PayPal has launched a new app on the Facebook network.
The app is designed to enable people send and receive money on Facebook.
Both the parties of course need to have active PayPal accounts.
The concept is pretty cool as Facebook connectivity adds an extra layer of security to the process.
PayPal even lets you add an e-card with the money. The problem is usual… Fees charged by the company.
If you send money within the US:
It’s FREE if you pay using a bank account or your PayPal balance.
Credit or debit card fees are 2.9% plus 30 cents. We don’t offer the choice of receiver or sender paying the fee.
If you send US dollars outside the US:
0.5-2% if you pay with a bank account or PayPal balance. The fee depends on where you send the money.
3.4%-3.9% plus 30 cents if you pay with a credit card or debit card.