What is Paypal and how safe is it?

Walletwatch

Have come across numerous references to Paypal accounts as online payment and receipt mechanisms, but have read a lot about safety concerns surrounding these accounts.

What exactly are these accounts, is it true that it is owned by e-bay, and how safe are they for use? Plan to open one for payments coming through from cashback sites.

Any info will be helpful.

Cheers
WW

johnllew

PayPal is owned by eBay; their charges to the recipient can be a bit steep. I've used them for quite some time without any hitches but you'll probably find more info on the type of problems that have occurred in the eBay forum: http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Ebay

deemy2004

Avoid if possible

If things go wrong, then they go wrong big style !
Nowhere near as reliable as a bank.

Search the net for paypal problems to get an idea

Walletwatch

Thanx guys, didn't strike me to take a look at the ebay board. Some of the posts there are real eye-openers.

Guess there's no paypal transacting for me - will stick to good old extortionate but reliable (in most case) banking system ;D

rangers_fc

Good old banking charges are not nearly as steep as paypal but its the seller that bares the brunt of Paypal charges

deemy2004

paypals a bit like the wild west of financial transacting.

You never know when your going to get shot ! ;D