I am going to talk about using PayPal as a saving account.
If you are having a personal account, you can treat your account as a saving account especially if you are one of those who can’t save money in a local bank.
Advantages of using PayPal account as a saving account:
- The chances of being able to keep your money in PayPal is higher because it would take some time for withdrawal (therefore, you won’t get the rush to withdraw your money)
- Even if you do withdraw the money, you will have to wait at least 2 to 3 days to get the money in your hand.
- A back up in case of emergency (running out of money from your local bank account, need extra money for other purposes or something else).
Disadvantages of using PayPal account as a saving account:
- You won’t be earning interest from the money you keep in your account (not like local savings account).
Who is suitable to use PayPal as a saving account?
- People who are dealing with international transactions (buying / selling)
- People who have international business (receiving foreign currencies)
* If you do not belong to any of these categories, you are not suitable to use PayPal as a saving account.
** PayPal is NOT really a saving account. It is the way you use it that matters.