"Unlock the Power of PayPal in Canada: A Step-by-Step Guide to Creating Your Account in 2023"

By using PayPal, individuals have the option to conveniently send payments to their loved ones or make online purchases in mere minutes. Moreover, businesses can take advantage of PayPal's merchant-supportive features to ensure easier purchasing and returns, regardless of their location.

PayPal's remarkable system, available in over 200 countries and regions, accepts transactions in 25 currencies¹. However, there are nuances when dealing with fees and transfer costs that require some caution.

This blog will guide you through the process of creating a new PayPal account in Canada. Additionally, we will introduce you to an alternative to PayPal - Wise- that can help save you money on international transfers.

For your own region, take a look at the Terms of Use, or for the latest pricing and fee information, visit Wise Fees & Pricing.

How to Create a PayPal Account in Canada

To create a "Personal PayPal account", you will need to provide²:

• - First and Last Name
• - Home Address
• - Email Address
• - Phone Number (along with the country code)
• To make a "Business PayPal account", you must provide the following information³:
• - First and Last Name
• - Email Address
• - Password (with high strength)
• - Tax ID/Social Security Number
• - Business Description
• - Business Bank Account Details
• Please note that prepaid or online-only bank accounts are not compatible with PayPal.

• Creating a Personal PayPal Account

• To make a "Personal PayPal account", follow the steps below:
• - Go to the sign-up page.
• - Select the "Personal" account option and click the "Sign up for a Personal Account" button.
• - In the next screen, enter your mobile number and click "Next".
• - The next screen will ask you to input the confirmation code you received on your mobile number.
• - Once confirmed, you'll be taken to the next interface to provide your full name, email address, and PayPal account password.
• - Refer to the terms and conditions, and click "Agree" to continue.
• - Congratulations, you've successfully created a "Personal PayPal account!"

• Creating a Business PayPal Account

• To create a "Business PayPal account", follow the steps below:
• - Go to the sign-up page.
• - Select the "Business" account option and click "Sign up for a Business Account".
• - In the next screen, enter your email address and click "Next".
• - Create a password and click "Submit."
• - Next, fill out all form fields required for your personal information and business details.
• - Click on "Agree and Create Account", and you're all set!
• - Congratulations, you've successfully created a "Business PayPal account!"

• Alternatives to PayPal in Canada

PayPal's popularity in both the business and consumer world is undeniable. However, it has its drawbacks - mainly its high transfer costs and its exchange rate. This is particularly relevant when making international transfers.

Therefore, Wise is a perfect alternative to PayPal that enables you to save on such fees.

Looking for cost-effective alternatives for money transfers? Look no further than Wise, the safe and easy way to make transactions with no hidden fees or extra charges. For a detailed comparison of PayPal and Wise's features for personal and business use, check out the following side-by-side breakdown.

For Personal PayPal account users:

PayPalWiseAvailable Currencies25 currencies40 currenciesExchange rate3-4% of the amount being sent⁴Mid-market rateMonthly FeesInactivity fee: 20 CAD⁵NoneInternational Transfer Fees- From PayPal balance/bank account: 2.99 to 4.99 CAD- From Credit or Debit card: 2.99 to 4.99 CADFixed feesFixed fee dependent on transaction amountVariable fee (0.43% of transaction amount)

For Business PayPal account users:

PayPalWisePayment GatewayYesNoFees for Incoming International TransferFixed fee for personal transactions depending on currency receivedFree for most currenciesExchange Rates3-4% above mid-market rate⁴Mid-market rateMobile Payment AcceptanceYesYes

Interested in sending 1000 CAD to the UK? Check out the true cost of sending CAD to GBP on Wise and PayPal here:

The true cost of sending CAD to GBP

Frequently Asked Questions about PayPal in Canada

Is PayPal free to use in Canada?

PayPal allows Canadian consumers to send money to friends and family members without any fees. PayPal accounts can also be used to make online purchases with no extra charges.

Can I have a PayPal account without a bank account?

You don't need to link a bank account to your PayPal account if you're only receiving funds. Simply create a personal account with your name, address, phone number, and email address, and start using PayPal services. However, if you want to send money or make payments when your PayPal balance is insufficient, you'll need to link your account to your card or bank.

Are there monthly fees for PayPal usage?

PayPal doesn't charge monthly fees or require you to maintain a minimum balance in your account. However, there is a monthly inactivity fee under certain circumstances.

Can I create a PayPal account without a phone number?

To establish a PayPal account, it is mandatory to have an active phone number registered. This condition is applicable to all countries and markets where PayPal operates, and personal as well as business accounts alike. The information necessary to begin the account creation process may vary depending on the type of account you wish to open. It is recommended to review PayPal's policies and terms and conditions before proceeding.

It is important to note that the information contained in this publication is meant for general knowledge only. It is not meant to serve as a comprehensive guide or advice, and should not be relied upon as such. We recommend seeking professional advice before making any decisions based on the information provided here. Wise Payments Limited or its affiliates do not provide legal, tax, or other forms of professional advice through this publication. Prior results do not necessarily guarantee a similar outcome. While we strive to ensure the accuracy and relevance of the information published, we do not make any express or implied guarantees as to its accuracy, completeness or timeliness.

Sources:

• - PayPal Global - All countries and markets | PayPal
• - What information is required to open a Personal PayPal account?
• - Open a Business Account Online | Getting Started | PayPal
• - Fees | PayPal Consumer | PayPal CA
• - How Does PayPal Work in Canada? - NerdWallet Canada
• - Can I Have a PayPal Account Without a Bank Account? | Canstar
• Sources last checked on May 26, 2023.