, and get the $1.95 bonus.  So in actuality, the upgrade is FREE.

My account right now is not verified yet, but I will do it soon.  Looks like an okay deal to me.