When it comes to sending and receiving money online, PayPal is the world most trusted option. Unfortunately, PayPal is send only for Sri Lankan accounts. Which means you can send money and shop online but you can’t receive money. This isn’t a problem for most Sri Lankans. But, if you’re a freelancer like me this can be very frustrating. I’ll talk about how to effectively use PayPal in Sri Lanka and also few alternatives to PayPal if you want to receive money online.
How to Create/Open a PayPal Account
Lets start with the basics. It’s very simple to create a PayPal account and it’s completely free too. Go to PayPal home page and click the signup button on top right corner. Then you need to enter your legal name, address and the telephone number. Confirm the email, add your credit/debit card and you’re ready to go.
Alternatively you can download the PayPal app from the App Store or the Play Store and create an account via them.
Another thing to note is that you can’t connect a bank account to a Sri Lankan PayPal account. Your best option to to create a bank account, get a debit card from them and connect that. Otherwise you can apply for a credit card and connect that.
Importance of Using PayPal for Online Transactions
The most important thing is the security. If you’re shopping or buying online you don’t want to expose your credit card information to the vendor. When you pay through PayPal your credit card information remain private and PayPal handles the transaction for you. You never have to worry about your credit card details stolen by hackers.
Another benefit is one central location to resolve your payment issues. Imagine your cancelled a subscription to some service but they charged you again next month. If you couldn’t resolve it with the vendor you can open a dispute with PayPal and they are more likely to give a fair solution for you.
You also have the flexibility of adding multiple credit/debit cards to your PayPal account. This will come in handy if you exceed the limit of your primary card. No more declining transactions, PayPal will simply deduct it from the secondary card.
Alternatives to Receiving/Withdrawing Money Through PayPal
Unfortunately, Sri Lankans cannot receive money through PayPal. Without receiving money you cannot withdraw them to your credit card or bank account either. Fortunately, there are many other alternative online payment service which support receiving money to Sri Lanka.
Skrill ( Formerly MoneyBookers )
Skrill is probabably the most popular online service amonge Sri Lankan freelancers. It’s free to create and very easy to connect your bank accounts and credit cards. Also most major freelane sites and affiliate networks now support Skrill. So why wait, go ahead and create a Skrill account now >>>
Another popular online service to receive money to online to Sri Lanka. The best thing about the service is that they issue you with a debit card that you can use to withdraw money from an ATM. There’s an annual charge of $30 and some additional charge when you withdraw money. Create a Payoneer account >>>
Other Workarounds to Receive Money Through PayPal
Sometimes your only option is PayPal. If that is the case your best option is to get that money transferred to a friend/relative who is living in a PayPal receiving enabled country.
If that is not an option then you can try a risky method that I have covered in how to receive money for PayPal send only accounts. I have personally gotten money this way but PayPal has much stricter laws and verification processes regarding this. I have tried Indian, Brazilian and Indonesian accounts and all of them got shutdown because I failed to verify them.
PayPal is Greate for the Average Shopper
If you’re not using PayPal in Sri Lanka then you should start doing it right now. For the average shopper the benefits are too good to ignore. If you’re a freelancer then don’t rely on PayPal to receive money. The Sri Lankan market is too small for PayPal to fully support it and I don’t see that changin in the near future. Instead go for a PayPal alternative and convince your vendors to pay through them.