Before entering the process of creating an account, we should know the importance of PayPal. We know that the world is becoming digital nowadays, whether it comes to businesses, shopping or banking. In that case, a trusted platform for secure transactions is needed.
What is PayPal?
One of the highly trusted online transaction platforms is PayPal. When it comes to secure internet-based payments, funds transfer, and online transactions for shopping and shipping, PayPal is a highly rated and widely used platform globally. It is an essential tool for customers and businesses alike.
Other than that, it is convenient to transfer and receive money from your friends and family as it facilitates cross-border transactions and enhances financial flexibility.
Is PayPal available in UAE?
Paypal services are available in almost 200 countries, making it a global leader in online payments. However, the specific number of countries raises a concern for people residing in Dubai: “Is PayPal available in UAE?” The answer is YES; PayPal works in the United Arab Emirates.
The residents of the UAE can use PayPal services in the same way they can be used anywhere else. In fact, PayPal UAE has established its first MENA (Middle East and North Africa) office in Dubai to expand its regional presence.
This significant step is a strategic move as Dubai is known for its dynamic business environment and global financial hub. With already more than one million customers and a 5% market in such a vast market of Dubai, PayPal aims to reach a larger number of merchants in the coming years.
How to Create PayPal Account in UAE?
PayPal is easy to use; all you need to do is create an account. For setting up PayPal in UAE you just need to follow simple steps.
- Go to the official PayPal UAE website.
- Click on signup and select the type of account you want to make either a personal or business account.
- Fill in the required personal information, such as your name, phone number, and address.
- Secure your account with a password.
- Link your Bank Account or credit card to your account.
- Verify your account by clicking on the link sent by PayPal via email.
How To Link a Bank Account or Credit Card
Here is a step-by-step guide to make it easier for you to link your accounts to PayPal.
- Access the wallet section in the app menu tab and select Banks and Cards.
- Choose whether you want to “Link a bank account” or “Link a card”.
- To link your bank account, enter your account number, IBAN or any required credentials.
- To link a credit card, enter your card number, expiration date, and CVV code.
- Save the details and verify.
PayPal Account Verification
Verification of your PayPal account is necessary for smooth and secure transactions. It is the process of confirming your identification, details and your financial details. Key aspects of verification in UAE include:
- Email or Phone Number Verification: PayPal sends a verification code to the phone number or a confirmation link via email to verify your ownership.
- Payment method verification: If you choose a card as a payment method, PayPal gives a unique code in the transaction description and charges a small amount to the card. You have to enter that code into your PayPal account to confirm its validity.
- On the other hand, if you choose a bank account for your payments, you just need to provide bank account details or an IBAN to confirm a small deposit or charge.
- KYC requirements to comply with UAE regulations, depending on your account usage, PayPal UAE might require additional information for security purposes, such as your Emirates ID, passport, or utility bills.
Once verification is complete, it increases the withdrawal limits, enhances security and seamless sending and receiving of payments to ensure credibility and build trust.
Benefits of PayPal
Using PayPal is beneficial for customers as well as businesses in several ways.
- PayPal helps you with effortless withdrawals and transactions with enhanced protection and also without your financial details being compromised.
- It has an easy-to-use interface; someone without advanced knowledge of technology can also use it by following simple instructions.
- PayPal deals with multiple currencies, which can be very beneficial in a country like UAE, which is a global business hub where people conduct cross-border trades, making it easier to engage in international transactions.
PayPal’s Currency Conversion Policy
Local currency is automatically changed into international currency in case of international transactions. However, you need to stay aware of the conversion rate and markup. PayPal can charge you more than you expected when you purchase something or send money to another country.
Every type of transaction has a different fee incurred to it. For business accounts, transaction fees can reach up to 5% other than the currency exchange fee.
Conclusion
PayPal has made it easier for businesses as well as regular users to transfer money online without compromising their financial credentials. The account can be set up in simple steps and is very easy to use for everyone. You can also exchange money internationally, making global businesses and trades easier and more convenient at the cost of a small fee.
If you have any other queries related to business or banking, you can contact our team of experts at Al Riyady. We provide high-rated Corporate and business services in the UAE.
