PayPal, no commissions on money exchange between individuals

On PayPal, money exchange between individuals arrives at no additional cost. Sending money to family and friends is free, no fees required. Find out how to do it

PayPal has introduced an interesting novelty: now exchanging money between individuals does not involve any additional cost. In the past, in fact, the only free transactions were those through your bank account. But now, with the PayPal P2P function, the dynamics change dramatically.

The novelty is designed exclusively for the exchange of money between users registered on the platform, so commercial transactions are excluded. In a nutshell, from now on it is possible to solve shared expenses and small debts between friends and relatives - for example, a dinner at a pizzeria or a gift made in common - by sending your share with a simple click on your PayPal account, without worrying about commissions. The news is even accompanied by an official hashtag #inspirethechange. The procedure, very easy and intuitive, is explained in detail within the platform. Let's see how it works.

P2P PayPal: how it works the exchange of money without commissions

To use the P2P service of PayPal you must first choose the contact to which to send the money and then select the reason for the expenditure: the item "Relatives and Friends" is presented next to "Goods and Services". Of course for purchases of goods and services through PayPal you pay commissions, but you get the guarantees agreed with the seller at the time of the order and this choice is strongly recommended by PayPal in order to protect themselves from any post-sale problems (for example: the return of the purchased product). If the transaction serves to settle a small debt to a friend or relative you can safely select the option "Relatives and Friends". In this case no commissions will be added. At the moment, it is not clear if the company will apply specific controls on the reasons for payments.

PayPal continues to grow

The Country Manager of PayPal Italy, Federico Zambelli described the project emphasizing that the P2P function was created to facilitate small transactions between individuals, but also to accelerate the use of technological tools and gradually eliminate cash. Not only that, the new function will allow PayPal to increase its business. Last year the number of members increased by 17% while the turnover had an increase that is around 15 billion dollars. The platform today has about 267 million members, six of which are in Italy. It seems that the company wants to defend its primacy and distance itself from an increasingly fierce competition: Google and Amazon have developed similar payment tools, not to mention banking systems and even Facebook Messenger. PayPal for now does not fear the comparison because it is expanding day by day the advantages for members. On the updated PayPal app you can already use the service.