A reader has a question about an offer from PayPal:
“I have a question and don’t know who else to ask. PayPal is offering $5 in Crypto if I open a “PayPal Balance Account” with them. Do you know just what that entails? I don’t understand it. Thanks for being there, Cyn.”
A PayPal Balance Account is just a place to store money with PayPal. It functions a little more like a bank account than the traditional way most folks use PayPal to move money in and out of their bank account. You can keep a balance there and use it to make online transactions or sent or receive payments.
A Balance account also permits you to exchange currencies and allows you to buy, sell, and hold certain cryptocurrencies. There’s also a PayPal debit card that you can use to make in-store purchases and a debit card that can be used at some ATMs.
You can also have checks direct-deposited into that account. There are no monthly fees or minimum balance required. However, there are individual transaction fees.
Now, if you’re happy with your current bank account, I don’t see any reason why you’d switch to a PayPal account. But it might make a good option for some people.