PayPal US review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
PayPal suits people and small businesses who want a wallet that pays interest on spare cash, with no monthly fee on the account. But currency conversion costs 3% to 4% on top of a 3% to 4% exchange rate margin, so it suits people who hold less foreign currency rather than large balances of it.
Key facts
- Best for
- Anyone who wants a no-fee everyday wallet that pays 3.3% on balance and holds several currencies.
- Monthly fee
- $0↗
- Deposit protection
- FDIC up to USD 250,000↗
- Currency conversion fee
- 3% to 4%↗
- Currencies
- 24↗
- Local account details
- Us-ACH↗
- Transfer fee
- Domestic personal transfers from PayPal balance or bank account: no fee; cards: 2.90% plus fixed fee; international personal transfers: 5.00% (minimum 0.99 USD, maximum 4.99 USD); instant withdrawal to bank or card 1.75%↗
- Legal entity
- PayPal, Inc.↗
- Headquarters
- United States↗
- Founded
- 1998↗
- Support channels
- Phone, Help-centre↗
- Audience
- Expats, Travelers, Business
- Pricing model
- No monthly fee
- Features
- Free ATM withdrawals, No credit check
- Official website
- paypal.com
Savings
Money transfer
Facts checked September 26, 2026, 6 sources
Pros and cons
Pros
- No monthly fee on the account, with a $0 monthly charge
- A 3.3% headline rate on balance, variable rather than locked, from a $0 minimum
- 24 currencies held, with payouts to bank and card and Seconds delivery
- Balances carry FDIC up to USD 250,000 deposit protection
Cons
- Converting currency costs 3% to 4% on top of a 3% to 4% exchange rate margin
- Support runs on phone and help centre only
- Local account details come as us ach only
Who it suits
- Expats and travelers who need to hold and switch between 24 currencies
- Businesses and sellers taking payments through PayPal and keeping a balance that pays interest
- US customers who want a spending card that needs no credit check
Who should look elsewhere
- Skrill or Paysera if the conversion charge matters more, since it starts high here
- Plazo ES if you want local account details in Europe, as this account offers us ach only
- Anyone holding a large foreign currency balance, because 3% to 4% and 3% to 4% apply to it
How PayPal US compares
9.0 vs 8.7
9.0 vs 8.6
9.0 vs 8.0
9.0 vs 8.9
9.0 vs 9.1
9.0 vs 9.2
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 9.0Worth checking for a lower conversion charge, and its monthly fee is also €0.
9.0 vs 8.7
9.0 vs 9.5
9.0 vs 9.4
9.0 vs 9.3
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.1
9.0 vs 9.0
9.0 vs 9.0
9.0 vs 8.9
9.0 vs 8.9- 9.0 vs 8.9
9.0 vs 8.7
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.4
9.0 vs 8.3
9.0 vs 8.2
9.0 vs 8.1- 9.0 vs 8.1
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 9.1
Where PayPal US is available
- Available
- United States
- Licence in United States
- NMLS (PayPal, Inc. lending licence for Pay in 4) (910457), checked September 26, 2026
- Licence in United States
- Mastercard International Incorporated (PayPal Debit Mastercard issued by The Bancorp Bank, N.A. under licence), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold an account with PayPal?+
The account carries a $0 monthly fee, so there is nothing to pay for keeping a balance. The costs sit elsewhere: converting currency charges 3% to 4% and the exchange rate carries a 3% to 4% margin, and international personal transfers take a cut of the amount sent.
How do I put money in and take it out?+
Deposits pull into the account through PayPal Balance from a linked debit card or a confirmed bank account. Withdrawals return to PayPal Balance first, and money can then reach your bank and card. Access runs through the website and the app around the clock.
How much interest do I get?+
The account pays a headline rate of 3.3%, and that rate is variable, so it moves with the wider market. The rate applies to the balance you hold rather than the money you spend, and the minimum deposit is $0.
Which currencies can I hold?+
You can hold 24 currencies in one balance, which suits anyone earning or paying out in several markets. Because all of them sit together, conversion between them costs 3% to 4% plus a 3% to 4% margin, so frequent switching costs you more.
Does the PayPal card have any catches?+
The card is issued without a credit check, and the account is no monthly fee rather than a paid tier. Cash machine withdrawals are a listed feature, and payouts can go to bank and card, though instant withdrawal to a bank or card is charged by PayPal.
Who is this account built for?+
PayPal describes its audience as expats, travelers and business. The interest-bearing balance and the range of currencies suit people who park part of their money, while the payments side suits sellers and small businesses collecting from customers.
How do I get help if something goes wrong?+
Support runs through phone and help centre, so a phone line and a help centre carry the load rather than live chat. If your question is about a specific transfer, the transfer fee structure and delivery speed are set out in the fees guide.
Sources
- en.wikipedia.org/wiki/PayPal checked September 26, 2026
Backs: Founded, Headquarters
“Founded December 1998 (as Confinity)”
- play.google.com/store/apps/details checked September 26, 2026
Backs: Delivery time
“SEND AND REQUEST MONEY, SECURELY & IN SECONDS Send money fast within the US and internationally to 110+ countries.”
- paypal.com/us/digital-wallet/manage-money/paypal-debit-card checked September 26, 2026
Backs: Features, Pricing model, Monthly fee, Support channels
“Withdraw cash at ATMs - It's fee-free at US MoneyPass ATMs. Or for a fee at ATMs globally. No monthly card fees And no credit check.”
- paypal.com/us/digital-wallet/manage-money/start-saving checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Rate type
“Manage your PayPal Savings account directly on PayPal's website or the PayPal app, with 24/7 access. You can add money to your PayPal Savings directly from your PayPal balance or from a linked Visa...”
- paypal.com/us/home checked September 26, 2026
Backs: Audience, Deposit protection, Legal entity, Licences
“Personal and Business accounts: Send money to just about anyone, anywhere”
- paypal.com/us/webapps/mpp/paypal-fees checked September 26, 2026
Backs: Currencies, Currency conversion fee, Exchange rate markup, Local account details, Payout methods, Transfer fee, Fee to send 1,000
“Fixed fee for personal transactions (based on currency received)”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type.
Related by the facts
Guides
PayPal US
Anyone who wants a no-fee everyday wallet that pays 3.3% on balance and holds several currencies.