I dislike banks. I don't trust them. I don't want their credit cards. I have been able to live for 27 years without a bank account, and I got by just fine. But now everything seems to push you to get a bank account, and I would like to avoid it. My former jobs all paid money directly to my hands, while now I work online as a freelancer. For now I've been using Paypal and a Paypal card, and the only times I've had to get near a bank is when I've had to withdraw money from ATMs. Does anyone else try to avoid banks? Is it possible to keep this up forever in your opinion? When will I encounter problems? As far as I know in Italy credit rating is not as important as in the US, you can do most things without a good one. And I'm not the kind of person who likes paying with credit cards. Also, I'll go hungry much before asking for a loan, so I wouldn't need it for that either. I'd also like to ask: is this difference between Paypal and banks all in my mind? Is it the very same thing after all?
It's more or less the same in my mind. Actually, I've had more issues with PayPal than I ever have with any of my bank accounts. They serve the same purpose really, so it doesn't make that much difference to me which one I end up using.
I havent had any issues with paypal yet and I love the service without the use of banks also. I really became angry with my bank many years ago when the charges me a nsf charge for me being short 1 penny. I got charges 50.00 for not having one penny avaible when my bill went thru of 21.01 . They took there service charge out the same time and over drafted me. I was so angry and I had bank with them for almost 5 years I closed that account and I been using paypal every since I have a debit card and I have the choose of letting my check go direct deposit if I like.
I have heard some horror stories from some folks that have used Paypal, but for the most part they were trying to do disingenuous things. A bank account isn't really necessary as long as you are withdrawing and sending money to reputable and verifiable sources. The stores I'm talking about are holds and other limits placed on accounts usually because people will violate Paypal's terms and services. Yeah, I didn't read it all either but I have never encountered any problems and I've been using Paypal as my primary funding method for a decade now.
Like yourself, I managed to stay away from banks and bank accounts for many years. In the country where I used to live before, banks were charging phenomenal fees for every transaction, and I refused to support them. I mostly used paypal, and later added a pre-paid credit card for all kinds of transactions where paypal wasn't accepted. About 5 months ago I moved to a different country, and was surprised that there were foreign banks that actually offered some reasonable deals. I am now with a Spanish bank that doesn't charge any ATM fees at all. Twice a year they charge a pre-set fee for their services, but I can't complain about that. All in all, it's a reasonable bank. But I still mostly rely on my previous methods. It's just that having a bank account has made it somewhat easier for me to keep my cash in one place while I am travelling all over the place.
It is important to note that paypal charges a huge spot exchange rate compared to other e-wallets. But this only affects you if you are getting paid IN USD and receiving it in another currency. And especially compared to banks. There fees are quite ridiculous although paypal is definitely more convenient. And in a bank you earn interest. Which can be substantial. So you withdraw money from your paypal account to a paypal card and then are able to go to an ATM and withdraw money ? I didn't even know they had that option. And I thought to open a paypal account you MUST verify a bank account? That's what I had to do anyway.
I use my Paypal account for almost everything and would happily get rid of my bank. But my student loan collection agency and my two credit cards only accept payments from a checking account, so that's the only reason I hang on to my bank account. Hopefully one day more companies will accept Paypal and the Paypal card so that I don't have to deal with banks at all.
I always used Paypal with no problems at all. However they're not like a normal bank. I have bank accounts also, but whenever possible I prefer to use Paypal.
I've used the same bank for about 9 years now and I've had absolutely no problem with them. I've only just started using paypal though so I'm not sure how I'll like it, but so far it's been pretty good. My boyfriend suggests paypal for online purchases since most online places will accept paypal. Have you looked into a credit union? My boyfriend's parents have a credit union account and they absolutely love it.
I use paypal in conjunction with my bank account. I would prefer to use one only the paypal account but I do need to have an account for other bills that only debit a bank account. It takes too long to transfer money from paypal to my bank account when I need to move money over, that is my only complaint.
Well where I am, you cannot send Paypal to other people . So that is a huge negative. Furtherly if you upload funds using a credit card then you can only use it to purchase certain goods or services. Any income I earn that goes into my Paypal account is AUTOMATICALLY withdrawn to my bank account within 24 hours per Indian regulation. Which is bs because I want to send money to friends or family and cannot do it. Then it goes to my bank account and I have to pay 30 dollars for a wire if I want to send money abroad and file a bunch of papers and then get it approved. So if I am paid I would prefer it to be by Skrill but most websites pay me by Paypal.
I'm sure you can get by without a bank account or even without Paypal if you don't receive any online payments. There's one gas station owner in my town who accepts only cash. Does he bank the money? He stores his money in a safe. Asked why he didn't take his money to the bank, he says banks exist only to make money off other people's money. His won't be used to enrich the bankers. Anyway, with Paypal you can 'survive' without a bank account that's unless an employer/client desires to pay your cash directly into your bank account.
Mostly I use my Paypal Account for any sort of payment, I do not use or have a bank account and I hear nasty things related to how some banks handle your finances, how they can sometimes dissapear from the system, even banks can be scams sometimes so you have to watch out for that too. That happened where I live and the company dissapeared off the international radar forever along with a few million euros. Just saying. Virtual accounting and finance is the future, use it wisely
I've just started using the Paypal prepaid debit card and I absolutely love it. I can do transfers instantly and just directly deposit from my Paypal account. I also have it linked to my normal bank account where I can transfer money back and forth.. Probably the only negative I've encountered is the $4.95 charge a month for having the account. And even then, that's not too big of a deal to me because I like the Paypal interface and the ability to make transfers instantly (up to a certain $ value). So I'm going to stick with the card for awhile and see if I can avoid using the credit card and other bank cards for most situations.
I'm like you, I don't really like banks either. I do a lot of online work, and one of the hassles with a bank is it takes 3 days to get money deposited into my bank account form PayPal. However, with my PayPal card, it's automatic deposit in real time. The PayPal master debit card is issued by and online banking, but it's far more convenient for me when dealing with online payments. As far as loans, oh oh no!! I would rather be tied to an ant hill and based with honey before I fall into that trap of having them harass and possibly garnish my wages. PayPal is great becasue you don't even need the card to shop either.
