What Are PayPal Requirements?

Paypal is one of the largest "'middleman" services in the world today, with more than 87 million active accounts and available for use with 24 different currencies. The service allows people and businesses to transfer money without sharing any personal financial information with the other party, which lowers the risk of identity theft and unauthorized charges. You can even link your Paypal account to your credit cards or bank accounts. There are very few requirements to opening a Paypal account.

A Valid Email Account

• Paypal is easy to join, but to do so you'll need a valid email account. Email accounts are easy to obtain. Most Internet service providers like Verizon and Comcast supply paying customers with email accounts. Creating a free email account at websites such as Yahoo, Gmail or Hotmail is also possible. Once you have a valid email account, you have the first Paypal requirement.

Bank Account or Credit Card

• A bank account or credit card is needed to send or receive money past a certain, low limit. This is called "verifying" your account. Verifying your account is easy. Once you create a Paypal account, you'll find a "Verify Your Account!" button at the top of the page after signing into Paypal. Paypal will also send you emails asking you to verify your account if the default email settings are left in place. Have your credit card or bank account information handy and follow the simple steps.

MoneyPaks

• MoneyPak cards are a way to use Paypal if you don't want to link to a credit card or bank account. MoneyPaks are available for $4.95 or less at over 40,000 retailers, including 7-11 convenience stores and Wal-Mart. Once you have a MoneyPak card, funds can be added to it at the store's register, then claimed via the Paypal website. The MoneyPak can be used repeatedly, without needing to purchase another. The initial yearly limit you can add via MoneyPaks is $250, but that can be raised to $2,000 a month by supplying Paypal with your name, address, date of birth and Social Security number.